Nos actions, nos résultats > Positions Européennes
OECD - Corporate Governance Factbook 2014 du 17/03/2014
OECD Principles of Corporate Governance
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PRIPs/KID - EuropeanIssuers’ position du 24/01/2014
European quoted companies are concerned about the possible application of the proposed PRIPS regulation to corporate bonds.

Although we share the objective of promoting retail investment into corporate bonds and providing relevant information to investors, we fear that corporate bonds are of a different nature to packaged products, so that the proposals may result in several unintended consequences, and that they do not take into account the existing disclosure requirements on companies already applying to bonds.
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Financial Transaction Tax - EuropeanIssuers’ response du 23/01/2014
European quoted companies would like to express deep concerns over the proposal for a Council Directive introducing Financial Transaction Tax.

We firmly believe that the intention behind the initiative, i.e. to ensure that the financial sector makes a fair contribution to covering the costs of the financial crisis, to discourage certain financial activities that do not bring value to the overall economy, to raise revenues in the long-term and to make markets safer, would not be achieved with the adoption of the current proposal.

On the contrary, the introduction of a Financial Transaction Tax in some European Union Member States would put them at a competitive disadvantage, impact financial transactions with a genuine economic substance that did not cause the financial crisis, thus, imposing considerable costs on non-financial companies and ultimately leading to a substantial drop in economic growth.

For more information please find attached a letter to the President of Economic and Financial Affairs Council explaining our key concerns.
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Response to Public Consultation on Best Practice Principles for Governance Research Providers - EuropeanIssuers’ response du 20/12/2013
We welcome the publication of the best practice principles. We have some comments and suggestions for clarification below, which we believe would help to improve the dialogue with issuers. Many companies find the current process and recommendations unclear and would like to see some more concrete disclosures to explain how and why the recommendations are reached, and to understand more about how the proxy advisers themselves operate, in order to be able to engage in dialogue and correct any misunderstandings.

We recognise that there will always be differences of opinion, but companies would like to have some more reassurance on the level of skills applied to the recommendations and any correction processes, and how these are translated into voting policy.

If issuers have a better understanding of this, they will be better able to engage with their shareholders (although we believe that institutional investors should be subject to their own, separate code). Allowing sufficient time to prepare to engage is also important - proxy advisers should make their policy available sufficiently early, ideally no later than December preceding the AGM season beginning in March the following year.

We hope that increased transparency will improve the quality of engagement between companies and shareholders ; in order to achieve this, it is important to enable issuers to understand the role played by proxy advisers in advising their clients.
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IAASB consultation on International Standards on Auditing (ISAs) concerning the statutory auditors’ reporting - EuropeanIssuers’ response du 19/11/2013
The IAASB, the international standard-setting body developing the International Standards on Auditing (ISAs), issued an exposure draft proposing a new standard on Communicating Key Audit Matters in the Independent Auditor’s Report (ISA 701) and the revision of other standards essential for companies : standards defining the content of the auditor’s public report and the auditor’s opinion (ISAs 700, 705 and 706), standard on Communication with Those Charged with Governance within the audited entity (ISA 260) and standard on Going Concern (ISA 570). In addition, the IAASB has undertaken the revision of its standard on the Auditor’s Responsibilities Relating to Other Information in Documents Containing or Accompanying Audited Financial Statements and the Auditor’s Report Thereon (ISA 720).

EuropeanIssuers makes a number of recommendations regarding :
- The objectives and content of public disclosure of Key Audit Matters ;
- The revision of the standard on going concern ;
- The draft revision of the standard on Other information in documents containing or accompanying audited financial statements.
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