Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-07-03-Speech-1-116"
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"en.20060703.17.1-116"2
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".
Mr President, I warmly welcome Mr Szejna’s report and today’s discussion on the recent developments in and prospects for company law. This report is timely, as we have just finalised our consultation on future priorities for the Action Plan on Company Law and Corporate Governance. Our detailed report on that consultation will be available on the Internet shortly.
Our views are mostly convergent. I welcome that. The Commission and Parliament must work hand in hand if we want to develop a regulatory framework that makes a difference in strengthening the competitiveness of the European economy.
Let me thank Mr Szejna and his colleagues in the Committee on Legal Affairs and Mr Lehne and colleagues in the Committee on Economic and Monetary Affairs for the efforts they have put into this piece of work.
Our consultation has been successful. We received more than 250 replies and around 300 people actively participated in our public hearing on 3 May. The views expressed in the replies to the public consultation were confirmed at the hearing.
What are the main lessons of the consultation? Firstly, there was overwhelming support among stakeholders for the application of the ‘Better Regulation’ principles. Respondents praised the consultation exercise. They supported the commitment to the strict application of the subsidiarity and proportionality principles. They also welcomed the Commission’s commitment to undertake systematic regulatory impact assessments before any potential legislative initiative. A majority of respondents supported the objective of simplification. However, most stakeholders considered a recasting exercise inappropriate. Stakeholders do not want us to take the risk of opening a Pandora’s box. A codification or consolidation exercise would seem to be the most appropriate.
Secondly, as regards the continued relevance of the Action Plan, and in particular the measures proposed, respondents generally supported the work done since 2003. However, opinions were split on the details of the measures proposed for the medium and long term. A number of respondents expressed ‘regulatory fatigue’.
However the general opinion was that work should continue on enabling legislation that would enhance the mobility of companies in the European Union or facilitate company restructuring. The vast majority of respondents called for the adoption of a Fourteenth Company Law Directive on the transfer of registered offices. A large number of respondents also called on the Commission to table a proposal for a European Private Company Statute. In addition, a large number of stakeholders wanted to see more focus on small firms.
Thirdly, when it came to the detail of the measures proposed in the Action Plan in the field of corporate governance, views were split. There was general support for exploring certain issues at EU level, for example the issue of ‘one share, one vote’, at least by carrying out a fact-finding study, or the rights of shareholders. Views were more qualified on the disclosure of institutional investors’ voting policies. There was clear opposition to the adoption of an EU wrongful trading rule, as well as to potential harmonisation of the legislation on directors’ disqualification.
Parliament’s report provides the Commission with very useful input for the development of a strategic perspective for further action. You underscore the trends observed during the consultation exercise on the need to have more regard to the needs of small firms, the call for a Fourteenth Company Law Directive on the transfer of registered offices and the opposition to the adoption of a European initiative in the field of wrongful trading rules.
It is too early at this stage for us to respond in detail to all the issues raised in this exercise. I have heard the views expressed. On the basis of the outcome of the consultation and of the report discussed today, we intend soon to publish a statement in which we will indicate our priorities for the near future."@en1
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