In the face of recent opposition addressed to the EU Commission by some business associations and specific governments from Nordic Europe, NGOs have reiterated their support for the European Commission commitment to present an initiative on Sustainable Corporate Governance in 2021, following the roadmap set in the EU Green Deal and the Action Plan on Sustainable Finance.

In this letter NGOs reaffirm the need to clarify in the upcoming law the obligations of the Board members in order to ensure that corporate governance practice is significantly more sustainable, responsible and focused on the long term (see further evidence in the letter below). This clarification can be implemented within the scope of existing company law and directors’ duties provided in the Member States’ law. It is therefore difficult to understand the frontal opposition shown to this agenda by specific governments and business associations.