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NEWSLETTER Internal July 2014

 

A Italian Member for ecoDa: Nedcommunity

“The affiliation of Nedcommunity is extremely timely for us given that the Italian influence in the European institutions will be huge in the coming months” said Lars-Erik Forsgardh, Chair of ecoDa. Read more here

 
   

ecoDa's Achievements

 
 

Outlook and Comments from the Chair and the Secretary General

What CG topics will be next?  The agreement of the members of the European Union on Jean-Claude Juncker as the future President of the European Commission marks the beginning of new negotiations on the distribution of  Commissioners' portofolios. Compromise should be found among member states during the summer. Who will be the next Commissioner for Internal Market and Financial Services? Will there be a European Commissioner as proactive in terms of regulation as Michel Barnier, or will there be a European Commissioner with the same mindset as his predecessor Charlie McCreevy who was in favor of soft law? The choice of Jean-Claude Juncker as chairman of the Commission is not neutral when determining these future Commissioner. London could press for a less interventionist Commissioner for Financial Services.

 

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Follow-up on the European Action Plan on Corporate Governance and Company Law

 It is difficult to predict which governance subjects could be the priorities of the new Commission and Parliament. The Action Plan issued in December 2012 by the European Commission remains as the road map for CG. To get a better understanding of what is going on at EU level and to illustrate what is said above look at the powerpoint presentation below.

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A joint ecoDa/Korn Ferry Survey on Boards' Selection Process

ecoDa and Korn Ferry have decided to produce a useful and informative reference of how Boards currently recruit across the various European jurisdictions with guidelines on best practices. Around 100 board members in Europe will be interviewed during the summer. The Guidance will be issued at the time of ecoDa's 10th anniversary in April 2015 in Brussels. The reflection has started with ecoDa's past annual conference on the related item. 

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Two new proactive topics for ecoDa

ecoDa is about to work with AIG on a guidance for directors from the appointment to the litigation phase including explanation and description of D&O policies. To reflect further on the European recommendation on the comply or explain principle, ecoDa and Mazars are going to address three main questions: Has the compliance improved since the Risk Metric’s report? Are there criteria for good explanations? How is the compliance with the code being monitored? (role of shareholders, market  or securities regulator, CG Commissions, boards and also accounting firms).

 

The Professionalism of Directors Conference in Stockholm

One June 13th, the Swedish Academy of Board Directors organised the first conference in our series of "ecoDa 10th Anniversary Events". One of the key messages was that boards are focusing too much on consensus nowadays and that boards with a controlling mindset don’t spend enough time on strategy which is not good when trying to generate value-creating growth. The conference, which was entirely conducted in English, has been published on Youtube as a webminar, by the Swedish Academy of Board Directors. The outcome of the Stockholm event will be passed on to the Slovenian Directors' Institute organizing an ecoDa 10th Anniversary Event on October 22. Please save the date and join the event !

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ecoDa's Fall Education Programme

ecoDa's Fall Education Session is scheduled on October 21st and 22nd, don't forget to spread the word ! For a successful marketing, please use the video of Roger Barker explaining the reasons why board members should register! Here

 

New MEPs

The Members of the European Parliament are divided up among 20 specialised standing committees that instruct legislative proposals through the adoption of reports, propose amendments to plenary and appoint a negotiation team to conduct negotiations with the Council on EU legislation. They also adopt own-initiative reports, organise hearings with experts and scrutinise the other EU bodies and institutions. A committee consists of between 25 and 71 full members and an equivalent number of substitutes. Each committee elects a chair and up to four vice-chairs amongst its full members for a two and a half year mandate. Pavel Svoboda (EPP, CZ) is the new chair of the Committee on Legal Affairs and Roberto Gualtieri (S&D, IT) is the new chair of the Committee on Economic and Monetary Affairs.

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ecoDa's next 10th Anniversary event, in Slovenia, on October 22nd

ecoDa 10th Anniversary event hosted by SDA, 22 October 2014

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The European CG Conference under the Italian Presidency

The next European CG Conference is scheduled on October 27th and 28th in Milano.

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Next Objectives

 
 

An Upcoming Position Paper on the Draft Shareholders' Rights Directive

ecoDa’s Policy Committee is working on a position paper regarding the Draft Shareholders' Rights Directive. The Policy Committee might highlight the fact that the Commission is going too far in details and should privilege the principles-based approach used by the OECD. The Shareholder Rights Directive covers many items that have already been put in legislation at national level.  Furthermore, in integrating new obligations, the Commission does not leave time for soft law to generate outcomes. For instance, the Commission is making some requirements compulsory for proxy advisors that were already specified in their Code of Conduct just published last March.

 

A Directors' Note on the one tier/two tier systems

The Benchmarking & Information Committee should finalize before the autumn a Directors' Note on the one tier/ two tier system in close cooperation with Nautadutilh. The Directors' Note will include some appendices presenting more detailed information on the national CG system.

 

ecoDa Fall Training Programme 21-22 October, 2014

Our 2 days professional training programme will take place on 21 & 22 October, 2014. Read more here

 
   

CALENDAR

 
 

ecoDa's 10th Anniversary in April 2015

ecoDa's 10th anniversary will be celebrated in Brussels in April 2015, preferably on either April 22nd or 24th. A gathering with all ecoDa's alumni will be organised at the same time.

 

A short event on Ethics and CG

ecoDa will organise a short event in partnership with ACCA (British accountants) on Ethics and CG in November at the European Parliament. Details will be provided later.

 

ecoDa's EU Updates

All EU Alerts are aggregated on ecoDa's intranet. 

 
 

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