Response to the European Commission's Action Plan on Company Law and Corporate Governance

24 Pages Posted: 15 Oct 2014 Last revised: 4 Nov 2014

See all articles by (ECFR) European Company and Financial Law Review

(ECFR) European Company and Financial Law Review

Walter De Gruyter GmbH

José Engrácia Antunes

Independent

Theodor Baums

J.W. Goethe University, Frankfurt/Main; European Corporate Governance Institute (ECGI)

Blanaid J. Clarke

Trinity College Dublin - School of Law

Pierre-Henri Conac

University of Luxembourg; European Corporate Governance Institute (ECGI)

Luca Enriques

University of Oxford Faculty of Law; European Corporate Governance Institute (ECGI)

Andras I. Hanak

Andras Hanak Law Offices

Jesper Lau Hansen

University of Copenhagen - Faculty of Law (FOCOFIMA)

H. J. de Kluiver

University of Amsterdam - Faculty of Law

Vanessa Knapp

Queen Mary University of London

Noëlle Lenoir

Kramer Levin Naftalis & Frankel LLP

Leena Linnainmaa

Independent

Stanislaw Soltysinski

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

Eddy Wymeersch

Ghent University - Financial Law Institute; ECGI

Date Written: October 2, 2014

Abstract

The members of the former Reflection Group on the Future of EU Company Law, which published its report in April 2011, decided to publish their views on the “Action Plan on European Company Law and Corporate Governance” of the European Commission of 12 December 2012 as well as subsequent and related developments. We support the Action Plan and note that it has endorsed many proposals included in the report of the Reflection Group.

However, some proposals have not been included, although they might be considered at a later stage (loyalty shares, review of the role of independent directors, the Single Member Company), and we reiterate our support for them. On the issue of cross border transfer of seat, we regret that the Commission is not more ambitious. We also reiterate our support for substantive measures in areas related to cross-border operations of companies, including improving cross border shareholder identification. We also support strong monitoring of whether a company has complied with a corporate governance code or, if it has not, it has provided a good quality explanation therefor, rather than imposing substantive regulation. In general, in the areas where substantive regulation is necessary, we call on the Commission to move carefully.

Suggested Citation

European Company and Financial Law Review, (ECFR) and Engrácia Antunes, José and Baums, Theodor and Clarke, Blanaid J. and Conac, Pierre-Henri and Enriques, Luca and Hanak, Andras I. and Hansen, Jesper Lau and de Kluiver, H. J. and Knapp, Vanessa and Lenoir, Noëlle and Linnainmaa, Leena and Soltysinski, Stanislaw and Wymeersch, Eddy O., Response to the European Commission's Action Plan on Company Law and Corporate Governance (October 2, 2014). European Company and Financial Law Review Vol. 10, No. 3. Available at SSRN: https://ssrn.com/abstract=2504524

(ECFR) European Company and Financial Law Review (Contact Author)

Walter De Gruyter GmbH ( email )

Genthiner Strasse 13
D-10785 Berlin
Germany

José Engrácia Antunes

Independent ( email )

No Address Available

Theodor Baums

J.W. Goethe University, Frankfurt/Main ( email )

Senckenberganlage 31
60325 Frankfurt/M.
Germany
+49 (0) 69 798 22218 (Phone)
+49 (0) 69 798 227474 (Fax)

European Corporate Governance Institute (ECGI)

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

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

Blanaid J. Clarke

Trinity College Dublin - School of Law ( email )

House 39, New Square
Dublin 2
Ireland
Ph 00353 (0)18961632 (Phone)

Pierre-Henri Conac

University of Luxembourg ( email )

162a, avenue de la Faïencerie
Luxembourg-Limpertsberg, L-1511
Luxembourg
00352 46 66 44 68 20 (Phone)
00352 46 66 44 68 11 (Fax)

HOME PAGE: http://wwwen.uni.lu/

European Corporate Governance Institute (ECGI)

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

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

Luca Enriques

University of Oxford Faculty of Law ( email )

St Cross Building
St Cross Road
Oxford, OX1 3UL
United Kingdom

European Corporate Governance Institute (ECGI)

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

HOME PAGE: http:/www.ecgi.org

Andras I. Hanak

Andras Hanak Law Offices ( email )

Budapest
Hungary

Jesper Lau Hansen

University of Copenhagen - Faculty of Law (FOCOFIMA) ( email )

Studiestraede 6
Studiestrade 6
Copenhagen, DK-1455
Denmark

HOME PAGE: http://www.jur.ku.dk

H. J. De Kluiver

University of Amsterdam - Faculty of Law ( email )

Amsterdam, 1018 WB
Netherlands

Vanessa Knapp

Queen Mary University of London ( email )

Mile End Rd
Mile End Road
London, London E1 4NS
United Kingdom

Noëlle Lenoir

Kramer Levin Naftalis & Frankel LLP

919 Third Avenue
New York, NY 10022
United States

Leena Linnainmaa

Independent ( email )

No Address Available

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

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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