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What does it mean to be an independent director in Europe?
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This paper consists in a literature review and code comparison vis-à-vis the European Commission’s Recommendation of 2005 on the definition of independent non-executive directors in Europe. My analysis reveals that there is a convergence in the majority of the contents of the European Union national Codes of Corporate Governance. Within my sample Luxembourg is the best compliant, and Germany is within the ones who are farther from European standards. Also, countries traditionally with one tier boards are more compliant to the latest Corporate Governance standards than two tier board countries. Independence from main shareholders is a topic to be improved.
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independent directors Europe code corporate governance