{"id":874,"date":"2014-04-17T10:58:25","date_gmt":"2014-04-17T10:58:25","guid":{"rendered":"https:\/\/vila.es\/en\/?p=874"},"modified":"2021-06-02T14:43:16","modified_gmt":"2021-06-02T14:43:16","slug":"the-comission-push-the-corporate-governance-2","status":"publish","type":"post","link":"https:\/\/vila.es\/en\/corporate\/the-comission-push-the-corporate-governance-2\/","title":{"rendered":"THE COMMISSION DRIVES MEASURES IN CORPORATE GOVERNANCE"},"content":{"rendered":"

I. INTRODUCTION<\/strong><\/p>\n

Through application of the Directive 2013\/34\/EU, the \u201ccomply or explain\u201d principle was introduced in the European Union. Subject to this principle, the companies, which are obliged to comply a company governance code, should comply such code or explain the reasons why they eventually fail to comply such code.<\/p>\n

II. RECOMMENDATION<\/strong><\/p>\n

The Recommendation published on the 9th<\/sup>\u00a0of April of 2014 under the number 2014\/208\/EU has the purpose of providing to Member States, responsible bodies for national governance codes, companies and other parties concerned with guidance for improving the overall quality of said declarations.<\/p>\n

The recommendation is essentially addressed to:<\/p>\n

– The companies which are required to submit a corporate governance statement \u00a0in accordance with the above mentioned directive: and,<\/p>\n

– Member States.<\/p>\n

III. QUALITY OF EXPLANATION IN CASE OF DEPARTURE FROM A CODE<\/strong><\/p>\n

In case of departure from a governance code, companies should provide explanations, and in this statement the following items shall be referred:<\/p>\n

a) Explain in what manner the company has departed from a recommendation;<\/p>\n

b) Describe the reasons for the departure;<\/p>\n

c) Describe how the decision to depart from the recommendation was taken within the company;<\/p>\n

d) Where the departure is limited in time, explain when the company envisages complying with a particular recommendation;<\/p>\n

e) Where applicable, describe the measure taken.<\/p>\n

IV. OBLIGATIONS OF THE MEMBER STATES<\/strong><\/p>\n

Member States should draw this Recommendation to the attention of the bodies responsible for national corporate governance codes, listed companies and other parties concerned.<\/p>\n

V. CONCLUSION<\/strong><\/p>\n

The Commission\u2019s major object is to support efficiency and transparency of the companies in the European Union. Likewise, in the text introduces the concept \u201cculture of accountability\u201d.<\/p>\n

The Commission mentions that the non-listed companies also will be able to use this guidance in order to achieve a better competitiveness and transparency.<\/p>\n

Finally, the Member States are invited to inform the Commission of the measures taken by the 13th\u00a0<\/sup>of April of 2015.<\/p>\n

 <\/p>\n

 <\/p>\n

Vil\u00e1 Abogados<\/p>\n

 <\/p>\n

For more information, please contact:<\/p>\n

va@vila.es<\/span><\/a><\/p>\n

 <\/p>\n

17th<\/sup> of April 2014<\/p>\n","protected":false},"excerpt":{"rendered":"

I. INTRODUCTION Through application of the Directive 2013\/34\/EU, the \u201ccomply or explain\u201d principle was introduced in the European Union. Subject to this principle, the companies, which are obliged to comply a company governance code, should comply such code or explain the reasons why they eventually fail to comply such code. II. RECOMMENDATION The Recommendation published […]<\/p>\n","protected":false},"author":4,"featured_media":4746,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73,77],"tags":[],"class_list":["post-874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate","category-european-union"],"yoast_head":"\nTHE COMMISSION DRIVES MEASURES IN CORPORATE GOVERNANCE - Vil\u00e1 Abogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/vila.es\/en\/corporate\/the-comission-push-the-corporate-governance-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THE COMMISSION DRIVES MEASURES IN CORPORATE GOVERNANCE - Vil\u00e1 Abogados\" \/>\n<meta property=\"og:description\" content=\"I. INTRODUCTION Through application of the Directive 2013\/34\/EU, the \u201ccomply or explain\u201d principle was introduced in the European Union. Subject to this principle, the companies, which are obliged to comply a company governance code, should comply such code or explain the reasons why they eventually fail to comply such code. II. 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