■ This article explores the origins and development of the European Company Statute, with particular reference to its provisions for employee involvement, both through a `representative body' and through board-level participation. European companies can be seen as `hybrid' organizations in which common European-level elements are combined with supplementary features deriving from the legislation of the country in which they are registered. The article outlines the types of company that have opted so far to become European companies and analyses a variety of the issues raised, including the range of options that now confront management in setting up such a company, the position of the unions and the `Europeanization' of company boards. The principal conclusions are that the Statute represents a further step in the development of `multi-level governance' of the EU, and that it will increase regulatory competition among the member states.
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