40 Amendments of Claude GRUFFAT related to 2020/0106(COD)
Amendment 66 #
Proposal for a regulation
Recital 1 a (new)
Recital 1 a (new)
(1a) If left unaddressed, the COVID-19 negative economic effects may jeopardise efforts to achieve climate, energy and environmental targets in the Union. The Solvency Support Instrument should contribute to ensuring continuous progress towards the achievement of these targets.
Amendment 67 #
Proposal for a regulation
Recital 1 b (new)
Recital 1 b (new)
(1b) In line with the Union's commitments to implement the Paris Agreement on Climate Change and the SDGs, the Solvency Support Instrument should contribute to mainstreaming climate actions and to the achievement of the target of 50 % climate mainstreaming target for the MFF 2021-2027, and therefore at least 50% of EFSI financing under the solvency support window support project components should contribute to climate action in line with reaching climate neutrality by 2040 at the latest.
Amendment 78 #
Proposal for a regulation
Recital 3
Recital 3
(3) In order to counter the severe economic consequences of the Covid-19 pandemic in the Union, companies and in particular SMEs that have encountered difficulties because of the economic crisis caused by the pandemic and that cannot obtain sufficient support through market financing, or measures undertaken by Member States, should be provided with a facility for solvency support as a matter of urgency under a Solvency Support Instrument which should be added as a third window under the EFSI.
Amendment 87 #
Proposal for a regulation
Recital 4
Recital 4
(4) Companies supported under the Solvency Support Instrument the majority of which should be SMEs should be established and operating in the Union, meaning that they should have their registered office in a Member State and should be active in the Union in the sense that they have substantial activities in terms of staff, manufacturing, research and development or other business activities in the Union. They should not be part of a group having subsidiaries without real economic activity in a country included in the EU list for non-cooperative jurisdictions and should maintain substantial activities in the Union for the duration of the support. They should also suspend dividends distribution, bonuses payments and buy-back of shares for at least two years after benefiting from the scheme. They should pursue activities in support of objectives covered by this Regulation. They should have a viable business model with a leverage below five times their capital and not have been in difficulty in terms of the State aid framework7 already at end 2019 nor should they have been involved or engaged in money laundering, terrorism financing, tax avoidance, tax fraud or tax evasion. Support should be targeted at eligible companies operating in those Member States and sectors which are most impacted by the Covid-19 crisis as well as surging unemployment rates and/or where the availability of State solvency support is more limited. _________________ 7 As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p.1)Support should only be provided to companies up to the expected amount of accounting losses related to the COVID-19 crisis.
Amendment 114 #
Proposal for a regulation
Recital 8
Recital 8
(8) The delivery modes of the support should be flexible in view of the need of differing solutions in different Member States. They should include, inter alia, EIB Group financing, or guarantee or investment in existing independently managed funds or in special purpose vehicles set up by the EIB group or by National promotional banks and institutions (NPBIs) that in turn invest in eligible companies. Furthermore, the support could be channelled via newly established independently managed funds, including via first-time teams, or via special purpose vehicles especially set up either at European or regional or national level by the EIB group or NPBIs with a view to benefiting from the EU guarantee in order to invest in eligible companies. The EU guarantee could also be used to guarantee or finance any direct intervention by a national promotional bank or institution in line with State aid rules together with private investors in support of eligible companies. Undue distortion of competition in the internal market should be avoided. Within one year after the entry into operation of the Solvency Support Instrument and during the three subsequent years, the Commission should evaluate the effectiveness and appropriateness of this Instrument in achieving its main objectives including its impact on the achievement of the Union's climate objectives.
Amendment 124 #
Proposal for a regulation
Recital 10
Recital 10
(10) The financing and investment operations should be aligned with current policy priorities of the Union such as the European Green Dealin particular its climate objectives for 2030 and 2050, the Pillar of Social Rights and the Sustainable Development Goals as well as the European Green Deal, the New Industrial Strategy for Europe, an SME Strategy for a sustainable and digital Europe and the Strategy on shaping Europe’s digital future. Support to cross- border activities should also be targeted.
