Database on German and European Economic Law

 Recommendation 2005/162/EC

I. Description

In view of the complexity of many of the issues at stake, the adoption of detailed binding rules is not necessarily the most desirable and efficient way of achieving the objectives pursued. Many corporate governance codes adopted in Member States tend to rely on disclosure to encourage compliance, based on the ‘comply or explain’ approach: companies are invited to disclose whether they comply with the code and to explain any material departures from it. This approach enables companies to reflect sector- and enterprise-specific requirements, and the markets to assess the  explanations and justifications provided. With a view to fostering the role of nonexecutive or supervisory directors, it is therefore appropriate that all Member States be  invited to take the steps necessary to introduce at national level a set of provisions based on the principles set out in this Recommendation, to be used by listed companies either on the basis of the ‘comply or explain’ approach or pursuant to legislation.

II. General Information

Title

Recommendation of the Commission on the role of non-executive or supervisory directors of listed companies and on the committees of the (supervisory) board

Status
Existing
Recommendation
2005/162/EC
Source
O.J. EC No L (Legislation), Edition 52, Year 2005, p.51
Adoption
02/15/2005
Promulgation
02/25/2005
Character
Regular Act
Legal Basis
Art. 211 - 2 EC
Legislative Procedure
Codecision procedure

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text :
Recommendation of the Commission on the role of non-executive or supervisory directors of listed companies and on the committees of the (supervisory) board

  2005/162/EC

Beschluss:
02/15/2005 (A)
Verkuendung:
02/25/2005 (P)
(A) Adoption | (P) Promulgation

Legend

Legislative Act Status

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions