More NewsBrussels plans no corporate governance ‘surprises’

Brussels plans no corporate governance 'surprises'

Company law chief says said the EU already has the necessary rules on stutute books

European internal markets commissioner
Charlie
McCreevy
will seek to reassure companies at the end of the month that
Brussels has no plans to push through new rules on corporate governance.

Speaking at this week’s European CFO Summit in Monaco, Philippe Pelle said
McCreevy would tell the European parliament of his priorities for the next few
years, and confirm that he plans ‘no big surprises’ for European corporates.

The deputy head of the EC company law and
corporate
governance
directorate told delegates: ‘Most of what is needed is already on
the European statute books.’
Pelle also said that the commission planned to think small first when it came to
framing new business legislation and that the commission’s priority was to
‘simplify’ existing laws not enact new ones.

‘It’s not just a slogan,’ he said. ‘It’s something we have to put into
practice.’
But he warned that governments would have to carry out similar reviews for any
simplification programme to be effective.

‘If we do screening [of legislation] in Brussels, screening has to be done in
each capital or nothing will change.’

Pelle also made a number of thinly veiled criticism of
Sarbanes
Oxley
and said that commission officials had raised concerns about its
extra-territorial nature with SEC commissioners who had expressed sympathy.
‘There is a lot of box-ticking to some extent and not a lot of added value in
terms of internal control,’ he told delegates.

Related Articles

Amazon UK halves its corporation tax bill despite increased turnover

More News Amazon UK halves its corporation tax bill despite increased turnover

4m Alia Shoaib, Reporter
Increase in UK business confidence despite Brexit, according to ICAEW

More News Increase in UK business confidence despite Brexit, according to ICAEW

7m Alia Shoaib, Reporter
Live blog: Spring Budget 2017

Corporate Tax Live blog: Spring Budget 2017

9m Accountancy Age editorial
The Curious Incident of the Insolvency Sector in the Light of Economic Turbulence

Insolvency The Curious Incident of the Insolvency Sector in the Light of Economic Turbulence

11m Accountancy Age editorial
Leonard Curtis called in as administrators for builders Boshers

Legal Leonard Curtis called in as administrators for builders Boshers

11m Stephanie Wix, Writer
New Year Honours of 2017

Accounting Standards New Year Honours of 2017

11m Stephanie Wix, Writer
"Not enough time" to implement MTD by 2018, says Tyrie

Corporate Tax "Not enough time" to implement MTD by 2018, says Tyrie

1y Stephanie Wix, Writer
Colin: A spoonful of investment...

Governance Colin: A spoonful of investment...

1y Stephanie Wix, Writer