“Regulatory Competition and Subsidiarity in Corporate Governance in a Transatlantic Perspective”
Séminaire @ Bruxelles
12 juillet 2004
european corporate governance institute - ecgi
In 2004, the European Corporate Governance Institute (ecgi) and the American Law Institute (ALI) established the Transatlantic Corporate Governance Dialogue in order to bring together leading academics.
Law, economics and finance, regulators, judges, law makers, corporate leaders, investors and other corporate constituencies are engage in forward-looking discussions of corporate governance issues that are or will be at the forefront of policymaking on both sides of the Atlantic.
The ongoing Dialogue is endorsed by the European Commission.
The first Dialogue
was launched with a full-day public conference
held in Brussels on 12 July 2004
thanks to support from the European Commission.
The theme of the launch Conference was “Regulatory Competition and Subsidiarity in Corporate Governance in a Transatlantic Perspective”.
Over 220 delegates attended the Conference which was held in Brussels at La Maison de l'Europe at la Bibliothèque Solvay on Monday, 12th July 2004.
See the list of those who attended... here - File in PDF (Size 55 Kb)
Session 1 :
Through a series of legislative measures and in recent landmark cases, the European Commission and the European Court of Justice have affirmed the principle of freedom of establishment of companies in the European Union. These cases have fundamental implications for the structure and operation of European companies and capital markets and open up the possibility of competition emerging between different governance systems. Some people argue that this creates new opportunities for companies, financial institutions and for overcoming protectionism but others fear that it will undermine regulatory and legal standards. In this first session, legal, economic and Commission experts will describe the recent developments and evaluate their implications for Europe and the transatlantic relationship with the United States.
Session 2 :
Recent developments in American corporate law have been dramatic. Enron and other scandals have posed fundamental questions about the legal structure of relationships among managers, directors, shareholders, gatekeepers, and the different institutions of government charged with oversight and enforcement. The federal Sarbanes-Oxley statute has imposed new requirements on public corporations. Some people argue that regulatory competition between states and "forum shopping" caused an erosion of standards that had to be corrected through federal intervention, while others have warned against a "creeping federalization of corporate law" stifling regulatory innovation by state legislatures. In this second session, legal experts from the United States will analyse the shifting distribution of authority between the national and state governments in the U.S. and evaluate the implications for the United States and the transatlantic relationship with Europe.
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