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International update

CGI Russia – Webinar – Board challenges in tackling climate change in Emerging Markets” on June, 9 2021 at 3 pm Moscow.

The Climate Governance Initiative (CGI) Russia in partnership with general partner – Sberbank, London Stock Exchange, Chapter Zero Brazil and Chapter Zero Italy is delighted to invite board members, asset managers, chairs and members of audit and risk committees  to take part in the panel discussion “Board challenges in tackling climate change in Emerging Markets” on June, 9 2021 at 3 pm Moscow.

Emerging Market economies continue to take significant strides to establish good corporate governance practices, and have shown improvements in the areas of board independence and long-term stewardship of companies.

Climate change has introduced new challenges for all boards, but presents added complexities for the boards of companies in Emerging Markets.
Once again business resilience is under threat and boards are being challenged to own the business response.

Join our panel to explore how to embed climate considerations into board decision-making and act upon the risks and opportunities that the climate emergency poses to the business success of their companies.

The content of the panel is curated to be relevant to boards of directors enabling them to act upon the risks and opportunities that the climate emergency poses to the long-term resilience and business success of their companies.


Ayuna Nechaeva, Head of Europe, London Stock Exchange (UK)


Silvio Dulinsky
Head of Business Engagement, Latin America, World Economic Forum

Alexander Vedyakhin
First Deputy Chairman of the Executive Board, Sberbank (Russia)

Benedikt Sobotka
CEO, Eurasian Resources Group (Kazakhstan, Africa, Brazil)

Silvia Stefini
Non-Executive Independent Director, Italgas and Falck Renewables, Steering Committee Chapter                     Zero Italy (Italy)

Tarcila Ursini
Independent Board Member, Grupo Korin and Independent Board Member, Sustainability and People Committees, Agrogalaxy SA (Brazil)

Fan Fu
President, CEO, China Pacific Insurance Co., Ltd. (China)


To register CLICK HERE.

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It includes:

  • EC: Results from the public consultation on the sustainable CG initiative
  • EC: Commissioner McGuiness’s speech on corporate reporting after Wirecard
  • EC: TESG Final Report on SMEs  – Empowering EU Capital Markets
  • EC: Taxonomy’s Article 8 draft delegated unveiled
  • Letter: NGOs support for the EC plans on Sustainable CG and response to criticism
  • EuropeanIssuers: Feedback on the TESG Report on SMEs
  • Podcast: The shift to sustainability: A CFO’s journey (Accountancy Europe)
  • Report: European Family Business Covid-19 Edition
  • Article: Achieving gender balance on executive teams – What works ? (Board Agenda)
  • UK: The IoD calling on business to adopt climate-related financial disclosures
  • UK: The FRC issued revised auditing standards 
  • Germany: NEDs can make climate neutrality a reality (Forbes)
  • Guberna: Summer School and International Governance Forum

    ecoDa’s NEWS

    • ecoDa has published its 2020 Annual Report.
    • 28th May: ecoDa has been represented by Alessandra Stabilini, at the European Family BusinessWeek to discuss Sustainable Corporate Governance;
    • 4th of June: ecoDa’s Policy Committee meeting;
    • 9th of June:
      • ecoDa’s Education Committee meeting;
      • ecoDa/PwC Joint Webinar on “How to approach tax governance as a strategic issue? A discussion for board members” (4.00-5.00pm CET). More information to be found here.
    • SAVE THE DATE:  9th of November: The 2021 EU Corporate Governance Conference under the Slovenian Presidency of the Council, will be organised online by the Slovenian Directors’ Association (a members of ecoDa) and ecoDa, with the support of EY. More information to be released shortly.

      CLICK HERE for the download

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Today, due to an increased interest from the society, companies are aware of the importance of behaving in a socially responsible manner and of promoting good tax behaviour. Responsible tax behaviour is an important element of the corporate social responsibility of enterprises and their reputation with their stakeholders is consequently at stake. A growing number of stakeholders, such as investors (via the United Nations Principles for Responsible Investment), pension funds, financial regulators and banks, are paying attention to a company’s tax strategy and also take tax behavior into account in investment or financing decisions.

