EUROPE - The UK remains a model for corporate governance standards across Europe, according to the PIRC Corporate Governance Annual Review for 2001.
But the UK Combined Code still contains significant weaknesses, the corporate governance research group warned.
PIRC European corporate governance executive David Somerlinck said: “The UK is generally seen as the model and in some case this is explicitly described. When you read some of the codes that are coming out in other countries, they refer to the Combined Code. Also, some of the European codes bear a striking resemblance to the UK Code.”
But Somerlinck pointed out that the lack of enforcement mechanism is a problem with the Combined Code.
Somerlinck believes the weakest countries as far as corporate governance is concerned in Europe are the Netherlands, Italy and the Nordic Countries where there are still significant barriers against having good corporate governance standards.
PIRC is also collaborating with seven leading research and advisory groups in Europe to undertake local expert corporate governance research.
By Paul Sanderson
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