EU Update

European Commission organises workshops on ESG disclosure

Transparency and disclosure of ESG information emerged as a key issue at the plenary meeting of the European Multi-stakeholder Forum on CSR on 10 February 2009, particularly following Eurosif’s statements. These issues have taken on particular importance in the context of the current economic and financial crisis. The EC will convene within the CSR Multi-Stakeholder Forum five one-day workshops between September 2009 and March 2010 to discuss these issues. Each workshop will focus on a common set of core questions, but examined from the perspective of a different stakeholder group in each case. Eurosif will participate in each of them. The results will be presented during the Spanish EU presidency in March 2010.

Eurosif meets with Cabinet of Commissioner McCreevy (DG Internal Markets) regarding transparency of European capital markets

Eurosif was invited to a meeting in May to discuss its public policy paper with the corporate governance expert within the Cabinet of DG Internal Markets. Following this discussion, Eurosif will meet with other officials within this Ministry to discuss ESG factors and how they fit within the company law framework. The goal of these series of meetings is to ensure that ESG issues are properly understood and prepared for the incoming Commission later in the year. More details from this meeting are available to Eurosif Member Affiliates through the EU Insider publication.

Directors’ pay: Commission sets out further guidance on structure and determination of directors' remuneration

The European Commission has adopted a Recommendation on the regime for the remuneration of directors of listed companies. The new Recommendation will set out best practices for the design of an appropriate remuneration policy by focusing in part on the process of determining directors´ remuneration, including shareholder supervision. Read full press release

McCreevy spares hedge funds from tight regulation

On April 29th the European Commission proposed a mild set of rules for hedge funds and private equity firms, requiring mandatory registration and disclosure of their activities to regulators, while at the same time easing their access to European markets. Read full story