03 May 2021
On 3 May 2021, business and individual investors organisations – namely Invest Europe, BETTER FINANCE, ecoDa, European Family Businesses, EuropeanIssuers, Federation of European Securities Exchanges (FESE), and SMEUnited - sent a joint letter to the European Commission to convey their shared concerns regarding the upcoming proposal on sustainable corporate governance.
The signing organisations:
However the signatories:
Most shareholders have a long-term vision, whether it concerns the shareholdings of family businesses, public or private equity, or end-investors. One focus of strengthening sustainable corporate governance should therefore be to facilitate and strengthen the long-term engagement of shareholders and investors, including individual shareholders.
As different companies cannot all be managed the same way, developments related to sustainable corporate governance would best come within the existing framework of codes. This way, companies are provided with useful guidance on governance, while allowing shareholders to decide on the best way forward.
As for listed companies, the signatories wish also to highlight that too many restrictions may increase reluctance to use public markets for financing. Further restrictions in this regard would risk conflicting with the objectives of the Capital Markets Union.
All signing organisations agree that the European Commission should take the time to develop a fully comprehensive analysis which can form the basis of an initiative that is appropriate for all EU27 jurisdictions.
To view this press release online, please click here.
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