2004/706/EC: Commission Decision of 15 October 2004 establishing the European Corporate Governance Forum
Date: 2004-10-15
Institutions: European Commission
Subjects: EU office or agency, activity report, appointment of members, approximation of laws, consultancy, corporate governance, forum, self-employed person

22.10.2004

EN

Official Journal of the European Union

L 321/53

COMMISSION DECISION

of 15 October 2004

establishing the European Corporate Governance Forum

(2004/706/EC)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

(6)

Having regard to the Treaty
Community,

establishing the European

The European Corporate Governance Forum should serve
as a body for exchange of information and best practices
existing in Member States in order
to enhance the
convergence of national codes of corporate governance
as well as a body for reflection, debate and advice to the
Commission in the field of corporate governance.

Whereas:

(7)

The European Corporate Governance Forum should draw
up its own rules of procedure and fully respect the role
and the prerogatives of the institutions (2),

(1)

(2)

(3)

(4)

(5)

Good and transparent corporate governance is essential
for enhancing competitiveness and efficiency of busi-
nesses in the European Union as well as strengthening
shareholders rights and third parties protection.

HAS ADOPTED THIS DECISION:

Article 1

The Commission set up in September 2001 a high level
group of company law experts to make recommen-
dations on a modern regulatory
for
company law; the mandate of the high level group of
company law experts was further extended to deal speci-
fically with a number of corporate governance issues.

framework

Following the presentation of the final report of the high
level group of experts on company law on 4 November
2002, the Council invited the Commission to develop an
Action Plan for company law and corporate governance;
such an Action Plan should be in particular a considered
response to recent corporate failures.

The Commission Action Plan on modernising company
law and enhancing corporate governance in the European
Union (1), adopted in May 2003 identified a series of
actions that are required in order to modernise and
simplify
the
creation of the European Corporate Governance Forum.

framework,

regulatory

including

the

in an enlarged Union;

On 22 September 2003 the Council welcomed the
presentation of the Action Plan which it considered to
be an important element of establishing a transparent
the
and sound capital market
Council endorsed the Commission’s recognition of the
importance of expert and public consultation as an
integral part of the development of company law and
corporate governance at European level and took note
of the Commission’s intention to set up a Forum on
systems of corporate governance within the European
Union.

An expert group on corporate governance in the Community,
called the ‘European Corporate Governance Forum’ (hereinafter
referred to as the Forum) is hereby established.

Article 2

in the light of developing
The role of the Forum shall be,
corporate governance practices
to
enhance the convergence of national codes of corporate
governance and to provide strategic advice to the Commission,
either at the Commission’s request or on its own initiative, on
policy issues in the field of corporate governance.

in the Member States,

Article 3

The Forum shall comprise 15 members at most whose
experience and competence regarding corporate governance
are widely recognised at Community level. The members of
the Forum shall be appointed by the Commission. The list of
members is reproduced in annex.

The Commission shall be present at meetings of the Forum and
shall designate a high-level representative to participate in its
debates.

The Forum shall be chaired by a representative of
Commission.

the

Article 4

The term of office of members of the Forum shall be three
years. It shall be renewable. After the expiry of the three-year
period, members of the Forum shall remain in office until they
are replaced or their appointments are renewed. In the event of
resignation or death of a member of the Forum during the
period of appointment the Commission shall appoint a new
member of the Forum in accordance with Article 3.

(2) Text taken from point 9 of Council Conclusions of 22 September

(1) COM(2003) 284 final.

2003.

L 321/54

EN

Official Journal of the European Union

22.10.2004

Article 5

Article 9

The list of members shall be published by the Commission in
the Official
information
purposes.

the European Union for

Journal of

Article 6

The Forum may invite experts and observers to attend its
meetings.

The Forum may set up working groups.

Article 7

The Forum shall present an annual report to the Commission.

Article 8

The Forum shall adopt its own rules of procedure.

The Secretariat of
Commission.

the Forum shall be provided by the

Travel and subsistence expenses incurred by members, observers
and experts, in connection with the activities of the Forum, shall
be reimbursed by the Commission in accordance with the
provisions in force within the Commission. Their functions
shall not be remunerated.

Article 10

The Forum shall take up its duties on 18 October 2004.

Done at Brussels, 15 October 2004.

For the Commission

Frederik BOLKESTEIN
Member of the Commission

ANEXO — PŘÍLOHA — BILAG — ANHANG — ANNEKS — ΠΑΡΑΡΤΗΜΑ — ANNEX — ANNEXE — ALLEGATO
— PIELIKUMS — PRIEDAS — MELLÉKLET — ANNESS — BIJLAGE — ZAŁĄCZNIK — ANEXO — PRÍLOHA —
PRILOGA — LIITE — BILAGA

— Antonio Borges,
— Igor Adam Chalupec,
— Bertrand Collomb,
— Gerhardt Cromme,
— David Devlin,
— Emílio Gabaglio,
— José María Garrido,
— Peter Montagnon,
— Colette Neuville,
— Roland Oetker,
— Alastair Ross Goobey,
— Rolf Skog,
— Andreas Trink,
— Jaap Winter,
— Eddy Wymeersch.