37. Calls on the Member States and their local authorities to ensure a better communication between the creative industries and the financiers with the development of services for business management consultancy, financial consultancy, information and training for small businesses, entrepreneurs and workers in the cultural and creative sector;

whereas the crisis also showed close links between risk management and remuneration policy and the importance of the latter in the mechanisms governing the proper functioning of companies; for this reason risk management should be duly taken into account when devising remuneration policy so as to enable effective risk management systems to be built into a broader, balanced approach to governance, and to ensure that if incentive systems are set up, care is taken to provide appropriate risk management systems as a counterbalance,

whereas, irrespective of the type of company or the sector in which it operates, a number of questions related to companies’ management are important in the general context of the deontology of business conduct, such as the duty of care, transparency, corporate social responsibility, risk management, the economic sustainability of financial investment decisions, board of directors or supervisory board practices or the exercise of shareholders’ ri ...[+++]ghts; whereas the recent financial crisis showed that those questions need to be considered in the light of preserving financial stability and continuously analysed in order to help find solutions allowing companies to face current challenges and to help promote economic growth and higher employment within the EU,

the functions and the procedure for information and consultation of the European Works Council and the arrangements for linking information and consultation of the European Works Council and national employee representation bodies, in accordance with the principles set out in Article 1(3);

33. Believes in a more coherent corporate governance dialogue, and in the harmonisation of demands concerning corporate governance and supervision, avoiding extra-territoriality incidents such as "Sarbanes-Oxley", for instance by improving the Transatlantic Corporate Governance Dialogue; calls for closer joint EUUS scrutiny of global hedge funds;

6. Undertakings whose registered office is in a third country which would have required an authorisation in accordance with Article 5(1) of Directive 85/611/EEC or, with regard to portfolio management under point 4 of section A of Annex I to Directive 2004/39/EC if it had its registered office or, only in the case of an investment firm, its head office within the Community, shall also be exempted from aggregating holdings with the holdings of its parent undertaking under the requirements laid down in Article 12(4) and (5) provided that they comply with equivalent conditions of independence as management companies or investment firms.