§ Keith VazTo ask the Secretary of State for Trade and Industry what representations she has made on the European Commission's plans to enhance regulation on corporate governance. [80042]
§ Miss Melanie JohnsonI welcome publication on 4 November 2002 by the Commission of the Report of the High Level Group of Company Law experts ("A Modern Regulatory Framework for Company Law in Europe") on matters related to company law and corporate governance. I recognise the considerable work that has gone into this against a very demanding timetable and will be reviewing its recommendations in detail.
I consider that the United Kingdom is well placed to contribute to the debate on corporate governance regulation within the European Union. Important UK initiatives include:
Publication of the White Paper ("Modernising Company Law") in July following completion of the Company Law Review last year;An independent review of Non-Executive Directors led by Derek Higgs which began in April;The work of the Co-ordinating Group on Audit and Accounting Issues which issued an Interim report in July;and Review of the Regulatory Regime of the Accountancy Profession which published a consultation document in October 2002.757W In order that this work can be reflected in the Commission's emerging plans. I have ensured that the Commission has been kept fully informed and aware of the ideas and thinking being generated by these, and other, domestic corporate governance initiatives through personal meetings and correspondence with the Commission, attendance at the Competitiveness Council on 30 September 2002 and follow up meetings at senior official level with the Commission.