Proposals for the Simplification of EU Company Law
In 2006, the Commission adopted an updated simplification programme with a view to measuring administrative costs and reducing administrative burdens that unnecessarily hamper the economic activities of European business. The objective of the programme is to contribute to enhancing the competitiveness of EU companies by reducing administrative burdens imposed under the European Company Law Directives where this can be achieved without major negative impact on other stakeholders. The Action Programme and its objective to reduce administrative burdens by 25% by the year 2012 were endorsed by the Spring European Council in March 2007.
In July 2007 the Commission adopted a communication setting out proposals for simplifying the areas of company law, accounting and auditing. The Department issued a note on the communication from the EU which sought stakeholder views.
The Government is strongly in favour of simplification and welcomes the benefits that the simplification of reporting requirements will bring to all member states.
Details of these initiatives can be found on the Commission website under “Modernisation of Company Law and Enhancement of Corporate Governance.
The Department's initial consultation on the simplification proposals is available from "European Commission Consultation On The Simplification of EU Company Law and Accounting and Audit Regulation".
