What’s currently driving disclosure in Europe?
Denmark The Copenhagen Stock Exchange has released good practice guidelines requiring a greater level of disclosure. To date, few companies have complied with these guidelines. However, we expect to see a move toward individual named executive disclosure and a greater level of information on practice and policy. France President Nicolas Sarkozy presented a draft law to parliament directed at curbing excessive executive severance arrangements and focusing on performance-related pay, new rules on stock options and greater transparency. Regulation concerning severance for executive directors recently passed, calling for the immediate disclosure of a severance payment, not just disclosure in the annual report. Some companies in France currently provide information well beyond the disclosure requirements. Germany We expect a review of existing regulations and, where companies are not voluntarily acting to improve disclosure, we expect additional regulatory activity. For the first time in 20
