Categoria: International update

18/12/2016 

Gli sviluppi più recenti del processo legislativo sulle proposte di modifica alla c.d. Shareholders’ Rights Directive (Direttiva 2007/36/CE) in una Press Release e un articolo pubblicati da ecoDa.

L’ultimo compromesso discusso dal Consiglio UE è consultabile al link: https://data.consilium.europa.eu/doc/document/ST-15248-2016-INIT/en/pdf

26/11/2016 

The Handbook for the IR and Integrated Thinking Change Journey has just been published by an ad hoc multistakeholder Working Group of the Italian Network for Business Reporting (NIBR),  coordinated by Livia Piermattei.

In his Foreword to the Handbook, Neil Stevenson of the International Integrated Reporting Council (IIRC) “welcomes the publication because it rightly emphasizes the benefits of Integrated Thinking within IR, and appreciates the practical approach and insights it offers, while describing Integrated Thinking as integral to the concept of Integrated Reporting.

IIRC also describes the benefits of introducing Integrated Thinking: “a shared understanding of strategy and how value is created throughout the business, with fewer silos, more cohesive management information and informed decision making, enhancing accountability and performance”.

Many publications already describe the importance of “IR-Integrated Reporting”. This one was set up in order to make Integrated Thinking concrete and “usable”, through a simplified, clear and concise Handbook.

The Change Journey of Integrated Reporting (IR) consists of 5 stages. Four of these are related to Integrated Thinking. They are strongly linked and dynamically complementary, and they are influenced by and influence the fifth, that of Integrated Report. The four other stages of the Change Journey are: Identifying its Issues and the Stakeholders, Recognizing its Leaders, Detecting its KPIs and the Change Dashboard, and Setting up the Change Action Plan. The IR can be either the starting or the arrival point of the Change Journey.

The Handbook focuses on two areas of change, specifically for listed companies, i.e. that of the Board Governance (strategy, process and culture) on the one side, and that of the organization infrastructure (strategy, organization, culture, processes), on the other.

The NIBR Working Group, with the support of IIRC, researched and networked at a global level with different entities having initiatives on integrated thinking and governance, such as SAICA in South Africa, IFAC (the International Federation of Accountants), the Confederation of Indian Industries, Nedcommunity (the Association of Italian Non Executive and Independent Directors). It also collected the “lessons learnt” by organizations such as Auchan, DeACApital, Dellas, Generali Group, Guna, SAP, Unicredit Group.

Author of the Handbook is an ad hoc multistakeholder NIBR Working Group, whose member organizations were listed and non-listed companies, consultants, asset management companies and associations that contributed by donating the working time of the group members and, in some cases, supporting also editorial and publishing costs.

NIBR-the Italian Network on Business Reporting (www.nibr.it), whose Secretary General is Prof. Dr. Stefano Zambon (IIRC Council member), is the Italian Association representing the WICI – World Intellectual Capital/Assets Initiative – Global Network (www.wici-global.com).

Livia Piermattei, is Managing Partner of Methodos, the Change Management Company.

19/09/2016 

ecoDa Week Alert N. 29

It includes:

1. Briefing – Publishing Corporate tax information: Country-by-country reporting for multinational enterprise groups
2. Corporate culture and the role of boards. A report published by The Financial Reporting Council
3. EU Presidency
4. Conference on Sustainable Companies Summit – Brussels, September 28th 2016
5. Roundtable on the key long term trends affecting boards
6. ecoDa’s News

16/07/2016 

ecoDa Week Alert N. 28

 

It includes:

 

1. Theresa May’s statements on Corporate Governance
2. Employees representatives in Boardrooms
3. Country by Country Reporting
4. Upcoming conferences on Corporate Governance – Brussels, 28 September 2016
5. ecoDa’s News

16/07/2016 

ecoDa Week Alert N. 27

 

It includes:

 

