Ferrero-Waldner: cooling-off needed

Corporate Europe Observatory (CEO) has written to Secretary-General Catherine Day arguing that the Commission has failed to take adequate measures against potential conflicts of interest arising from Commissioner Ferrero-Waldner’s move to reinsurance giant Munich Re last month. The Commission followed the advice of an Ad Hoc Ethical Committee which concluded there was no problem, arguing that the ”envisaged occupation with Munich Re was a non-executive position”. CEO argues that the Ad Hoc Panel’s advice was inadequate and should not have been endorsed by the Commission. The Commission should not have approved Ferrero-Waldner’s job move without imposing a significant cooling-off period.