| Following on from the 'no' vote by the European Parliament's Legal Affairs Committee on the introduction of compulsory audit committees recently, EU Commissioner for Internal Market and Services, Charlie McCreevy, has given a further indication of a possible compromise when the legislation goes to a full vote in the autumn.
In a written speech delivered in his absence to the annual conference of the International Corporate Governance Network, McCreevy spoke of the need to introduce effective legislation in the light of recent financial scandals. "We have proposed to modernise the framework for statutory audit in the EU, bringing it into the 21st Century. This includes endorsing the principle that larger companies should have audit committees. The suggestion, which is far from revolutionary, has provoked much debate. On the basis of my recent discussions with the European Parliament’s rapporteur for the proposal, Mr Doorn, I am confident we will be able to find a coherent solution. All involved are agreed that the proposal must stay firmly on track for adoption this autumn." |
