The EU Parliament resolution of 11 May 2011 was published in the Official Journal on 7 December 2012. The resolution is very wide ranging and calls for legislation and regulation in a variety of areas including;

  • effective governance systems, with adequate risk management, compliance, internal audit functions, strategies, policies, processes and procedures.
  • risk committees (or equivalent arrangements at board level) for all economically significant financial institutions.
  • fit and proper persons criteria and processes for senior officers and all material risk takers.
  • large financial institutions to submit their boards to regular external evaluation (looking at high standards of contributions by individual directors and that the board as a whole and its committees can deliver on the institution's strategic objectives and risk management).
  • the publication of the number of staff in each institution receiving total remuneration greater than €1m.
  • all those authorised to manage investments on behalf of third parties in the EU to state publicly whether or not they apply and disclose against a stewardship code.