Mese: Giugno 2023

1. ecoDa’s response to the IIA consultation on global internal audit standards

In its response to the Institute of Internal Auditors’ consultation, ecoDa highlighted some key points:

• The standards should be made simpler, principle-based, and more concise;
• They are not ambitious enough in view of ESG and technology challenges;
• The specificities of internal audit are not exploited towards:
  • a hard look at efficiencies;
  • greater leverage of the inside knowledge of the sector;
  • greater cooperation with teams and added value to the organisation to foster a better culture;
• The board responsibility is to set the right policies, it is not a compliance activity that goes into any detail;
• There should be more emphasis on continuous training.

2. ecoDa advocates the possibility for each Member State to regulate multiple vote share structures

As the European Commission has adopted a draft directive on multiple-vote share structures in companies which is also being examined by the European Parliament, ecoDa has decided to take a general position on the subject before going into the details of the draft text.
 ecoDa is of the opinion that structures with loyalty shares and multiple voting rights can promote long-term perspectives. However, it should be supported by strong minority protection, if and when allowed by national law.
The subject is currently exacerbated and different very marked opinions are being expressed.  As a general principle, the risk that a shareholder majority misuses its power for its own benefit at the expense of minority shareholders must be effectively curbed through a well-developed system of minority protection. 

The related press release is available here, and ecoDa’s full position paper, here.

3. ecoDa’s Workshop on the G dimension of ESG

As part of its Corporate Governance Dialogue, a group of experts reflecting on new trends in corporate governance, ecoDa, will organise, on June 23rd, a workshop (on invitation only) in Brussels to discuss the G dimension of ESG. More particularly, the experts will be invited to tackle two topics. First, is the G fit for purpose in the acronym, and second, how to address the G component. ecoDa will benefit from a wide range of perspectives, from standard-setters (with EFRAG), shareholder advisory firms, proxy advisors, academics, to board members.