Encouraged by a growing public demand, the European Union, including the Parliament, is moving forward on taxation and the next step could be to harmonise and institutionalise fair taxation and tax responsibility.

That is why the June 9 Webinar will focus on the different tax governance aspects for directors and the need to make it a strategic issue in the board rooms. In order to raise awareness, ecoDa has brought together leading experts to discuss and to guide directors on this essential topic.


Our speakers

Cristiano Borean, CFO, Generali Group,

Edwin Visser, Tax policy leader for the EMEA region and of PwC Europe.

To register CLICK HERE.

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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.

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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.

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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: https://ec.europa.eu/finance/docs/law/210421-proposal-corporate-sustainability-reporting_en.pdf )

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

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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

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It Includes:

  • EC: Summary Report of the Consultation on the Renewed Sustainable Finance Strategy
  • EC: Study on equity funding in the EU 
  • EC: Consultation on environmental crime 
  • ESMA: Calls for legislative action on ESG ratings
  • EP: Measures to protect investors and cut red tape for firms
  • Discussion with Colin Mayer: The future of stakeholderism post covid
  • Report: Corporate Governance for sustainability 
  • The launch of the International Federation of Family Offices
  • Black Rock: Climate change as a front and center strategic matter
  • Sweden: Report on Corporate Governance and Short-termism
  • Event: The governance of technology


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It includes:

  • EC: Evaluation of the audit framework
  • EC: McGuinness’ opening remarks at the ECON Committee structured dialogue 
  • EC: Request to ESAs for technical advice on digital finance
  • Report: Fraud: recommendations to strenghten the financial reporting ecosystem (Accountancy Europe)
  • Summary report: ecoDa-Mazars’s Joint Event “Sustainable Corporate Governance for long-term business success”
  • Article: US Corporate Boards suffer from inadequate expertise in financially material ESG matters 
  • Podcast: How boards should prepare for the rising cybersecurity threat (McKinsey & Company)
  • UK: Directors face new liability demands under major audit reform 
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It includes:

  1. Council: The Portuguese Presidency (Cicero/AMO Analysis
  2. ECB: asked banks to refrain from or limit dividends until September 2021
  3. EC: New EU Cybersecurity Strategy and new rules
  4. EC: Interim study on the integration of ESG factors into the EU banking prudential framework
  5. EBA: Consultation Paper on Draft Guidelines on sound remuneration policies
  6. IFRS Foundation’s consultation on sustainability reporting
  7. INSEAD: Boards and sustainability: From Aspirations to Action
  8. UK: FCA introduces rule to enhance climate-related disclosures
  9. Report: Pay ratios and the FTSE 350: an analysis of the first disclosures
  10. EFRAG series of events on the preparatory work on EU non-financial reporting standards


Per scaricare EU Alert CLICCA QUI

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1. Ethics & Boards joins ecoDa as a Data Partner

ecoDa is delighted to announce a partnership with the data provider, Ethics & Boards. This new collaboration comes at a time when structured data at European level is a must-have when providing information to the European Institutions regarding their policies and supporting their upcoming initiatives.

As stated by Jan Wesseldijk, ecoDa’s Chair, “our partnership with Ethics & Boards will allow us to correlate the trends that we observe with concrete figures”, while Floriane de Saint Pierre, Founder and President of Ethics & Boards welcomes “this new collcaboration with ecoDa, a key player in Corporate Governance at European level and we are looking forward to the upcoming dialogue”.

See the full press release HERE

2. ecoDa – Mazars Event on “Sustainable Corporate Governance for Long Term Business Success”

ecoDa and Mazars are delighted to invite you to join a live virtual event on sustainability and corporate governance in Europe, scheduled on the 19th of January, from 4.00 to 6.00 pm CET.

This event will bring together board members, investors and regulators from across Europe to discuss the role we all have to play in fostering an ecosystem that promotes long-term sustainable success for the benefit of all stakeholders in a business and society at large.

Topics to be covered include:

  • The key challenges for corporate governance systems across Europe, including climate change, the impact of technology, effects of Covid-19, tensions in free trade, and diversity.
  • The possible changes to the regulatory system in the 2020s.
  • How boards can get the right board in place to achieve their full potential. How different boards will look by 2030, in terms of diversity, roles represented, international membership, etc.

