The Commission has published a feedback statement following its Green Paper on corporate governance in financial institutions. Key messages from respondents included:

  • acknowledgement of the need for improved corporate governance;
  • the need for clarity over responsibilities of bodies within an institution;
  • a request that any legislation should be principle-based and proportionate, with some suggestion that EU-level requirements could focus on desired outcomes, with national supervisors dealing with implementation of principles; and
  • a plea from sectors that have recently undergone governance changes (UCITS managers and insurers) for the Commission to take account of this.