ecoDa – EU Alert 16

It Includes:

  • EC: Sustainable Finance Package
  • Platform on Sustainable Finance
  • EP: Structured dialogue with Commissioner Reynders
  • EP: Pay Transparency Directive
  • Publication: ecoDa’s Corporate Governance Guidance and Principles for Unlisted Companies in Europe
  • Guidance: Disclosure and transparency in crisis (IFC)
  • Article: Rise of the machines requires a ‘stakeholder approach’ from boards (Board Agenda)
  • UK: Restoring Trust in Audit and Corporate Governance – Key proposals
  • Luxembourg: Report – Meeting the digital challenges (ILA)
  • Norway ramps up commitment to ethical investment (Minerva Analytics)
  • Germany: the Parliament expands probe into EY’s audits of Wirecard (Financial Times)


  • EC: A New Compass for SMEs
  • Joint EC/ECB Conference
  • The ICGN Governance of Sustainability Dialogue

The EU Alert is available for download here.

21/04/2021 – New edition of the ecoDa Guidance and Principles for Unlisted Companies – a better fit to today’s challenges

ecoDa today releases an updated version of its groundbreaking Corporate Governance Guidance and Principles for Unlisted Companies, eleven years after the first edition. This edition has been endorsed by Commissioner Reynders, the OECD, the IFC and European Family Businesses.

With the growing public scrutiny of corporate behaviour and public demand for improved corporate accountability and transparency, ecoDa wanted to revise its principles of good governance for unlisted companies. The new version provides a more modern treatment of the role that ESG issues must play – particularly climate change.

The fourteen principles are still presented from a dynamic phased approach, which takes into account the degree of openness, size, complexity and level of maturity of individual companies.

“In times of crisis, unlisted companies must ensure a solid corporate governance framework – both to overcome the illiquidity risk and maintain access to external sources of financing. Corporate Governance can help businesses ensure their long-term continuity and success. This Guidance plays a crucial role in helping unlisted companies reflect on the potential benefits and costs of various governance approaches”, highlighted Leena Linnainmaa, ecoDa’s Chair.

ecoDa Guidance and Principles are adapted to the specific challenges faced by unlisted companies. It advocates for a proportionate and realistic implementation.

As specified by Roger Barker, co-chair of the Working Group responsible for the drafting, “This set of voluntary Corporate Governance principles makes sense for all European unlisted companies. However, it can serve as a reference for a more specific adaptation to national reality”.

“The new version has been enriched with a self-assessment questionnaire that allows companies to regularly measure their progress on the path to good governance”, added Juan Alvarez-Vijande, co-chair of the same Working Group.

ecoDa/Breaking news/NFRD-Taxonomy-Fiduciary duties

The European Commission has just published today a package of different measures:

1- EU Taxonomy Climate Delegated Acts;

2-  A proposal for a Corporate Sustainability Reporting Directive (CSRD) – replacing the NFRD (see direct link to the proposal: )

3-  Six amending Delegated Acts on fiduciary duties, investment and insurance advice

06/05/2021 High-level conference on the review of the Non-Financial Reporting Directive – the way forward

The Non-Financial Reporting Directive (NFRD) requires certain large companies to report on social, employee and environmental matters, human rights and bribery & corruption. However, the information that is currently reported does not meet the needs of users.

The European Commission is reviewing the NFRD in order to remedy this and to ensure that companies from whom users need non-financial information report such information, and that reported information is relevant, comparable, reliable, and easy to access and use.

The proposal for a Sustainability Reporting Directive is expected to be published in April 2021 for consideration by the European Parliament and the Council.

This high-level conference is an opportunity for interested parties to find out more about the key issues and the objectives of the proposal and of its concrete implications. It will alternate between panels and keynote speeches from European and international leaders in the field of sustainable finance, including Commissioner McGuinness. The panels will address, among other topics, the role of sustainability reporting standards in promoting better sustainability disclosures from companies.

For register CLICK HERE