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An Economic Analysis of ‘Comply or Explain Principle’ under a Review Panel Regime

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  • Biondi Yuri

    (CNRS – ESCP Europe, 79, avenue de la Republique, Paris 75011, France)

Abstract
This note comments on the Sergakis (2015)’s proposal to amend the ‘comply and explain principle’ concerning corporate governance disclosure through the introduction of a review panel in charge to supervise the disclosure process. Our preliminary economic analysis focuses on the review task that is foreshadowed for this panel that may be established at the macro- or the micro-level. Accordingly, we conclude that the Panel composition, including representatives for stakeholders inside and outside the firms, is critical to discover and obtain disclosure of sensitive information. In fact, although supervised by a review panel, the ‘comply or explain’ mechanism appears still quite unable to obtain disclosure of information that threatens the majority of vested interests represented in the panel.

Suggested Citation

  • Biondi Yuri, 2015. "An Economic Analysis of ‘Comply or Explain Principle’ under a Review Panel Regime," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 5(3), pages 295-300, November.
    • Handle: RePEc:bpj:aelcon:v:5:y:2015:i:3:p:295-300:n:4
    DOI: 10.1515/ael-2014-0025
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    References listed on IDEAS

    as
    1. Michel Aglietta & Antoine Rebérioux, 2005. "Corporate Governance Adrift," Books, Edward Elgar Publishing, number 3675.
    2. Biondi, Yuri & Rebérioux, Antoine, 2012. "The governance of intangibles: Rethinking financial reporting and the board of directors," Accounting forum, Elsevier, vol. 36(4), pages 279-293.
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