By EU |
21 February 2012 |
The European Commission has launched today an in-depth consultation on the future of European company law. Europe needs a company law framework that is adapted to the needs of the society of today and to the evolution of the economic environment. EU company law has played a central part in building the single market. It is now time to see whether today's needs are still met by the existing legal framework. An on-line public consultation paper has therefore been launched to collect comments from all stakeholders. The deadline for sending contributions is 14 May 2012.
European company law provides a common set of rules that offers equivalent protection to shareholders, creditors and other stakeholders across the EU who are affected by companies' actions. Company law is crucial to ensure legal certainty and protect shareholders' rights. Whilst Member States different legal traditions and company structures must be respected, harmonisation of the basic rules makes it easier for companies to offer services and products to all customers in the Union. The growth of cross-border trade and the development of e-commerce present many opportunities for businesses and consumers but they also present challenges for the existing company law framework. That is why reflection on how to adapt the existing framework to the new landscape of the 21st century is necessary. Moreover, today's challenges require us to look at company law not only from a purely legal perspective but in the wider context of corporate governance, corporate social responsibility and businesses' key role for innovation and growth. Read More