The collapse of Enron in the US and European scandals such as those revolving around Dutch retailer Ahold and Italian agri-food giant Parmalat, all in 2003, forced the issues of corporate governance and financial reporting to the fore in the EU. The Commission therefore began to systematically address these issues through its company law and financial services policies.
The possibility of creating a European code of conduct on corporate governance was mooted but has been shelved for the present in favour of harmonisation of national codes.
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