Seven business and retail investor organisations wrote to the European Commission on Monday 3 May to express their common concerns about the forthcoming legislative proposal on sustainable corporate governance (see EUROPE 12705/14), expected in June.
The signatory organisations – BETTER FINANCE, ecoDa, European Family Businesses, EuropeanIssuers, Federation of European Securities Exchanges (FESE), Invest Europe and SMEUnited – consider that due diligence and corporate governance are issues that should be treated separately.
“Apart from the subject of due diligence, which is a specific issue for which a legislative response could be supported, there is common ground among all our organisations that a directive dealing with sustainable corporate governance would be counterproductive”.
In their view, different companies cannot be managed in the same way and they are therefore in favour of maintaining the corporate governance principles in the current code format.
The organisations agree that the European Commission should take the time to develop an objective and comprehensive analysis in order to define an initiative that is appropriate for all European countries.
See the letter: https://bit.ly/2QSnMCD (Original version in French by Marion Fontana)