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RESULT OF FINAL VOTE IN COMMITTEEDate adopted 28.2.2011Result of final vote +:–:0:Members present for the final voteSubstitute(s) present for the final vote1900Raffaele Baldassarre, Sebastian Valentin Bodu, Françoise Castex,Christian Engström, Klaus-Heiner Lehne, Antonio Masip Hidalgo,Alajos Mészáros, Bernhard Rapkay, Evelyn Regner, Francesco EnricoSperoni, Alexandra Thein, Cecilia Wikström, Zbigniew Ziobro,Tadeusz ZwiefkaPiotr Borys, Sergio Gaetano Cofferati, Sajjad Karim, EvaLichtenberger, Toine MandersENPE454.525v05-00 16/21 RR\454525EN.doc
1.3.2011OPINION OF THE COMMITTEE ON THE INTERNAL MARKET AND CONSUMERPROTECTIONfor the Committee on Economic and Monetary Affairson corporate governance in financial institutions(2010/2303(INI))Rapporteur: Othmar KarasSUGGESTIONSThe Committee on the Internal Market and Consumer Protection calls on the Committee onEconomic and Monetary Affairs, as the committee responsible, to incorporate the followingsuggestions in its motion for a resolution:1. Emphasises that the proper functioning of the internal market depends on the stability ofthe financial system and, related to this, on the trust put by European citizens andconsumers in financial institutions and transactions; notes that the remuneration systemsused to date have led to inappropriate structures;2. Recognises that the financial crisis has revealed the lack of effectiveness of existingcorporate governance principles based on a ‘comply or explain’ approach; believes thatpracticable, legally binding corporate governance provisions are needed;3. Is aware that in the wake of the financial crisis it has become clear that the quality ofconsumer protection and safeguards in the financial services sector requires tangible andstrong improvement, particularly as regards the monitoring and supervisory aspects;4. Stresses, in view of the fact that the financial sector, because of its particular role in theeconomy and its general social responsibility, also has a particular responsibility forserious, sustainable business strategies and must therefore be appropriately remunerated,that bonus payments should encourage long-term performance and discourage short-termthinking in order to prevent risky business practices;5. Believes that the financial sector should meet the needs of the real economy, help topromote sustainable growth and display the greatest possible degree of socialRR\454525EN.doc 17/21 PE454.525v05-00EN
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EN EN REPORT - European Corporate Governance Institute

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