The changes expected in investors’ focus over the next decade, and how this will impact their approach to governance.

To register HERE

3. ecoDa’s Webinar on “ESG: From Awareness to Strategic Moves”

ecoDa is organizing a webinar on “ESG: From Awareness to Strategic Moves” on the 10th of February, from 9.30 to 12.45 CET.
The purpose of this webinar is to bring together standard-setters and company directors together to discuss examples of good practices.

The discussion will be structured around two panels. The first one will focus on ESG performance and the consequent changes happening at board level, while the second will be an inspirational discussion for board members to walk to talk. The event will include speakers from DG FISMA, EFRAG, B-Corp Lab, S&P Global Ratings as well as board members from across Europe.

To register HERE

4. 4th Edition of ecoDa’s Corporate Governance Dialogue

Earlier this year, the 4th edition of the Corporate Governance Dialogue was organized by ecoDa. This year’s theme was on less hierarchical organizations and flat management, two trends that have been accelerated by the Covid crisis.
The Dialogue, based on two case studies from Mercuri Urval and Decathlon, engaged different experts who concluded that the slow but steady replacement of traditional top-down hierarchies with more decentralized structures impacts not only the way companies are operating but also corporate governance as a whole.

A recording of the discussion as well as a summary report are available.

5. Season’s Greetings from ecoDa

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It Includes:

  1. EP: Businesses’ interests must align with society’s interests, MEPs
  2. EP: MEP’s blueprint for SMEs in post-COVID recovery
  3. ESMA: Response to the IFRS Foundation’s consultation on sustainability reporting
  4. EC: Commissioned Study on EU equity markets
  5. The EC’s consultation on Sustainable CG: Comments from the European Company Law Experts Group
  6. Due diligence: NGOs initiative pleading for a European legislation
  7. Study: The 2020 Virtual Shareholder Meetings in the EU
  8. The Council for Inclusive Capitalism launches a partnership with the Vatican
  9. Report: Making the most of Europe’s climate leadership
  10. Briefing: Why Covid did not change firms (Korn Ferry)
  11. Report: A reexamination is needed of how traditional audit procedures approach the risk of fraud (EY)
  12. ecoDa’s News
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It includes:

  1. EP: Welcomed the OECD for a presentation on Sustainable Corporate Governance and Corporate Due Diligence
  2. EU: Amendments to rules to make capital markets work for Europe’s recovery
  3. ESMA: Underlined paradoxes of sustainability reporting
  4. US: ISS and Glass Lexis Release Updated Proxy Voting Guidelines
  5. ICGN: Review its Global Governance Principles
  6. ECGI Past Webinar on “Stakeholder Capitalism: The Case For and Against”
  7. Working Paper: The European Commission’s Sustainable Corporate Governance Report: A Critique (ECGI)
  8. . There is no need for EU Regulation on Corporate Governance, said SMEunited
  9. ecoDa’s News
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It includes:

  1. EC: Consultation on the Impact Assessment on the Enrivonmental Crime Directive
  2. Council: Approved conclusions regarding human rights and decent work in global supply chains 
  3. EC: 2021 Work Programme
  4. Council: recommendations regarding the EC’s new action plan on the Capital Markets Union
  5. EP:Wirecard Case Scrutinised
  6. UK: New Research supports introduction of standards for Audit Committees, FRC says
  7. UK: to review dual-class shares as part of consultation on listings
  8. Switzerland: the referendum failed to hold corporations liable for violations abroad
  9. Working Paper: The Future of the Corporations and the Economics (ECGI)
  10. Reflection Paper by CSR Europe: For a Coherent and Integrated EU Approach to Due Diligence 
  11. ecoDa’s News
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It includes:

