ABSTRACT
While absorbing the impact of international fi nancial markets, and reorientating towards shareholder value conceptions of the fi rm, Europe has been engaged in the reform and transformation of corporate governance involved in the wider harmonization project of the European Union towards the member economies. The lengthy deliberations involved in securing reforms that have often left member countries with the freedom of choice they demanded on whether to implement particular aspects of reforms or not, suggests that if the convergence process of the European countries themselves is diffi cult to negotiate, then transatlantic convergence may be not possible to arrange, at least with regard to critical institutional and legal areas.
