Brussels, 06/05/2004 (Agence Europe) - The Commission is continuing its consultation on reform of company law, launched after the scandals of the Enron and Parmalat kind. After the remuneration of directors and audit responsibility, the Commission looks at the role of "independent directors" or members of supervisory bodies of companies quoted on the stock exchange. Delays are short: parties have until 4 June to make their positions known and the Commission plans to present "recommendations" in the autumn.
The aim is to avoid conflicts of interest and to ensure the independence of these administrators who must defend the interest of shareholders and other parties concerned, or the audit company responsible for legal auditing of accounts.
Consultation is on: 1) the scope of application of recommendations (companies quoted on the stock exchange and companies not quoted, non-European companies registered in Member States); the creation and composition, the nomination of supervisory committees; 3) the profile of "independent" directors; 4) the essential characteristics of the committees (size, resources, transparency …).
The consultation document is to be found on the European Commission website: http: //http://www.europa.eu.int/comm/internal_market/company/independence/index_en.htm ).