In an interview with the Financial Times newspaper, Bolkestein said that the days of self-regulated audit committees in the boardroom were coming to an end.
Accounting scandals at Enron and Parmalat had forced the need for change because the ‘dangers involved are simply too great’ he said.
He said Brussels was motivated by the need to avoid another accounting scandal.
The Commission has proposed legislation across the European Union forcing listed companies to have independent directors on their audit committees.
This conflicts with current practice in Britain where there are voluntary national codes of conduct regulating behaviour.
A final decision is expected by November but business leaders in the UK have called for a compromise.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements