The European Corporate Governance Institute (ECGI) through its website makes available the full texts of corporate governance codes and corporate governance reforms both in Europe and elsewhere.
ECGI aim to maintain the most comprehensive and up to date database on governance codes both in Europe and internationally.
There are a considerable number of EU led corporate governance initiatives ongoing. ICAEW through its consultation and representation work responds to many of the public consultations.
If you are interested in a country by country analysis of corporate governance practices in Europe a good source of information is: ‘Corporate Governance in the European Union’ by Chris Pierce ISBN 978184426748-4 is a good source of information on corporate governance in Europe. This book also contains a useful chronological outline of the key initiatives in company law and corporate governance and provides an overview of recent proposals by the Commission.
On 21 July 2010 the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (the Act) became law.
The Act puts into place reforms of the US financial regulatory system. It includes reforms in the areas of corporate governance, executive compensation, private equity, the authority of the US Securities and Exchange Commission (SEC) and selected federal securities law provisions.
The full impact of the Act on non-US entities will not be known for some time. Some aspects of the Act are limited in application to US entities or activities, but other provisions may be read to apply extraterritorially and there are implications for accessing the US capital markets.
It is possible that some of the provisions of the Act may affect non-US companies who have banking or other financial operations in the US. Also, the Act may impact the following non-US corporate entities:
Some provisions of the Act became effective on enactment but many other provisions allow the relevant regulators a period of time, during which they will conduct studies and consult widely, before they must issue new rules or implement regulations.
The Act may impact in the following areas:
The following high-profile changes brought about by the Act should not affect non-US companies:
The full impact on non-US entities will become clearer as more of the studies and regulations are implemented over time. Non-US entities may be able to influence the rules to be adopted by participating in the relevant consultations as they arise. This is definitely an area where both dual listed companies and non-US companies need to watch carefully.