Initiatives

European Audit Committee Leadership Network

Vive la differénce

Even board directors from large, multinational companies in Europe lack the opportunity to meet and discuss important issues. To provide that common ground, Tapestry Networks organized the European Audit Committee Leadership Network (EACLN) in 2004 with the support of Ernst & Young.

The network was the first of its kind and remains the best forum for bringing together directors from European Union member states and non-EU countries such as Finland, Russia, and Switzerland to discuss corporate governance and board leadership.

Members are committed to explaining the work of audit committees in dialogue with stakeholders like the European Commission, the International Accounting Standards Board, national regulators like France’s Autorité des Marchés Financiers, and the investment community.

Members are also committed to improving the performance of their own and – through the publication of the ViewPoints synthesis of insights generated in their meetings – other audit committees in Europe. The EACLN’s insights are often cited by groups like the Institut Français des Administrateurs.

Recent network topics:

Navigating the European debt crisis

Members see dim prospects for the eurozone and fear another credit crunch. They explored the potential impacts of the crisis on funding and liquidity, business partners and potential impairment charges.

Investors’ perspectives on financial reporting

The types of information that investors need to value companies accurately is continually evolving, yet companies’ financial reports may not fully meet those needs. Members discussed this issue with investors who shared perspectives from the buy side and the sell side.

Audit committee perspectives on the European Commission’s green papers

Members suggested that many of the corporate governance issues raised by the Commission could be dealt with by articulating the specific responsibilities and required composition of independent board committees for audit, remuneration, and nomination.

Internal controls over financial reporting

Sarbanes-Oxley created a high standard for public companies and boards.  Audit committees have developed practices to ensure effective oversight.  These practices could be extended to controls over non-financial reporting and unaudited financial communications.  

Participant Profile

Pierre Rodocanachi 122

Pierre Rodocanachi
European Audit Committee Leadership Network

Audit Committee Member, Vivendi

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