May 2013

CG Action Plan - Patrick Zurstrassen, ecoDa's chairman, was representing ecoDa at the 12th European Corporate Governance on 16th and 17 th May 2013 in Dublin. ecoDa was a supporter of this conference with other well-known organisations. 400 copies of ecoDa's Report on "Comply or Explain Preserving Governance Flexibility with Quality Explanations" were circulated to the attendees.

Patrick Zurstrassen insisted on the fact that the Commission does not put emphasis on independence any longer. But boards are however there to provide an independence of judgement. One should acknowledge that there is no conflict between independence and quality. In addition, he pointed out that the Commission is going too far when it requests that two people of audit committee should have qualification of accounting; it will generate problems in countries where audit committees are composed of three people. According to ecoDa, the focus should be on collective knowledge. It is up to the chairman of the audit committee to define the composition of the audit committee.