Abstract

At first sight the answer to the question whether there is a need for a European corporate governance code (hereinafter ECGC) appears to be straight-forward. The 2002 Comparative Study on behalf of the European Commission (hereinafter the Comparative Study), the Report of the High-Level Group of Company Law Experts (hereinafter the Winter report), and the European Commission's Plan to Move Forward (hereinafter the Communication) have all reached the conclusion that at present a uniform ECGC should not be adopted. The vast majority of representatives of industry, institutional investors and shareholders agree with these findings. Upon a closer look, however, the case against a ECGC, especially in the longer term, is not so clear-cut.

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