Beirut, Muharram 6, 1435, Nov 9, 2013, SPA -- Lebanese President Michel Suleiman recieved here today, the European Union (EU) Commissioner for Internal Markets
The article featured key trans-Atlantic negotiators William McDonough, chairman of the newly established PCAOB, and Frits Bolkestein, the former EU Commissioner for Internal Markets, as they succeeded in defusing a potentially explosive situation arising from extraterritorial conflicts in law and regulation by building on new European oversight structures under which the principle of reciprocity could be accepted.
In the post-Enron world and under the shadow of Sarbanes-Oxley, the new EU Commissioner for Internal Markets will find it easier to push for more regulation through modernization directives in areas like EU financial market supervision, accounting oversight, or corporate governance standards--reform initiatives that for many years have been blocked by national governments or powerful private sector interests.
In their paper "Reform of Corporate Governance in the EU," they argue that the Commission missed an opportunity to set a European corporate governance code in the mid-1990s, and that most of the latest spate of proposals--with Bolkestein as Internal Market Commissioner--"are simply reactions to recent fallouts and new legislation in the United States.
The concept of internal markets has been developed by an invisible college of progressive corporations, academics, and consultants.
Besides designing an organizational architecture, executives must provide the personal leadership needed to integrate internal markets into a cohesive, purposeful community.
The transition from hierarchy to internal markets has profound implications.
And at the outgoing EU Commission, Frits Bolkestein, Commissioner in charge of Internal Market and thus chief Brussels negotiator on matters such as auditing, accounting, corporate governance, and financial supervision, is a skilled negotiator, having played a key role in adjusting Europe's internal markets to the new challenges of globalization.
Alexander Schaub, Director General of the European Commission for Internal Markets, criticized Sarbanes-Oxley: "There was no dialogue and no attempt to take account of any extraterritorial consequences.