Tuesday, 5 April 2011

EC Green Paper - and the news is?

The EC's green paper on corporate governance hit the newstands today, and may as well have been written on parchment, so far behind the sketch its content is.

Having given it the appropriate once over, I struggled to find anything that the UK and Irish corporate governance codes haven't already captured, and I would love to know if the guys riding this particular gravy train have been in touch with the EIOPAs of the world before releasing.

Indeed the very idea that a question such as "Do you agree that the board should approve and take responsibility for the company's risk appetite and report it meaningfully to shareholders" in 2011 is a hundred kinds of wrong. Luckily Sol II doesn't leave any room for debate, should the local regulators not already have this covered.

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