Amendment 131 #
Proposal for a regulation
Recital 10 a (new)
Recital 10 a (new)
(10a) Large companies benefitting from the SSI should be obliged to adopt binding transition plans, elaborating how they align their economic activities to the Union's climate and environmental objectives. These transition plans should include appropriate governance around sustainability risk and ensure that all future capital expenditure is used for sustainable economic activities in accordance with the EU Framework to facilitate sustainable investment. They should foresee the phase-out of activities causing significant harm to any environmental objective and the transformation of such activities into neutral or low impact activities within a pre-defined timeframe. The plans should also include quality job conservation measures, gender equality and Corporate Social Responsibility targets. SMEs should be subject to simplified and proportionate obligations.
Amendment 133 #
Proposal for a regulation
Recital 10 b (new)
Recital 10 b (new)
(10b) Companies benefiting from the SSI should commit to and implement equal pay between women and men for work of equal value and should include in their transition plans actions to prioritise when necessary and to the extent possible, early retirement, short-term work or equivalent measures rather than lay-offs and further flexibilisation and precariousness of jobs. Companies benefiting from the SSI should also commit to the training and relevant retraining of workers towards a green and digital transition.
Amendment 156 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) 2015/1017
Article 3 – paragraph 1 – point c
Article 3 – paragraph 1 – point c
(c) the solvency of companies established in a Member State and operating in the Union, with a particular focus on SMEs that shall represent at least 50% of the support provided.
Amendment 159 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Article 1 – paragraph 1 – point 3
Regulation (EU) 2015/1017
Article 4 – paragraph 2 – point a – point iv
Article 4 – paragraph 2 – point a – point iv
(iv) the pricing of operations under the EU guarantee which is to be in line with the EIB’s pricing policy; for the solvency support window, other arrangements may be agreed;
Amendment 160 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3 a (new)
Article 1 – paragraph 1 – point 3 a (new)
Regulation (EU) 2015/1017
Article 4 – paragraph 2 – point a – point v
Article 4 – paragraph 2 – point a – point v
(3a) In Article 4, point (v) of point (a) of paragraph 2 is amended as follows: "(v) the procedures to contribute, without prejudice to Protocol No 5 on the Statute of the European Investment Bank annexed to the TEU and to the TFEU and the EIB prerogatives set out therein, to a reduction of the financing cost of the operation borne by the beneficiary of the EIB financing under EFSI, in particular by modulating the remuneration of the EU guarantee, where necessary in particular in situations where stressed financial market conditions would prevent the realisation of a viable project or where necessary to facilitate the establishment of investment platforms or the funding of companies and projects in sectors or areas experiencing a significant market failure or suboptimal investment situation, to the extent it does not significantly impact the necessary financing of the provisioning of the Guarantee Fund; " Or. en (02015R1017)
Amendment 162 #
Proposal for a regulation
Article 1 – paragraph 1 – point 4
Article 1 – paragraph 1 – point 4
Regulation (EU) 2015/1017
Article 5 – paragraph 1 – subparagraph 3 – indent 3
Article 5 – paragraph 1 – subparagraph 3 – indent 3
– support to funds, special purpose vehicles, investment platforms or other arrangements set up by the EIB group or by NPBIs under the solvency support window.
Amendment 165 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Regulation (EU) 2015/1017
Article 6 – paragraph 1 – point a – subparagraph 1 a (new)
Article 6 – paragraph 1 – point a – subparagraph 1 a (new)
However, support under the solvency support window shall only be granted if it is to the benefit of companies that were not in difficulty in State aid terms8 already at the end of 2019 but since then face significant solvency risks due to the crisis caused by the Covid-19 pandemic subject to the condition that their leverage levels do not exceed five times their capital levels; Moreover, support under the solvency support window shall only be granted to companies: - that adopt plans according to the guidance referred to in Section 6 point d of Annex II; - that comply with the minimum safeguards referred to in Article 18 of Regulation (EU) 2020/852; - that have not been involved in or are currently investigated or prosecuted for money laundering, terrorism financing, tax avoidance tax fraud or tax evasion; companies with a consolidated turnover exceeding EUR 750 000 000 shall draw up and make publicly available free of charge a report with the information referred to in paragraph 1 of Article 89 of Directive 2013/36/EU; - that are not part of a group having subsidiaries without real economic activity in a country included in the EU list for non-cooperative jurisdictions; - that are not paying out dividends and reserves, bonuses or buying back shares for at least the next 2 years after benefiting from the support under the SSI; _________________ 8As defined in Article 2(18) of Commission Regulation (EU) No 651/2014 of 17 June 2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 of the Treaty (OJ L 187, 26.6.2014, p. 1).
