A report recently released by KPMG has warned that many of Europe's listed businesses view the current regulatory burden as unacceptable, and may take themselves off the market in an attempt to reduce the strain.
Although those questioned by the accounting firm, who included regulators, CFOs and accounting officers, welcomed the improvement in corporate governance levels which has been achieved by the raft of new regulations put in place in recent years, they reportedly suggested that a period of adjustment and consolidation should now be considered.
According to KPMG, the US Sarbanes-Oxley legislation, which has also impacted a large number of European businesses with US listings, came in for the most criticism from those questioned for the report.
"There are few companies who believe that the benefits outweigh the costs. And it is wholly based on financial controls when many business risks are non-financial," Neil Lerner, KPMG's global head of regulatory issues, explained.
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