Press Release: Corporate governance: Commission urges Member States to ensure a strong role for independent directors

The European Commission has adopted a Recommendation on the role of independent directors, 6 October 2004. It invited Member States to reinforce the presence and role of independent non-executive directors on listed companies' boards. After recent scandals, it was thought of as particularly important to restore confidence in financial markets and to protect shareholders, employees and the public against potential conflicts of interest by independent checks on management decisions. The Commission also adopted a Recommendation on directors' remuneration.

European Commission: Press Release: MEMO/04/231 http://europa.eu/rapid/pressReleasesAction.do?reference=MEMO/04/231&format=HTML&aged=0&language=EN&guiLanguage=en

European Commission: DG Internal Market: Company Law and Corporate Governance: Independent Directors http://ec.europa.eu/comm/internal_market/company/independence/index_en.htm

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