6.1 Introduction

This chapter consists of a combined analysis of the theoretical and empirical research results as presented in chapters 4 and 5 and is thus the synopsis that ends part II of the underlying study, i.e. the "Comply or explain principle in practice". The specific research question to be answered in this chapter is therefore: What recommendations can be drawn from the legal and empirical comparative research performed regarding the conditions that are necessary for the comply or explain principle to work adequately?

For a schematic overview of the position and function of chapter 6 within this research, see table 6.1 below. The aim of the underlying chapter is to provide specific and practical recommendations derived from the legal and empirical comparative research above, in order to contribute to the achieving of a common understanding of the comply or explain principle's scope and its most effective form.

pter 6 is as follows. Section two describes from what position, within the convergence debate on corporate governance, the research question specific to this chapter is answered. Thereafter, each of the following (sub)sections start by discussing the actual problems as derived from the research in chapters 4 and 5 on the comply or explain principle in practice, then continue with a review of the possible solutions and end with specific recommendations. Some of the research results of chapters 4 and 5 are summarised again in order to explain the recommendations further. For the data specifics and methods of research reference is made to the sections concerned. Section 6.3 starts with the recommendations derived from the comparative legal research regarding in particular Directive 2006/46/EC. Section 6.4 thereafter clarifies the recommendations based on the legal as well as empirical comparative research in greater detail. Finally, section 6.5 summarises the answer to the research question and provides a recommended route, as discussed further in the final conclusions and recommendations in chapter 7. This synopsis of part II, combined with the conclusions in part I, results in the conclusions and recommendations to be formulated in chapter 7 as well as the answering of the central research question: as concluded from legal and empirical comparative research and whilst arguing for a 'one size does not fit all' approach and 'made to measure' code compliance: how can a common understanding of the comply or explain principle's scope and its most effective form be reached within the EU corporate governance framework?