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Categoria: International update

ecoDa – EU Alert 23 – 2024

Posted on by Giuseppe Moscato

It includes:

EUROPEAN INSTITUTION  DEVELOPMENTS
European Parliament: Results and Next Steps

EUROPEAN  DEVELOPMENTS
No time for stagnation, Europe needs capital investment now
New Corporate Sustainability Reporting Directive (CSRD) assessment capability

NATIONAL DEVELOPMENTS
IoD launches public consultation on a Code of Conduct for Directors
UK: Shein sparks controversy over possible London listing
UK executive pay: FTSE 350 revolts fall
Japan passes securities rule amendments in a new dawn for shareholder engagement
France: delay in submitting national energy and climate plan to Brussels

ARTICLES/PUBLICATIONS
Board of directors effect on environmental, social and governance performance in publicly traded non-financial firms

ecoDa News

  • 17 June: WG on Board self-evaluation
  • 19 June: Audition of Anne-Hélène Monsellato and Béatrice Richez-Baum by the CEAOB in Paris
  • 20 June: Board Meeting

The EU Alert is available for download here.

ecoDa – EU Alert 15 – 2024

Posted on by Giuseppe Moscato

It includes:
EUROPEAN INSTITUTIONS DEVELOPMENTS
European Commission: a clean transition dialogue
European Parliament votes in favour of strengthening the application of the GDPR

EUROPEAN DEVELOPMENTS
Business Europe asking for a decrease of the regulatory burden 30 propositions for a Europe that undertakes
Landmark ruling on governments climate inaction
EFRAG calls for companies to contribute to guidance of transition planning
Study on the Effectiveness and Efficiency of the EU Framework on Corporate Governance

NATIONAL DEVELOPMENTS
UK: Pension funds savers value votes against directors
US: Proxy expectations for 2024

PUBLICATION/ARTICLE
Digital guide of companies’ ESG reporting
Artificial intelligence: an engagement guide for boards

EVENTS
Full recording of the Webinar on How can company boards lead the sustainability transition

ecoDa News

  • 7th April: Intervention of Leena Linaainmaa ((ecoDa Advocacy Committee Chair) in the Podcast “The Sustainability Story”, discussing due diligence and supply chain in the EU
  • 12th April, 19th April and 25th April: Extra modules of the EBD
  • 28 May: Member forum in Brussels: Try to mobilize your team to join us!

The EU Alert is available for download here.

ecoDa – EU Alert 11 – 2024

Posted on by Giuseppe Moscato

It includes

EUROPEAN INSTITUTIONS DEVELOPMENTS
CS3D Update
EC: asking CEAOB to adopt non-binding assurance guidelines
EP: Adoption of the AI Act
EP: new reporting requirements decrease the burden on the finance and investment field

INTERNATIONAL DEVELOPMENTS
Climate transition: a regional approach might be the only solution

NATIONAL DEVELOPMENTS
UK: publication of a policy roadmap to the next UK government

PUBLICATION/ARTICLE
What do Board Members need to think about to avoid being sued by the Climate Movement?
Should you become a non-executive director? 
How can boards convert sustainability from a wish to a winning reality? 

EVENTS
How can company boards lead the sustainability transition? An event by Accountancy Europe, ecoDa, ECIIA and Chapter Zero

ecoDa News

  • Mention of ecoDa’s barometer on gender diversity in governing bodies in Europe in European Files, Board Room Global and Ethics & Board.
  • Upcoming intervention of Leena Linaainmaa (ecoDa Advocacy Committee Chair) in the Podcast “The Sustainability Story” to discuss due diligence and supply chain in the EU (26th May)
  • 18th, 19th and 26th: ecoDa European Board Diploma (core basis)
  • 19th March: ecoDa Education Committee
  • 20th March: European Corporate Governance Conference 2024
  • 21st March: ecoDa Board Meeting (including board evaluation, validation of annual report, consideration of 3rd edition of the EBD, …)
  • Team update: Thanos Xynogalas becomes policy intern.

The EU Alert is available for download here.

ecoDa EU Alert 06 – 2024

Posted on by Giuseppe Moscato

It includes:

EUROPEAN INSTITUTIONS DEVELOPMENTS
Council: Vote on the Corporate Sustainability Due Diligence Directive
EP and Council: Deal on delayed reporting standards for some countries
EP and Council: ESG ratings concluded
Council and EP: Political agreement on the Listing Act
EC: Recommendations for 2040 emissions reduction target and 2050 climate neutrality

INTERNATIONAL DEVELOPMENTS
IFRS Webcast: Overview of the forthcoming IFRS 18

EUROPEAN DEVELOPMENTS
EFRAG Releases First Set of 12 Explanations on ESRS Q&A Platform

NATIONAL DEVELOPMENTS
Germany: companies and networks call for support to the CS3D but no aligned opinion in the business community
UK: Governance questions for the Post Office Horizon Inquiry
France: Female board quotas have improved employment practices

