PracticeAccounting FirmsEnron forces EU to focus on company law

Enron forces EU to focus on company law

The EU Seville summit has decided to speed up consideration of reforms to European Company Law after the collapse of US energy giant Enron.

Heads of government called on the Council of Finance Ministers to hold a political debate on the findings of the High Level Group of Company Law Experts as soon as possible, after their report is published, to assist the European Commission to put forward specific proposals.

The Group was set up by the previous Barcelona Summit held in March to examine improvements in European Union company law post-Enron.

The move – agreed by the heads of government of all EU member states – also said EU leaders were concerned that if major reforms are required these should not become bogged down in the Commission’s labyrinthine bureaucratic process.

A communiqu‚ from the Spanish presidency detailed the experts’ remit as having been extended ‘to include issues related to best practices in corporate governance and auditing, in particular concerning the role of non-executive directors and supervisory boards, management remuneration, management responsibility for financial information, and auditing practices.’

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