Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-02-11-Speech-3-147"
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"en.20040211.6.3-147"2
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"Mr President, firstly, I want to thank Commissioner Bolkestein very much for his very clear, and clearly worded, speech. He could not have put matters better, for what we want to see are industrial leadership and ethical conduct – quite simply, proper behaviour. I am therefore very pleased with what we have heard from the Commission.
I also wish to say thank you for the action plan for corporate governance and company law. This had already been presented last year, and it is of course splendid that the Commission was, in this way, ahead of its time. It is also encouraging to hear about all the initiatives discussed by Commissioner Bolkestein today.
There is a need for that action plan, and there is a need for the Commission to put more resources into implementing it. Not only the Commission, but also Parliament and the Council must contribute resources, however. The unfortunate fact is that, on average, six to eight years elapse between a proposal’s being put forward by the Commission and its being implemented in all the Member States. A great many financial scandals can arise during that period of time, but, in its action plan, the Commission is repeatedly alert to issues of timing.
Good corporate governance is open, transparent corporate governance. Part of this is, of course, good accounting. Another important factor is that of board members’ collective responsibility for financial, and important non-financial, decisions. Moreover, there must be better rules for scrutinising the various group structures we find among companies. Certain companies are constructed in such a way as to cause observers to feel that they have been placed in the middle of a labyrinth, with no red thread to facilitate movement backwards or forwards. Such arrangements are untenable.
One thing we must not forget about is having a correct balance. It is no use repeatedly heaping rule upon rule and assuming that rules solve everything. The culture surrounding corporate governance is important. If the managing director is a scoundrel with criminal intent, rules do not help. It is no use putting unnecessary obstacles in the way of all the many honest companies. It is therefore important that what we agree upon is balanced and of help to everyone. Furthermore, investors must insist upon good corporate governance. The best means of implementing everything we are now discussing is, in spite of everything, the market. Pressure from investors is often the best incentive for sticking to the straight and narrow. All in all, then, we are on the right road. We just need to move up a gear and travel a little more quickly towards our destination."@en1
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