Lars-Erik Forsgårdh speaking at a joint conference on the shareholders’ rights directive

12.02.2015

ecoDa has organised a joint conference with EuropeanIssuers, BusinessEurope, and ACCA on Shareholder Rights: "Striking the right balance in corporate governance and shareholder engagement" on 3 February followed by a cocktail reception sponsored by Computershare in Brussels.

Lars-Erik Forsgårdh highlighted that ecoDa would prefer to see a regulatory approach from the EU Commission that is less detailed, less prescriptive and more based on principles.  There is a lack of recognition of the variety of corporate governance models in Europe. Say on Pay may well be suitable for empowering shareholders and incentivizing them to engage in the governance of companies in jurisdictions where shareholder power and engagement is weak. However, in jurisdictions with strong shareholder power, the drawbacks may well override the advantages, leading to worse rather than improved corporate governance standards. A second panel, moderated by Per Lekvall, Member of the Swedish Corporate Governance Board (Member of ecoDa’s Policy Committee) stressed that the provisions on shareholder rights and shareholder identification need to be better adapted to the reality of today’s capital markets.