The Dutch government has set up a new corporate governance committee, which will be responsible for formulating a new code of conduct before the end of the year.

Although the Netherlands denied the installation of the new commission was prompted by the recent accounting fiasco at Dutch retailer Ahold, Finance Minister Hans Hoogervorst said the problems at Ahold reinforced the need to modernise corporate governance at Dutch companies, reported Dow Jones International News.

Following the revelation of accounting irregularities at Ahold, the Netherlands has faced criticism for its corporate governance and financial markets supervision.

The new commission is to be led by Morris Tabaksblat, a former chairman of Anglo-Dutch consumer products giant Unilever.

Under the new regulations, the government hopes to make it mandatory for listed companies to indicate in their annual reports whether they comply with the code of conduct.

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