The European Confederation of Directors’ Associations (ecoDa), in collaboration with Mazars and with the support of both the European Corporate Governance Codes Network (ECGCN) and the European Commission, has published a pan-European report giving an overview of the approaches adopted at national level in terms of the implementation, monitoring and enforcement of Corporate Governance Codes.
As the “comply or explain” concept has become a feature of Europe’s approach to corporate governance, companies’ boards have an important role to play in compliance and reporting. This report provides a coordinated understanding of the application of the code concept throughout the EU. It provides an overview of the mechanisms in place to monitor the level and quality of compliance with governance codes in general and with the “comply or explain” concept in particular. It covers all the EU Member States and Norway.
The report is the first of a 3-stage project:
- Corporate Governance Codes and Monitoring Systems across European Union (“EU”) member states;
- The board’s role in designing an effective framework of corporate governance; and
- What stakeholders think of the evolution of “comply or explain” in practice.
The report “Corporate Governance Compliance and Monitoring Systems across the EU” may be downloaded here: http://ecoda.org/uploads/media/31719_EcoDa_CGC_report_v2.pdf