Reform of corporate governance in the EU

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Article abstract:

This Policy Brief criticises the European Commission's proposal to mandate compliance with a local corporate governance code and to set minimum criteria for these codes. It argues that the European Commission missed an opportunity to set a European corporate governance code in the mid-1990s, and that most of the latest spate of proposals are simply reactions to recent events and new legislation in the US. Rather than embarking on a complex exercise in harmonisation, Europe should have built on the strength of its diversity and emphasised that the basic principles of corporate governance are better implemented in the EU than they are in the US.