This paper reviews the main proposals made by a working party, set up within the framework of the SLIM (Simpler Legislation for the Internal Market) initiative of the European Commission, which aims at reducing administrative and regulatory burdens on industries through the simplification of European Community Legislation. The mission of the SLIM working party on company law was limited to the first and second company law directives. The conclusions of the working party are formulated as recommendations through the European Commission, and might possibly result in amendments to be proposed by the European Commission on the directives.