"The first implementation phase of the Action Plan has been a real success. Since May 2003, nearly all measures scheduled for implementation in the short term have been adopted or are in the process of adoption. But today's context is different from the one in which the Action Plan was adopted, and we need to make sure that it still provides the most efficient response to market needs."

"That is why we have launched this consultation. Expert input will be important in preparing the strategy for EU company law and corporate governance in the coming years. Our future action must ensure that EU businesses are properly run and competitive."

According to the EC, the consultation's 14 questions aim to clarify and evaluate the following:

1) The overall aim and context for future priorities;

2) Continued relevance of the medium and long term measures in light of the Lisbon agenda;

3) The added value of modernising and simplifying European Company Law, with particular regard to the Better Regulation initiative.

All interested parties are invited to reply to the questions on possible future priorities by 31 March 2006. This will be followed by the publication of a report on the answers received.