tailieunhanh - A Practical Guide to Information Systems Strategic Planning Second Edition_8

Tham khảo tài liệu 'a practical guide to information systems strategic planning second edition_8', kinh doanh - tiếp thị, quản trị kinh doanh phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Stilpon Nestor through directives that set a minimum standard for all Member States while allowing for customisation to address local idiosyncrasies. Nevertheless the amount of EU legislation related to company law governance and equity market transparency has been quite impressive more than twelve directives and implementing directives two recommendations and one regulation have entered the books between 2003 and 2007. As noted in the Commission s report on the results of the 2006 consultation on the future of the ECAP a number of respondents stated their regulatory fatigue and called for a stabilisation period .9 In many instances the Commission has made it clear that it will heed these calls take it easy on primary legislation and allow time for bedding-in the changes. Transparency Turning to the first of the EC s regulatory objectives in the corporate governance area the most important development is the emergence of harmonised standards of transparency and disclosure of governance ownership and control arrangements. This is in addition to earlier harmonisation measures in financial reporting where IFRS compliance has been implemented since 2005. At the end of the implementation period investors should benefit from a uniform template for the supply of non-financial information across the EU. This may facilitate the growth of institutional portfolio internationalisation discussed in the first part of this chapter putting issuers on a competitive footing as they seek capital across borders. Comply-or-explain The first and most important element of governance transparency has been the positioning of national comply-or-explain voluntary codes at the heart of European corporate governance policy. The Commission accepted that the adoption of detailed binding rules is not necessarily the most desirable and efficient way of achieving the objectives pursued .10 It has adopted the UK approach of letting markets regulate governance of listed companies. Investors and other