Ethics and governance in the European Financial centers

IASB received a formal complaint about its report into NGOs and is attacked by political campaigners and investors over the segmental reporting standard IFRS 8.


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35th Plenary Meeting - Strasbourg, 3-7 December 2007

GRECO will examine for adoption the draft Third Round Evaluation Reports on Finland, Slovenia and the United Kingdom, as well as a draft Addendum to the First Round Compliance Report on Greece and the draft Second Round Compliance Reports on Croatia and Romania.

The composition of Evaluation Teams for the next wave of Third Round Evaluation visits in respect of Poland, Spain, France, Norway, Denmark, Albania, Belgium and Lithuania, as well as for the Joint First and Second Round Evaluation visits to the Russian Federation, Italy and Monaco will be established.

An exchange of views with Mr Franz-Hermann BRÜNER, Director General of the OLAF (European Anti-Fraud Office) will take place at the end of the week.

The Plenary will select a substantive issue to be included in the General Activity Report for 2007 and adopt its Programme of Activities for 2008.

GRECO’s President, Mr Drago KOS, will also deliver a statement in view of the International Anti-Corruption Day (9 December).

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Clearing the fog around business ethics is the goal of a partnership between KPMG and Wake Forest University in the USA.
Scott Szabo, a partner at KPMG’s office in Charlotte explained that as accountants, they are dependent upon the public’s trust in what they do, so it’s very important that they maintain that trust. Especially in the Internet age, where questionable behavior or conflicts of interest can be posted on YouTube or personal Web pages.


This could be an idea for fig four firms in financial centers. But the condition is that they must be credible by not hushing up or denying issues that do not comply with the "code of conduct". It's a long shot because of the commercial pressure.


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