UK company chairmen are the most negative in Europe about stricter corporate governance, slamming tougher regulation for doing little to improve company performance and – as far as the U.S. is concerned - proving a massive disincentive to seeking a U.S. listing.
While UK chairmen are the most vehement in their condemnation of the regulatory climate, almost two thirds of chairmen from 145 large European companies interviewed by Russell Reynolds Associates, the executive search firm, agreed that tougher governance was doing nothing for business performance.
Moreover, to add to concerns about the regulatory impact of the possible acquisition of European stock exchanges by NYSE and NASDAQ, almost six out of 10 chairmen of companies listed on a US stock exchange said they would consider de-listing because of the regulation, and seven out of 10 without a US listing say Sarbanes-Oxley would dissuade them from seeking a US listing.
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