European Company Law Experts' Response to the European Commission’s Green Paper 'The EU Corporate Governance Framework'

24 Pages Posted: 20 Aug 2011  

Paul L. Davies

University of Oxford- Faculty of Law

Klaus J. Hopt

Max Planck Institute for Comparative and International Private Law; European Corporate Governance Institute (ECGI)

Guido Ferrarini

University of Genoa - Law Department and Centre for Law and Finance; European Corporate Governance Institute (ECGI)

Alain Pietrancosta

Sorbonne Law School

Rolf Skog

Göteborg University - Department of Law

Stanislaw Soltysinski

Komisja Kodyfikacyjna Prawa Cywilnego; Sołtysiński Kawecki & Szlęzak, Legal Advisors

Jaap W. Winter

University of Amsterdam; Vrije Universiteit Amsterdam

Eddy Wymeersch

Ghent University - Financial Law Institute; ECGI

Date Written: July 22, 2011

Abstract

This paper constitutes the European Company Law Experts' response to the European Commission’s Green Paper “The EU Corporate Governance Framework”. The paper contains responses to the individual questions put forward by the Commission as well as an introductory statement. In this statement we first set out briefly the rationale for having rules on corporate governance, whether those rules are determined at national or EU level and whether they are contained in hard or soft law. We then consider the rationale for taking action at EU level. Thirdly, we make a suggestion as to how the choice between hard and soft law should be made. Fourth, we consider the overall implications of the previous arguments for the division of rule-making between the EU and Member States.

Keywords: corporate governance, European company law, boards, shareholder activism, corporate governance codes, comply or explain

JEL Classification: G34, K20, K22

Suggested Citation

Davies, Paul L. and Hopt, Klaus J. and Ferrarini, Guido and Pietrancosta, Alain and Skog, Rolf and Soltysinski, Stanislaw and Winter, Jaap W. and Wymeersch, Eddy, European Company Law Experts' Response to the European Commission’s Green Paper 'The EU Corporate Governance Framework' (July 22, 2011). Available at SSRN: https://ssrn.com/abstract=1912548 or http://dx.doi.org/10.2139/ssrn.1912548

Paul L. Davies

University of Oxford- Faculty of Law ( email )

Harris Manchester College
Oxford, OX1 3TD
United Kingdom

Klaus J. Hopt

Max Planck Institute for Comparative and International Private Law ( email )

Mittelweg 187
D-20148 Hamburg
Germany
+49 40 41 90 02 05 (Phone)
+49 40 41 90 03 02 (Fax)

European Corporate Governance Institute (ECGI)

c/o ECARES ULB CP 114
B-1050 Brussels
Belgium

Guido Ferrarini

University of Genoa - Law Department and Centre for Law and Finance ( email )

Via Balbi, 22
16126 Genova, 16100
Italy
+39 010 209 9894 (Phone)
+39 010 209 9890 (Fax)

HOME PAGE: http://www.clfge.org

European Corporate Governance Institute (ECGI)

c/o ECARES ULB CP 114
B-1050 Brussels
Belgium

HOME PAGE: http://www.ecgi.org

Alain Pietrancosta

Sorbonne Law School ( email )

17, rue de la Sorbonne
Paris, IL 75005
France

Rolf R. Skog

Göteborg University - Department of Law ( email )

Viktoriagatan 30
Box 650
Göteborg, 40530
Sweden
+46 31 7866990 (Phone)

HOME PAGE: www.law.gu.se

Stanislaw Soltysinski

Komisja Kodyfikacyjna Prawa Cywilnego ( email )

Ujazdowskie Ave. No. 11
Warsaw, 00-950
Poland

Sołtysiński Kawecki & Szlęzak, Legal Advisors ( email )

Wawelska Str. No. 15B
Warsaw, 02-034
Poland

Jaap W. Winter (Contact Author)

University of Amsterdam ( email )

Oude Manhuispoort
Amsterdam
Netherlands

Vrije Universiteit Amsterdam ( email )

De Boelelaan 1105
Amsterdam
Netherlands
+31205985305 (Phone)

Eddy O. Wymeersch

Ghent University - Financial Law Institute ( email )

Universiteitstraat 4
Gent, B-9000
Belgium
+32 9 264 68 27 (Phone)
+32 9 264 68 55 (Fax)

HOME PAGE: http://www.law.ugent.be/fli

ECGI ( email )

c/o ECARES ULB CP 114
B-1050 Brussels
Belgium

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