  • EC: Consultation on criteria defining environmentally sustainable activities
  • EC: FISMA commissioned a study on the Audit Directive and Regulation
  • EP: EU consumers will soon be able to defend their rights collectively
  • Implications of the Wirecard case
  • UK: Covid-19 strenghtens the need for audit improvement, FRC urges
  • UK: Reporting on the new Corporate Governance Code is a mixed picture 
  • Switzerland: Upcoming Referendum on corporate sustainability
  • Germany: ‘historic’ mandatory boardroom quota for women
  • France: Danone: Purpose driven companies cannot let aside shareholders’ interests
  • France: A new initiative to promote gender diveristy in boardrooms 
  • The IIRS and the SASB merge into the Value Reporting Foundation  
  • ecoDa’s News


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It includes:

  1. EP: Update on the Sustainable Corporate Governance and on the Liability of companies for environmental damage files
  2. EFRAG: Preparatory work for the elaboration of possible EU non-financial reporting standards
  3. EFRAG: Changes to governance and financing
  4. Essay: Sustainable Corporate Governance: The Role of the Law (ECGI)
  5. Report: For a European Law of Compliance (Le Club des Juristes)
  6. Report: Third TCFD Status Report shows progress
  7. ECMI: Europe’s Capital Markets puzzle
  8. Event: Policy Workshop on Sustainability Reporting – IFRS Consultation (ECGI and IEF) (Registration HERE)
  9. Event: 2020 European Risk Management Awards Week (FERMA) (Registration HERE)
  10. Summary Report: Corporate Governance for sustainable and competitive European companies (ecoDa, BusinessEurope and EuropeanIssuers)
  11. ecoDa’s News
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It includes

  1.  ECGI : Webinars on Directors’ Duties and Sustainable Corporate Governance
  2. Capital Market Union is progressing too slowly 
  3. EP: Green Deal 
  4. EC: New Consumer Agenda
  5. ESMA: Corporate Governance: Back on the agenda 
  6. Report: New data show insufficient progress in companies’ climate and environmental disclosures (Alliance for Corporate Transparency)
  7. News: Refinitiv acquires The Red Flag Group, significantly expanding its suite of due diligence offerings
  8. Event:  The European Business and Nature Summit
  9. Event Recording: ICGN Global Virtual Summit 2020
  10. ecoDa’s News


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It includes

1. ESMA: Identified deficiencies in German supervision of Wirecard’s financial reporting

2. ESMA: Consultation to specify obligations on environmentally sustainable activities

3. EBA: Discussion on ESG risks management and supervision

4. Council of the EU: Collective Redress for consumers

5. GNDI: Actual concerns of national institutes of directors worldwide

6. Paper: Shareholder Value(s): Index Fund ESG Activism and the New Millennial Corporate Governancen (ECGI)

7. Article: Covid-19 is rewriting the rules of Corporate Governance (Harvard Business Review)

8.  Workshop: on Directors’ Duties and Sustainable Corporate Governance (ECGI) 

9. ecoDa’s News

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It Includes

  1. EP and EC: Sustainable Corporate Governance
  2. EP: Due Diligence and Corporate Accountability – Updates and Studies
  3. EP: Liability of companies for environmental damages – Updates and Studies
  4. Call for action: From Shareholders Primacy to Stakeholder Capitalism: a Policy Agenda for Systems Change (B Lab and The Shareholders Commons
  5. Paper: Shareholder Value in a Burning World (Project Syndicate)
  6. Policy Paper European Green Transparency: Lessons from France and Further Room Improvement (Institut Jacques Delors)
  7. Publication: The 2020 European AGM Season (Morrow Sodali)
  8. Paper: Four ways boards can oversee risk management beyond Covid-19 (EY) 
  9. Global Survey: EY Board Barometer Survey  
  10. ecoDa’s News
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It includes,

  1.  EP: Corporate due diligence and corporate accountability and Sustainable Corporate Governance
  2. EU Ministers: Women on boards
  3. EC Sustainable CG: Response from Harvard Law School and Harvard Business School
  4. EP: MEPS quizzed EU financial authorities on the Wirecard case
  5. Paper: What should corporations do? (Project Syndicate)
  6. Report: The Swedish Corporate Governance Board
  7. Event: Corporate Governance for sustainable and competitive European companies
  8. Event: Guberna Directors’ Day
  9. ecoDa’s News
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