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A Guide to Corporate Governance Practices in the European Union

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A Guide to Corporate Governance Practices in the European Union A Guide to Corporate Governance Practices in the European Union in the European Practices Governance A Guide to Corporate A Guide to Corporate Governance Practices in the European Union CONFÉDÉRATION EUROPÉENNE DES ASSOCIATIONS D’ADMINISTRATEURS EUROPEAN CONFEDERATION OF DIRECTORS’ ASSOCIATIONS A Guide to Corporate Governance Practices in the European Union © Copyright 2015, All rights reserved. International Finance Corporation 2121 Pennsylvania Avenue, NW, Washington, DC 20433 The conclusions and judgments contained in this report should not be attributed to, and do not necessarily represent the views of, IFC or its Board of Directors or the World Bank or its Executive Directors, or the countries they represent. IFC and the World Bank do not guarantee the accuracy of the data in this publication and accept no responsibility for any conse- quences of their use. The material in this work is protected by copyright. Copying and/or transmitting portions or all of this work may be a violation of applicable law. The International Finance Corporation encourages dissemination of its work and hereby grants permission to users of this work to copy portions for their personal, noncommercial use, without any right to resell, redistribute, or create derivative works there from. Any other copying or use of this work requires the express written permission of the International Finance Corporation.For permission to photocopy or reprint, please send a request with complete information to: The International Finance Corporation c/o the World Bank Permissions Desk Office of the Publisher 1818 H Street, NW Washington, DC 20433 All queries on rights and licenses, including subsidiary rights, should be addressed to: The International Finance Corporation c/o the Office of the Publisher World Bank 1818 H Street, NW Washington, DC 20433 Fax: (202) 522-2422 Contents Foreword .........................................................................................................vii Preface ..............................................................................................................ix Acknowledgments .............................................................................................x Executive Summary ...........................................................................................xi 1. European Context ............................................................................................ 1 1.1. Why Is Europe Distinctive? ................................................................................ 1 1.2. Legislation, “Soft Law,” and Comply or Explain ...................................................5 1.3. Summary ...........................................................................................................7 1.4. Resources for This Chapter ................................................................................7 2. Benefits of Good Corporate Governance ..........................................................9 2.1. Principles of Good Governance in European Companies ................................... 9 2.2. Benefits Associated with Good Corporate Governance..................................... 10 2.3. Challenges Related to Corporate Governance ................................................... 11 2.4. Tips ................................................................................................................. 16 2.5. Summary ......................................................................................................... 16 2.6. Resources for This Chapter .............................................................................. 16 3. The Company .................................................................................................18 3.1. The Three Sectors ............................................................................................. 18 3.2. Governance and Organizational Variety within the Private Sector ..................... 18 3.3. Governance and Organizational Variety within the Public Sector ......................20 3.4. Governance and Organizational Variety in the Not-For-Profit Sector ..................21 3.5. Transparency and Disclosure ............................................................................ 22 3.6. Challenges Associated with Corporate Reporting ............................................. 23 3.7. Tips ................................................................................................................. 24 3.8. Summary ......................................................................................................... 24 3.9. Resources for This Chapter ............................................................................... 24 4. The Owners ................................................................................................... 26 4.1. Stock Exchanges in Europe .............................................................................. 26 4.2. Shareholder Rights and Powers in Europe ....................................................... 27 4.3. The European Model of Share Ownership ........................................................ 27 4.4. The Structure of Company Ownership in Europe..............................................30 4.5. Shareholder Engagement ................................................................................30 4.6. Say on Pay ........................................................................................................ 32 4.7. Control-Enhancing Mechanisms ..................................................................... 33 4.8. Shareholder Engagement with the Board ........................................................ 34 4.9. Tips .................................................................................................................. 35 4.10. Summary ......................................................................................................... 35 4.11. Resources for This Chapter ............................................................................... 35 A Guide to Corporate Governance Practices in the European Union iii 5. The Board .......................................................................................................37 5.1. Diversity of Board Structures in Europe ........................................................... 37 5.2. Board Size and Composition ........................................................................... 38 5.3. Directors’ Duties .............................................................................................49 5.4. Directors and Conflicts of Interest ....................................................................51 5.5 Committees ....................................................................................................55 5.6. Board Evaluation .............................................................................................56 5.7. Nomination Process ........................................................................................ 57 5.8. Director Induction Process .............................................................................. 57 5.9. The Board and Shareholder Engagement ......................................................... 57 5.10. Director and Board Development ....................................................................58 5.11. Tips .................................................................................................................59 5.12. Summary ........................................................................................................59 5.13. Resources for This Chapter ............................................................................. 60 6. The Management .......................................................................................... 62 6.1. The Dominant CEO ......................................................................................... 62 6.2. Remuneration ................................................................................................ 62 6.3. Succession ...................................................................................................... 63 6.4. Performance and Internal Efficiency ............................................................... 63 6.5. Strategy ..........................................................................................................64 6.6. Risk Management and Internal Controls .........................................................64 6.7. External Auditors ............................................................................................65 6.8. Tips .................................................................................................................66 6.9. Summary ........................................................................................................ 67 6.10. Resources for This Chapter .............................................................................. 67 7. Stakeholders, Corporate Responsibility, and Ethics .......................................69 7.1. Stakeholders .................................................................................................. 69 7.2. Corporate Responsibility ............................................................................... 69 7.3. The Business Case for Corporate Responsibility .............................................. 71 7.4. Ethical and Responsibility Frameworks Used in Europe .................................. 71 7.5. Corporate
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