Activities of Barbara WEILER related to 2010/2303(INI)
Shadow opinions (1)
OPINION on corporate governance in financial institutions
Amendments (12)
Amendment 1 #
Draft opinion
Paragraph 1
Paragraph 1
1. Emphasises that the proper functioning of the internal market depends on the stability of the financial system and, related to this, on the trust put by European citizens and consumers in financial institutions and transactions; notes that the remuneration systems used to date have led to inappropriate structures;
Amendment 6 #
Draft opinion
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. In view of the fact that the financial sector, because of its particular role in the economy and its general social responsibility, also has a particular responsibility for serious, sustainable business strategies and must therefore be appropriately remunerated, stresses that bonus payments should encourage long- term performance and discourage short- term thinking, to avoid risky business practices;
Amendment 7 #
Draft opinion
Paragraph 1 b (new)
Paragraph 1 b (new)
1b. Believes that the financial sector should meet the needs of the real economy, help to promote sustainable growth and display the greatest possible degree of social responsibility;
Amendment 8 #
Draft opinion
Paragraph 1 c (new)
Paragraph 1 c (new)
1c. Supports the Commission’s aim of changing the remuneration policy of financial institutions, to restrain excessive risk-taking;
Amendment 12 #
Draft opinion
Paragraph 3
Paragraph 3
3. Stresses that a well-governed company should be accountable and transparent to its shareholders and stakeholders; reaffirms that directors of financial institutions have to take account of their institution’s long- term interests when taking decisions, in order to minimise risks;
Amendment 14 #
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Calls for the boards of directors of financial institutions to keep to the aim of a quota of 40% for each sex; also emphasises that corporate management and remuneration policies must comply with and foster the principles of wage parity and equal treatment of women and men established by the Treaties and by EU directives;
Amendment 17 #
Draft opinion
Paragraph 5
Paragraph 5
5. Is of the opinion thatExpects senior management and the board of directors shouldto be legally accountable for the correct implementation of corporate governance principles and takes the view that the whole culture of the enterprise must be in line with the principle of corporate governance at all levels;
Amendment 20 #
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Welcomes the changes to remuneration policy that have already been introduced by financial institutions, under which bonuses are linked to the long-term success of the business and only paid out after three years at the earliest; also welcomes the fact that it is possible to demand repayment of bonuses if economic objectives have not been met;
Amendment 23 #
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
Amendment 26 #
Draft opinion
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Expects the business operations of financial institutions in future to take consumers’ interests into account, in accordance with the principle of corporate governance;
Amendment 29 #
Draft opinion
Paragraph 8
Paragraph 8
8. Stresses the importance of a strict remuneration policy as foreseen in the Capital Requirements Directive (CRD III), and expects this and other existing legislative measures to be rapidly implemented from January 2011; calls upon the Commission to publish an evaluation report in 2014.;
Amendment 31 #
Draft opinion
Paragraph 8 a (new)
Paragraph 8 a (new)
8 a. Calls for efficient implementation of the rules on consultation and employee participation systems opted for in the context of Directive 2001/86/EC[1] supplementing the Statute for a European Company; [1] OJ L 294, 10.11.2001, p. 22.