Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-13-Speech-3-493-000"
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"en.20120613.29.3-493-000"2
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"Mr President, company law is particularly important and, along with corporate governance, can, if the laws are drafted well, provide an incentive for foreign investment. Regardless of whether company law and corporate governance are handled together or separately, I believe that it is vital for European companies to benefit from a flexible regulatory framework. This can only be achieved as part of a code of conduct. Therefore, the ‘comply or explain’ principle must provide the solution, with the tough application of sanctions if deviations from rules are not explained in a transparent, detailed manner.
There must also be a single code of conduct for the whole EU because, otherwise, we cannot call it European legislation. The code of conduct must be specifically applied to listed companies because the only important factor in this process is the number of shareholders. Other indicators such as business turnover or the number of employees are irrelevant from a company perspective. There are obviously also situations when the rules may go outside the code of conduct’s flexible framework. I will mention conflicts of interest as an example. They need to be punished and discouraged in order to protect investors and employees.
I hope that Commissioner Barnier concurs with the idea that we need investment and jobs created by market instruments rather than by stringent regulations, which are regarded by investors as obstacles blocking their path."@en1
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