Future of EU Company Law and CG
In the wake of the financial crisis and, with the appointment of a new European Commission in 2010, a debate has been launched on the future direction that EU company law and corporate governance should take. At stake is the question of whether an agenda of increasing competition between national regimes will be continued, or whether efforts will be made to build a framework in which employees and other stakeholders have more 'voice' within the company and sustainable company strategies are supported.
Deficiencies in corporate governance and company law are widely held to be one of the main causes of the current economic crisis. Following the appointment in 2010 of a new Commissioner to the Internal Market and Services Directorate General, Michel Barnier, a series of broad consultations have been launched. Consultations were held on an EU framework for corporate governance in financial institutions (in 2010) and on a corporate governance framework for all companies (in 2011). A consultation on the purposes and functioning of European company law is scheduled to start in 2012. The Commission also appointed a group of experts (the "Reflection Group") at the end of 2010 to write a report addressing future priorities for company law, which were presented at a public conference in May 2011.