We fully support the concept of collective board responsibility for financial and key non financial information reported in the financial statements. This reflects the set up in the UK where we have unitary boards that take collective responsibility for the management of their companies.
Although we do not see the need to clarify this principle there is no harm if the Commission wishes to do so. We would object in the strongest possible terms to any proposals that the responsibilities of the company for its financial statements be extended to parties other than the current shareholders. The responsibility of each the director is to the company, and therefore it would be the company that would take any action against a director for failing in his duties.
You may wish to note that this same area has very recently been reviewed by the Department for Trade and Industry in the UK, with a public consultation. Our comments do not affect the clear responsibilities of the company (and its board) under relevant securities market law and regulation, under fraud and misrepresentation laws and the like and any undertakings companies may make by way of contract with other parties.