13 Amendments of Edward SCICLUNA related to 2011/2181(INI)
Amendment 5 #
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. States that it is a prerequisite that a well-governed company should be accountable and transparent to its employees, shareholders and other stakeholders;
Amendment 7 #
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Notes that the findings of the Commission's study on monitoring corporate governance revealed numerous short-comings in applying the 'comply or explain' principle;
Amendment 11 #
Draft opinion
Paragraph 2
Paragraph 2
2. Believes that a ‘comply or explain’ approach is the most appropriate framework to apply to EU listed companies, providing a firm regulatory framework in which companire of practicable and binding governance rules for European companies complemented by soft regulations such as codes of best practices are accountable to the shareholders that provide their capitalquiring companies to state which rules they have not complied with and arthe also required by law to report on their corporate governance practiceternative solutions pursued would be the most appropriate framework;
Amendment 19 #
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2 a. Notes in the meantime that a more effective enforcement of 'comply or explain' should involve peer pressure, by making monitoring reports on companies publicly available, and formal sanctions in serious cases of non-compliance;
Amendment 21 #
Draft opinion
Paragraph 3
Paragraph 3
3. Believes that codes of practice can deliver behavioural change and that the flexibility provided by codes allows innovation which can draw on best practice throughout the EU; believes that a sharing of best practice shwould lead to the development of an EU framework forimprove corporate governance in the EU;
Amendment 33 #
Draft opinion
Paragraph 6
Paragraph 6
6. Notes that there is a lack of long-term focus within the market and urges the Commission to review all relevant legislation to assess whether any requirements have inadvertently added to short-termism; in particular calls onwelcomes the Commission's proposal to abandon the requirement for quarterly reporting in the Transparency Directive, which adds little to shareholder knowledge and simply creates short-term trading opportunities.
Amendment 39 #
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Stresses the need for company board members to be selected on the basis of a broad set of criteria including sector specific professional qualifications and experience;
Amendment 42 #
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Emphasises the need for the roles of CEO and chairman to be separated and that the roles should only be combined in exceptional circumstances and for a period no longer than one year;
Amendment 45 #
Draft opinion
Paragraph 6 c (new)
Paragraph 6 c (new)
6c. Expresses concern at the lack of progress made in increasing gender diversity on company boards in the EU, in particular notes that despite increases in the number of female graduates, the proportion of women on boards is around 12%;
Amendment 48 #
Draft opinion
Paragraph 6 d (new)
Paragraph 6 d (new)
6d. Welcomes and supports the Commission's recommendation that companies should disclose their remuneration policy and the remuneration of individual directors, the result of shareholders' votes on remuneration, and establish independent committees on remuneration; adds that such measures would increase transparency and also address the growing mismatch between performance and executive pay;
Amendment 50 #
Draft opinion
Paragraph 6 e (new)
Paragraph 6 e (new)
6e. Agrees with the Commission on the need to increase shareholder identification and welcomes its proposals in the Transparency Directive on this issue; calls on the remaining Member States to grant issuers the right to know their domestic shareholders;
Amendment 51 #
Draft opinion
Paragraph 6 f (new)
Paragraph 6 f (new)
6f. Contends that while risk is often an inherent part of business activity, it is important for boards of directors to clearly define their company's risk policy and ensure proper and independent oversight of risk management processes;
Amendment 52 #
Draft opinion
Paragraph 6 g (new)
Paragraph 6 g (new)
6g. Notes the myriad benefits of employee share ownership including raising productivity and the commitment of workers in their company and reducing social tensions, calls on the Commission to work with Member States to extend and encourage employee share ownership, particularly through national tax regimes;