Activities of Ashley FOX related to 2010/2303(INI)
Reports (1)
REPORT on corporate governance in financial institutions PDF (216 KB) DOC (138 KB)
Amendments (9)
Amendment 11 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Recognises that the area of corporate governance is constantly evolving and is therefore ill-suited to a prescriptive approach and that a flexible ‘comply or explain’ approach in the form of codes of best practice is more appropriate; believes that ‘comply or explain’ is proportionate and can be applied across a wide range of financial institutions, including whether they are listed parents or subsidiaries, operating in various sectors and markets, but that it must be complemented by regular external evaluation and appropriate regulatory oversight;
Amendment 25 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Calls for the establishment of mandatory risk committees or equivalent arrangements at board level for all economically significant financial institutions;
Amendment 30 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes that the risk committee or other equivalent body should have responsibility for oversight and for advising the board on the current risk exposures of the financial institution concerned and should advise on future risk strategy, including strategy for capital and liquidity management, taking into account financial stability assessments developed by supervisors and national banks;
Amendment 40 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls for a rationalisation of current EU legislation with the aim of requiring every institution to publish in its annual report a risk report and a business model setting out the board's approach to overall risk strategy, including its risk tolerance and appetite, risk policy, risk management and internal control systems, including compliance policy, thereby enabling investors and supervisors to assess whether the institution has identified keon the Commission to develop legislation requiring every regulated financial institution in the European Union to describe its business model in its annual report with an explanation of the board's risk appetite and understanding of the risks inherent in delivery of the business model, the report should further include a description of the steps the board has taken to ensure these risks are overseen and managed, and of how remuneration policy risks and whether the risk management and internal control systems relating to aligned to the delivery of the business model and the management by executives of those risks are adequate involved;
Amendment 50 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on national supervisors to develop objective criteriacriteria of competence for a ‘fit and proper person’ test to assess the suitability of individuals to be added to an ‘approved persons’ list for supervised functions; supervisors must perform their assessments and approvals procedure in a timely and efficient manner with due regard for the judgement of regulated firms;
Amendment 51 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Calls for regular, formal external assessments to be carried out of the board and its performance, on the basis of objective criteria to be approved by the relevant national supervisor, and for summaries of these assessments to be includon the Commission to develop legislation requiring large financial institutions to submit their boards to regular external evaluation aimed at ensuring not only high standards of contribution by individual directors, but also that the board as a whole and its committees are in a position to deliver on the institution's strategic objectives and management of the risk; requires large financial institutions to confirm in their annual report that they have undertaken such an evaluation, the name of the external evaluator, a description of the scope of the evaluation and that they have acted ion annual reports for the benefit of investorsits recommendations; calls on ESMA to develop guidance on the scope of such evaluations in consultation with the industry, shareholders and national supervisregulators;
Amendment 67 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Stresses that directors must devote sufficient time to the performance of their duties, which should be monitored by the board and national supervisory bodies;
Amendment 93 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Notes that the issue of remuneration in financial institutions has been dealt with in CRD III and Solvency II;
Amendment 137 #
Motion for a resolution
Paragraph 28
Paragraph 28
28. Recognises that transparency is necessary with regard to related party transactions and that, on the basis of a benchmark to be set by ESMA, significant transactions which involve a related party should be notified to the listing authority and be accompanied by a letter from an independent adviser confirming that the transaction is fair and reasonable, or should be subject to a vote by shareholders from which the related party is excluded;