Grant Thornton backs efforts to improve EU corporate governance frameworkSeptember 5, 2011 - 13:00 AMT PanARMENIAN.Net - Grant Thornton announced support to Michel Barnier, the European Commissioner for internal market and services, and the European Commission in their efforts to improve the corporate governance framework in the EU, to ensure sustainable growth and to build a stronger international financial system. As one of the leading global accounting organizations with member firm operations in 100 countries, Grant Thornton International believes any EU-wide corporate governance code should be based upon the “comply or explain” framework to reflect the difference in maturity of markets and companies across the EU. In order for the comply or explain mechanism to be sufficiently rigorous, GT believes that monitoring bodies should be authorized to conduct an external check on compliance with corporate governance codes and the quality of explanations if a company elects not to comply. Sanctions should also be available. According to Grant Thornton, greater shareholder involvement in establishing remuneration policy is to be encouraged. It should be mandatory within the “comply or explain” framework for there to be a vote by the shareholders on the remuneration policy and report. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |