High-quality explanations for deviation from corporate governance codes are needed if the “comply or explain” principle is to take root across the EU.
The European Confederation of Directors Associations (ecoDa) recognises the importance of the “comply or explain” principle as a method for improving the effectiveness of corporate governance. EcoDa accordingly supports the European Commission's recommendation of April 2014, which provides guidance to improve the overall quality of corporate governance statements and the application of the “comply or explain” concept.
To this end, ecoDa in close cooperation with Mazars and the European Corporate Governance Codes Network (ECGCN) has taken the initiative to conduct a survey of the corporate governance codes in force,* the monitoring
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