EU seeks corporate governance rules after Parmalat scandal
Implementation Outlook
Italian dairy conglomerate Parmalat collapsed after an elaborate accounting scheme came undone under the weight of the firm’s debts, exposing similar corporate governances abuses to those that had been uncovered at Enron, the US energy company.
The EU Commission, which had already embarked upon a number of corporate governance initiatives, is turning up the heat. Frits Bolkestein, member of the EU Commission in charge of the internal market, taxation and customs, gave a forceful speech to the
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