EVCA shapes up for regulatory tussle(4)

Spurred by the increasing need to engage with policy makers, the European industry body - currently chaired by 3i's Jonathan Russell - has proposed changes to its structure that would ensure the whole industry speaks 'with one clear voice'.

The European Private Equity and Venture Capital Association (EVCA) is proposing changes to its governance structure to better align it with national associations around Europe and execute a coordinated public affairs programme.

The proposed changes are understood to be based broadly on a structure put in place in October last year to counteract the threat of increased regulation as proposed by the European Parliament. At the time, EVCA

Jonathan Russell

gathered a representative group of European participants – comprising both EVCA members and non-members – to debate and agree on a public affairs strategy and mandate EVCA's public affairs executive.

“Recent events have highlighted that the once simple delineation between EVCA's mandate and the remit of Europe's national associations has become more blurred,” said EVCA chairman Jonathan Russell in a statement. “Therefore, the proposed evolution of EVCA's governance structure will ensure that the interests within national markets are appropriately represented at an EU-level, while at the same time ensuring that the whole European industry speaks consistently and coherently, with one strong voice.”

The proposal is now subject to consultation among EVCA's members and stakeholders and will finally be voted on at an extraordinary general meeting in the autumn.

“We have learned a lot and will coordinate ourselves better,” said Doerte Hoeppner, general manager of the

Things needed to change and effectively the changes have already happened

Doerte Hoeppner

German private equity and venture capital association BVK, speaking at a press conference earlier this week. “Things needed to change and effectively the changes have already happened,” she said.

In April, the European Commission – the body responsible for proposing and implementing laws across the European Union – released draft legislation which, if enacted, would hit private equity and other alternative asset managers with an increased regulatory burden.

In related news, Richard Wilson, a senior partner at buyout house Apax Partners, was proposed by Jonathan Russell as his successor as chairman of EVCA.