The London Stock Exchange has responded to the European Commission's consultation on the role of (independent) non-executive or supervisory directors. This consultation sets out proposals for a forthcoming Recommendation to Member States, which is a measure arising from the Commission's Action Plan to modernise company law and enhance corporate governance in the EU.
We are pleased to see that the proposals are broadly similar to the UK Combined Code. However we feel that the Recommendation should concentrate on setting out high level principles at EU level, and leave it to national codes to specify more detailed provisions. The original consultation is available at: http://europa.eu.int/comm/internal_market/company/docs/independence/2004-05-consultation_en.pdf