January 30, 2003
Paris partner Daniel Hurstel addressed the Law Commission of the French Parliament on the growing need for French laws and regulations to evolve in accordance with the changing environment surrounding corporate governance.
On January 23, Paris partner Daniel Hurstel addressed the Law Commission of the French Parliament on the growing need for French laws and regulations to evolve in accordance with the changing environment surrounding corporate governance. As the French Parliament reviews a new bill on financial safety and transparency, Mr. Hurstel was asked to discuss in particular whether the provisions of the Sarbanes-Oxley Act could or should be reproduced in France. Mr. Hurstel first educated the Commission on the context in which Sarbanes-Oxley and related SEC rules were enacted and then offered his recommendations for how the French legal system should be modified in light of the U.S. act. Specifically, he discussed the need to enhance individual powers and responsibilities of corporate directors in France. He told the Commission that the widespread use of specialized committees (with real powers and an appropriate budget) would be advisable in all public companies. Finally, Mr. Hurstel discussed the need for audit committees to implement disclosure controls and procedures, which he says will improve market confidence in public companies' financial statements. Daniel Hurstel is a partner in the Corporate and Financial Services Department of Willkie Farr & Gallagher in Paris, specializing in mergers and acquisitions/capital markets, group restructuring, joint ventures, IPOs and the creation of a wide variety of financial instruments.