PUBLICATION/ARTICLE
CEO narcissism and earnings management
Study on barriers to sustainable development

EVENTS
Mc Kinsey: Helping boards navigate geopolitical risks – 27 February, 5-6 pm

ecoDa News

  • ecoDa’s and WTWs report on 2023 Non-Executive Director Remuneration in Europe was mentioned as top news in the Board Agenda magazine, as well as in the GNDI January newsletter
  • ecoDa Manifesto release – at the beginning of next week
  • ecoDa Board evaluation – a questionnaire to be launched next Monday
  • 14th of February 2024: GNDI Policy Committee meeting
  • 19th of February 2024: ecoDa Advisory Committee meeting – The CG Dialogue
  • REMINDER: The European Board Diploma spring session will take place on 18th, 19th, and 26th of March (central base) and 12th, 19th, and 25th of April (for the optional module(s) to be chosen). Find your programme, and register with us!

The EU Alert is available for download here.

ecoDa – Press release: ecoDa’s position on board evaluation

Posted on by Giuseppe Moscato

ecoDa position statement on board evaluation – Board evaluation facilitators must be independent

ecoDa recommends that Corporate Governance Codes ensure the independence of board evaluation services in order to avoid potential conflict of interests. Good governance practices should include a cooling-off period for headhunters and rotation of commercial board evaluation services.

Corporate Governance codes are often silent on any possible risk of conflicts of interests when board evaluation is conducted by an external consultant.

“For reasons of independence, one should be cautious when a commercial consulting firm provides other consultancy services at the same time as the board evaluation takes place. Or when the same consulting firm is consistently selected to provide the evaluation of the board over a longer period”, underlined Rytis Ambrazevicius, Chair of ecoDa.

ecoDa is calling for:

  • A declaration of significant risks of conflict of interests by the facilitators;
  • A disclosure of whether the facilitator subscribes to a code of ethics or not;
  • A cooling-off period after terminating a headhunting contract;
  • An assessment by the appropriate Board Committee of the qualifications of the facilitator;
  • A policy for pre-approval of any additional board services;
  • A rotation (inspired by what applies to statutory auditors) for all commercial board evaluation services.

“A credible and professional board evaluation is key when looking for board performance to develop and excel”, concluded Béatrice Richez-Baum, Director General, ecoDa.

Read the full press release here.
Find ecoDa’s opinion paper via the button below.

Non-Executive Director Remuneration in Europe – Research Report

Posted on by Giuseppe Moscato

Responsabilità maggiori, ma compensi inferiori.
E’ questa una delle principiali evidenze emerse dall’indagine condotta da EcoDa, la Confederazione Europea delle associazioni dei consiglieri di amministrazione (di cui Nedcommunity è membro per l’Italia) e WTW su 185 aziende in quindici paesi europei sul ruolo e le remunerazioni dei consiglieri indipendenti.


Oltre a una presentazione della situazione attuale, lo studio offre spunti di riflessione che le aziende possono prendere in considerazione in base alle specificità del proprio mercato nazionale (ad esempio un diverso equilibrio tra compenso annuale e compensi dei comitati).  Le conclusioni dell’indagine invitano i CdA  a condurre una revisione dettagliata dell’impegno in termini di tempo, carico di lavoro e compensi spettanti agli amministratori, per garantire che vi sia un adeguato equilibrio tra i diversi membri.

A questo link la ricerca  : https://ecoda.eu/2023-non-executive-director-remuneration-in-europe-research-report/

ecoDa EU Alert 01 – 2024

Posted on by Giuseppe Moscato

It includes:

EUROPEAN INSTITUTIONS DEVELOPMENTS
EC: Sustainable finance: Guidance to help financial undertakings
EC: Sustainability reporting podcast
Council: Agreed negotiation mandate on ESG ratings
ESMA: Consultation on a set of draft Guidelines on Enforcement of Sustainability Information

EUROPEAN DEVELOPMENTS
EFRAG: Publication of the first three draft ESRS guiding documents

NATIONAL DEVELOPMENTS
France: Transposition of the CSRD as the first EU member state
Germany: One year of Supply Chain Due Diligence Act
Luxembourg: The end of Luxembourg VAT on director’s fees

PUBLICATION/ARTICLE
Leadership, decision-making & the role of technology: Business Survey 2024
FERMA: The Roadmap to strategic risk management

ecoDa News

  • 8th of January 2024: ecoDa Taskforce Manifesto meeting
  • 9th of January 2024: ecoDa Working Group on SOEs meeting
  • 10th of January 2024: ecoDa meeting on the Ethics & Boards barometer
  • 10th of January 2024: ecoDa and ISAlliance Workshop on Cybersecurity
  • 11th of January 2024: ecoDa meeting on ESRS guidance
  • 12th of January 2024: ecoDa European Board Diploma: Ceremony
  • 16th of January 2024: ecoDa and WTW webinar on director’s remuneration – register here!

