Thursday, 21 July 2011

CEA on EC Green Paper on Corporate Governance

The CEA have published their response to the EC's Green Paper on Corporate Governance, with an overriding desire that the content should be principles-based does not contradict Solvency II. More detailed responses included;
  • No prescriptive box ticking
  • Nature scale and complexity also referenced, noting "size is less important than the specific risk taking activities of a company
  • No regulatory prohibition of chief executive and chair dual role, rather application of proportionality
  • No requirement for published diversity policy
  • No formal restriction on NED roles
  • Strong support for board evaluation, but don't agree with formal evaluation, preferring "comply or explain"

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