New York (Feb. 10, 2004) -- Boards of directors of large, multinational European companies lag their U.S. counterparts in increasing their corporate governance efforts in the wake of corporate scandals, according to a survey by PricewaterhouseCoopers.

Less than one-third (32 percent) of European boards spent more time and effort on corporate governance in 2003 than the previous year, compared with 62 percent of U.S. boards, according to PwC’s Management Barometer. PwC surveyed 138 CFOs and managing directors of Europe-based multinationals and 177 of their peers in the U.S. during the third quarter of 2003. A majority of European boards (54 percent) expended about the same amount of time and effort, while 1 percent spent less time.

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