The EU Alert is available for download here.


ecoDa EU Alert 49 – 2023

Posted on by Giuseppe Moscato

It includes:

EUROPEAN INSTITUTIONS DEVELOPMENTS

  • EC, EP: Amending time limits for the adoption of sustainability reporting standards for certain sectors and for certain third-country undertakings
  • EP: MEPs adopt significant changes to draft rules on Environmental, Social and Governance ratings
  • ESMA: Contribution to sustainable finance overview
  • ESAs: Amendments to sustainability disclosures for the financial sector

INTERNATIONAL DEVELOPMENTS

  • AI is testing the limits of Corporate Governance
  • ISSB at COP28: IFRS Foundation launches knowledge hub in support of global drive to build capacity for the ISSB Standards
  • ISSB at COP28: IFRS Foundation launches knowledge hub in support of global drive to build capacity for the ISSB Standards

NATIONAL DEVELOPMENTS

  • France: New HCGE report on the application of the AFEP-MEDEF CG Code
  • UK: FCA releases anti-greenwashing and sustainability investment product rules
  • US: SEC Chair warns of climate rule exposes

PUBLICATION/ARTICLE

  • Corporate Sustainability Reporting Obligations in the EU and UK
  • China’s Climate Disclosure Regime: How Regulations, Politics, and Investors Shape Corporate Climate Reporting

ECODA NEWS

  • 8th of December: ecoDa European Board Diploma module ESG matters – with Chapter Zero Brussels
  • 15th of December: ecoDa European Board Diploma Ceremony
  • SAVE THE DATE: EU CG Conference under the Belgian presidency scheduled on March 21

The EU Alert is available for download here.

ecoDa EU Alert 48 – 2023

Posted on by Giuseppe Moscato

European Institutions Developments
– Trilogue Update on CS3D
– EP: COP28: MEPs want to end all subsidies for fossil suel globally
– EP: At COP28, Europe must grapple with consequences of carbon tariff (Euractiv)
– ESMA: Publications on Sustainable Finance

International Developments
– IASB: Consultation on improved accounting requirements
– BIS: Global watchdog proposes detailed climate disclosures from banks (Reuters)


European Developments
– Summary of the EFRAG Conference, 28 November 2023
– EuropeanIssuers’ Position Paper on ESMA & EBA’s Report on the Implementation of SRD2

National Developments
– US securities regulator signals it may curb climate rule ambitions (Reuters)


Publication/Article
– Climate change: Boards of directors fall far short of expectations
– ICGN Viewpoints: Reflecting climate-related matters in financial statements
– Family involvement in ownership and governance and internal audir quality
– Spillover effects of CS3D in Brazil, Chile, Kenia and Uganda

ecoDa News

  • 1st of December: ecoDa European Board Diploma module Dialogue between boards and stakeholders – with ICGN
  • 7th of December: Kick-off meeting: Sharing group on publications
  • 8th of December: ecoDa European Board Diploma module ESG matters – with Chapter Zero Brussels
  • SAVE THE DATE: EU CG Conference under the Belgian presidency scheduled on March 21 !!

The EU Alert is available for download here.

ecoDa EU Alert 43 – 2023

Posted on by Giuseppe Moscato

HIGHLIGHTS

EU Institutions Developments

– EP: Multiple vote-share structures


International Developments

– ecoDa represented in the OECD Consultation session with stakeholders and advisory bodies on the review of the OECD Guidelines on Corporate Governance of SOEs
– Norway: Vote on the proposed legislation to even the gender balance on boards of private companies
– Does every company need a climate transition plan?
– Switzerland: Switzerland to Introduce Labelling and Disclosure Rules for Sustainable Investment Products
 

  		European Developments

– ecoDa’s comments on the ordinary legislative procedure on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities
– EFRAG ESRS Q&A Platform


National Developments

– UK: IoD launches Commission to develop a code of conduct for directors



ecoDa’s News
EU INSTITUTIONS DEVELOPMENTS
EP: Multiple vote-share structures 

INTERNATIONAL DEVELOPMENTS
– ecoDa represented in the OECD Consultation session with stakeholders and advisory bodies on the review of the OECD Guidelines on Corporate Governance of SOEs
– Norway: Vote on the proposed legislation to even the gender balance on boards of private companies
– Does every company need a climate transition plan? 
– Switzerland: Switzerland to Introduce Labelling and Disclosure Rules for Sustainable Investment Products

EUROPEAN DEVELOPMENTS
– ecoDa’s comments on the ordinary legislative procedure on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities
– EFRAG ESRS Q&A Platform

NATIONAL DEVELOPMENTS
– UK: IoD launches Commission to develop a code of conduct for directors

ecoDa News

  • AccountancyEurope, ecoDa and ECIIA publication on “ESG Governance: questions boards should ask to lead the sustainability transition” – to be launched on 7th of  November
  • Successful initial days of our European Board Diploma happened on 25th and 26th of October – see more details on ecoDa’s LinkedIn profile!

The EU Alert is available for download here.

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