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CES/11/86

25 August 2011

Corporate governance: companies need more flexibility if they are to thrive and survive, says EESC
EESC hearing in Sofia on 2 September 2011

The European Economic and Social Committee (EESC) will be holding a public hearing in Sofia, Bulgaria, on the key aspects of corporate governance in order to formulate a set of concrete recommendations on the Commission's Green paper this autumn. The hearing ties in with the EESC opinion on corporate governance, which is currently being drafted by Milena Angelova, a Bulgarian EESC Member from the Employers' Group. Keynote speakers include Stoyan Mavrodiev, Chairman of the Bulgarian Supervision Commission, and Henri Malosse, President of the EESC's Employers' Group.

The EESC welcomes the aims of the Green Paper (COM 2011) 164 final) and considers that most of the issues it raises have already been addressed by the Member States' national corporate governance codes. The Committee believes, however, that more focus should be placed on improved monitoring, the effective application of legislation and codes and on encouraging unlisted companies to accept the codes. The EESC supports the efforts to improve corporate governance in the European Union by optimising the system of legislation and "soft law" (i.e. codes), but renews its call for a more precise and robust definition of corporate governance and for a clear distinction between the existing systems. "Companies need more flexibility if they are to thrive and survive."

The public hearing, which will be held at the Sheraton hotel in Sofia on 2 September from 9.30 a.m. to 1.00 p.m., aims to involve representatives of Bulgarian civil society organisations in the debate which will be taking place under the auspices of the European Economic and Social Committee. Relevant Bulgarian and European organisations as well as the European Commission will also be taking part in the event.

Event information, the EESC opinion and the registration form are available on the EESC's website:

http://www.eesc.europa.eu/?i=portal.en.events-and-activities-eu-corporate-gov

For further information, please contact:

Jean-Pierre Faure

EESC Single Market Observatory

Tel.:+32 2 546 9615; jean-pierre.faure@eesc.europa.eu

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