1. European Banking Authority – Benchmarking analysis of diversity practices
2. European Women on Boards  – Gender Diversity on European Boards: Realising Europe’s Potential: Experiences and Best Practices
3. European Banking Authority- Transparency exercise
4. Priorities of the Slovak Presidency of the European Council
5. The 19th European Corporate Governance Conference – October 27th 2016, in Bratislava
6. The European Securities and Markets Authority calls for expression of interests
7. ecoDa’s News

ecoDa Week Alert N. 25

It includes:

1. Brexit – Why business lost its voice and how to restore it?/ Trust in companies
2. Market Abuse Regulation  – An EU legal framework will ensure even more efficient, transparent and trustworthy European financial markets
3. Last speech of Commissioner Jonathan Hill in front the European Parliament
4. Federation of European Accountants – The state of play of the implementation of new Audit rules
5. UK: The Financial Reporting Council and its annual publication “key facts and trends in the accountancy profession”
6. Financial Reporting Council: Corporate culture and the national external auditor
7. ecoDa’s News

ecoDa Week Alert N. 24

It includes:

1. New EU audit rules become applicable
2. European Supervisory Authorities – The Joint Committee of the ESA has launched its dedicated website.
3. The European Federation of Employee Share Ownership report on employee ownership policies
4. Shareholders’ Rights Directive
5. Public consultation on non-financial reporting guidelines – All the responses published
6. ecoDa’s News

21/06/2016 

EU Audit legislation, which came into force last Friday, introduces more detailed requirements regarding the statutory audit of ‘Public Interest Entities’ (PIEs). According to the EC press release[1] at the time of adoption, the legislation aims to improve audit quality and to restore investor confidence in financial information, by:

• Reinforcing the independence of the statutory auditor – Contributing to a more dynamic audit market in the EU
• Reinforcing the role and competence of the audit committee

Given that the functions assigned to audit committees have been extended in various ways, the European Confederation of Directors’ Associations (ecoDa) in cooperation with PwC has decided to help audit committee members understand the main changes by providing a description of aspects of the new legislation, focusing on the composition and governance of audit committees, selection and appointment of the audit firm, monitoring the auditor’s independence, auditor reporting requirements and oversight.

Many companies have yet to assess the full implications of the reform and are still in the process of getting ready to adapt to these changes.

The new EU regulatory framework contains a number of Member State options; for each of these aspects, flexibility is left to the Member States to opt for lighter or stricter rules. Flexibility in governance matters is a good policy in general, however, it is important that the final national implementing laws result in a coherent framework that enhances audit quality and leaves audit committees in a situation where they can properly perform their new duties.

As stated by Turid Solvang (ecoDa’s Chair), “Putting Audit Committees at the heart of the audit reform acknowledges their important role. The interpretation of the legislation by the all Member States should be consistent with the initial spirit of the European Commission”.

Jan McCahey, PwC Global Regulatory Leader stated: “Audit committees have an important role to play in robust corporate governance. It will take time for all to become familiar with the EU audit legislation and for best practice to emerge; the guide is designed to help audit committees understand the practical implications and offer some examples of good practice”.

The guidance will be released during an event on 21 June 2016 in Brussels, where audit committee members will discuss aspects of the guide and exchange best practice.

13/06/2016 

ecoDa Week Alert N. 23

It includes:

1. Capital markets Union: Council agrees its stance on prospectus rules for the issuing and offering of securities
2. European Shareholders’ Rights Directive Proposals: An academic paper on ‘A critical analysis in mapping with the UK Stewardship Code?’
3. European Commission’s consultation on the Financial Conglomerates Directives
4. UK: the Institute of Chartered Secretaries and Administrators consultation on the practice of minuting meetings
5. UK Financial Reporting Council: Lab call for participants – Digital Future: Data
6. UK: The British Institute of Directors and the Brexit. The findings of an extensive survey on the UK’s relationship with the European Union
7. ecoDa’s News