In the wake of major corporate financing and accounting scandals in the United States, the European Commission, as part of its new regulatory framework for company law, has stepped up its efforts to make corporate affairs more transparent and give the concept of 'corporate governance' tangible substance. In May 2003, the Commission put forward its plans in an Action Plan on ‘Modernising Company Law and Enhancing Corporate Governance in the European Union – a plan to move forward’.
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