EU: Corporate Governance

House of Lords written question – answered on 29th March 2010.

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Photo of Lord Dykes Lord Dykes Spokesperson for Foreign and Commonwealth Affairs, Spokesperson for Environment, Food and Rural Affairs

To ask Her Majesty's Government what is their response to the Law Society's recommendation in its July 2009 document EU Priorities for 2009-2014 for the creation of a "comply or explain" approach to corporate governance in the European Union single market.

Photo of Lord Davies of Abersoch Lord Davies of Abersoch Minister of State, Foreign and Commonwealth Office, Minister of State, Department for Business, Innovation and Skills, Minister of State (Department for Business, Innovation and Skills) (Trade, Investment and Small Business) (also in the Foreign and Commonwealth Office), Minister of State (Foreign and Commonwealth Office) (UK Trade and Investment) (also in the Department for Business, Innovation and Skills)

The Government support the promotion of the effective use of "comply or explain" in corporate governance across the EU.

Used appropriately, such an approach can achieve high standards of corporate reporting and so assist shareholders in holding directors to account.

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