At the beginning of the millennium, a series of governance failures at US companies such as Enron and WorldCom, and European companies such as Ahold and Parmalat, caused a wave of regulatory initiatives aimed at improving corporate governance.
The debate on corporate governance has continued to thrive ever since. Along came activist shareholders who shook up a number of continental European companies with their demands for enhanced returns. The strategies deployed by hedge funds and private equity have been controversial at times and have led some to reconsider the balance of power between shareholders and boards. Other developments, such as the rise of sovereign wealth funds and the increasing influence of proxy advisers, have also drawn attention and sometimes fierce criticism.
In the aftermath of the recent financial crisis, boards of listed companies across Europe find themselves amidst a second wave of regulatory initiatives. Against this background, this guide aims to offer an overview of corporate governance trends in Europe. What are current best practices, and how are they likely to evolve? The law firms who have jointly produced this guide are uniquely positioned to provide an update on the latest developments because of their leading position and working relations with listed companies, regulators and stock exchanges.
This guide, to which De Brauw has contributed, is a joint product of leading independent law firms in France, Germany, Italy, Netherlands, Spain, Sweden and the United Kingdom.
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