European Union context

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The EU has led a wide-ranging reform to apply the lessons of the corporate scandals and the financial crisis and to create an accountable corporate environment and integrated financial market.

Commission’s Recommendations and Communications include:

	Directive of the European Parliament and of the Council amending Directives 2006/48/EC and 2006/49/EC as regards capital requirements for the trading book and for re-securitisations, and the supervisory review of remuneration policies
	CEBS (Committee of European Banking Supervisors) Guidelines on Remuneration Policies and Practices, 10 December 2010
	Recommendation: Commission Recommendation complementing Recommendations 2004/913/EC and 2005/162/EC as regards the regime for the remuneration of directors of listed companies (C(2009) 3177)
	Commission Recommendation (C(2009) 3159) on remuneration policies in the financial services sector
	Communication from the Commission Accompanying Commission Recommendation complementing Recommendations 2004/913/EC and 2005/162/EC as regards the regime for the remuneration of directors of listed companies and Commission Recommendation on remuneration policies in the financial services sector (COM(2009) 211)
	CEBS (Committee of European Banking Supervisors) High-level Principles for Remuneration Policies 20 April, 2009
	EC Recommendation (2005/162/EC) on the role of non-executive or supervisory directors of listed companies and on the committees of the (supervisory) board
	Commission Recommendation (2004/913/EC) fostering an appropriate regime for the remuneration of directors of listed companies