Doc. 9585

14 October 2002

Need for greater transparency in the light of recent corporate scandals

Motion for a resolution

presented by Mr Brunhart and others

1.       The recent series of major corporate scandals and accompanying accounting malpractices in the United States - but also in Europe - point to the need for greater transparency as regards the real financial situation of companies and any actions of self-enrichment by managers at the cost of shareholders. The loss of savings on the part of millions of people has seriously undermined public confidence in the market economy at a time of considerable economic uncertainty. Continued economic development requires that this trust be urgently restored.

2.       The Assembly calls on Council of Europe member states to strengthen their legislation as well as European and worldwide conventions in order to ensure that needed improvements are reached and that those guilty of wrongdoing can be adequately sanctioned. Particular attention should be paid to the possibility of strengthening the Council of Europe Convention on Insider Trading and to its efficient implementation in the Council of Europe area and beyond.

Signed (see overleaf)

Signed : ¹

Brunhart, Liechtenstein, EPP

Agramunt, Spain, EPP

Elo, Finland, SOC

Glesener, Luxembourg, EPP

Haupert, Luxembourg, EPP

Hooper, United Kingdom, EDG

Kirilov, Bulgaria, SOC

Lachnit, Czech Republic, SOC

Melčák, Czech Republic, SOC

Mintas-Hodak, Croatia, EPP

Palis, Germany, SOC

Puche, Spain, EPP

Ransdorf, Czech Republic, UEL

Rigoni, Italy, EPP

Schmied, Switzerland, LDR

Yarygina, Russia, SOC

Zapfl-Helbling, Romania, EPP

¹        SOC: Socialist Group

      EPP: Group of the European People’s Party

      EDG: European Democratic Group

      LDR : Liberal, Democratic and Reformers’ Group

      UEL: Group of the Unified European Left

      NR: not registered in a group