Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-04-19-Speech-1-105"
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"en.20040419.8.1-105"2
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"Mr President, I should explain that I am the non-executive chairman of a medium-sized regional media group in the United Kingdom.
I will start by briefly stating what I think corporate governance will not do. It will not necessarily make companies perform better or more profitably, and it will not necessarily cut out criminal or unethical behaviour, but it will set down a series of criteria for corporate behaviour that are likely to enhance transparency, accountability and systems of business conduct, which in turn give the wider world, shareholders, stakeholders and others an idea of what is going on. That is politically essential for 20th century European capitalism, set in a social market economy.
It is interesting how company law in the various Member States has created companies that differ qualitatively from one other. European company law can either legislate to harmonise this, or do nothing and let the inevitable process of convergence be driven by the market, providing no particular model is discriminated against. I would add that I am conscious of some of the waspish remarks made about what happens in my country. Against this background, the principle of 'comply or explain' is the right point to start from.
Finally, we must not forget that in the global marketplace currently being created by the World Trade Organization, uncompetitiveness is a certain precursor of economic failure. If we fail to grasp this essential point we shall destroy ourselves, disinherit our children and betray Europe and our own countries."@en1
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