In his speech on the occasion of the launch of the Transatlantic Corporate Governance Dialogue, Commissioner Bolkestein welcomed the new initiative and underlined the need for mutual understanding of existing rules. “Until recently” the Commissioner said, “there was a tendency for both sides to look at these issues in splendid isolation from each other.”
He stated that a sound corporate governance framework is a key condition for liquid and well functioning capital markets. Exchange of information, conversion, and the acceptance of equivalence are crucial components to make sure that, on both sides of the Atlantic, we are aiming at the same basic goals, Mr Bolkestein said.
The European Corporate Governance Institute (ECGI) together with the American Law Institute (ALI) launched this initiative that should bring together academics, regulators, lawyers, corporate leaders, investors and other corporate constituencies to engage in forward looking discussions of corporate governance issues.
In 2005, a similar conference will be held in the United States. In 2006, the ECGI and the ALI will actively pursue the possibility of extending the Dialogue across the Pacific to include Japan. It is anticipated that in 2007, the conference will return to Brussels.
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