Bolkestein makes an example of UK governance
Corporate governance in the UK has been held up as an example to the rest of Europe by Frits Bolkestein, the European Union's internal market commissioner.
Bolkestein suggested the EU’s listed companies should ‘converge’ towards British and Dutch models on issues such as more powerful roles for non-executive directors and better accountability over remuneration.
National governments are being asked to follow the recommendations but they are not binding and there will be no a European code on governance, The Guardian reported.
The move comes in the face of stiff opposition from German companies, which have a poor record on transparency over boardroom renumeration.