Amendment 169 #
Proposal for a regulation
Article 1 – paragraph 1 – point 5 a (new)
Article 1 – paragraph 1 – point 5 a (new)
Regulation (EU) 2015/1017
Article 6 – paragraph 1 – point a – subparagraph 1 b (new)
Article 6 – paragraph 1 – point a – subparagraph 1 b (new)
Amendment 171 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2015/1017
Article 6 – paragraph 3
Article 6 – paragraph 3
3. Notwithstanding paragraph 2, the sub-operations by the financial intermediaries may be limited to a minimum size in financing and investment operations under the solvency support windowSupport shall only be provided to companies up to the expected amount of accounting losses related to the COVID- 19 crisis.
Amendment 178 #
Proposal for a regulation
Article 1 – paragraph 1 – point 7 d (new)
Article 1 – paragraph 1 – point 7 d (new)
Regulation (EU) 2015/1017
Article 7 – paragraph 14
Article 7 – paragraph 14
(7d) In Article 7(14), the first subparagraph is amended as follows: "14. The Commission shall be empowered to adopt delegated acts in accordance with Article 23(1) to (3) and (5) to supplement this Regulation by establishing a scoreboard of indicators to be used by the Investment Committee to ensure an independent and transparent assessment of the potential and actual use of the EU guarantee and to specify further the scoreboard referred to in paragraph 1a of Article 6. Such delegated acts shall be prepared in close dialogue with the EIB. " Or. en (02015R1017)
Amendment 181 #
Proposal for a regulation
Article 1 – paragraph 1 – point 8
Article 1 – paragraph 1 – point 8
Regulation (EU) 2015/1017
Article 8 – paragraph 3
Article 8 – paragraph 3
Notwithstanding the first paragraph, only companies established in a Member State and operating in the Union subject to the conditions of Article 6 can be supported by the financing and investment operations under the solvency support window.
Amendment 184 #
Proposal for a regulation
Article 1 – paragraph 1 – point 10
Article 1 – paragraph 1 – point 10
Regulation (EU) 2015/1017
Article 9 – paragraph 2 – subparagraph 3 – introductory part
Article 9 – paragraph 2 – subparagraph 3 – introductory part
The operations concerned shall be consistent with Union policies, includingobjectives and commitments, in particular the Union's climate objectives laid down in [Regulation (EU) 2020/XXX establishing the framework for achieving climate neutrality ("European Climate Law")] including the EU Pillar of Social Rights, the European Green Deal9 and the Strategy on shaping Europe’s digital future10 , as well as supporting an inclusive and symmetric recovery in the aftermath of the COVID-19 pandemic, and support any of the following general objectives:’ _________________ 9 COM(2019)640 final. 10 COM(2020)67 final.
Amendment 192 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) 2015/1017
Article 9 – paragraph 2 a – point a
Article 9 – paragraph 2 a – point a
(a) target that at least 480 % of EFSI financing under the infrastructure and innovation window support project components that contribute to climate action, in line with the commitments made at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP21). EFSI financing for SMEs and small mid- cap companies shall not be included in that computation. The EIB shall use its internationally agreed methodology to identify those climate action project components or cost shares;
Amendment 195 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) 2015/1017
Article 9 – paragraph 2 a – point b
Article 9 – paragraph 2 a – point b
(b) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies, in particular SMEs in Member States and sectors economically most hit by the Covid-19 pandemic;
Amendment 196 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) 2015/1017
Article 9 – paragraph 2 a – point b a (new)
Article 9 – paragraph 2 a – point b a (new)
(12a) In Article 9, paragraph 2a, a new point (ba) is added: (ba) ensure that at least 50% of the financing under the solvency support window is spent to support activities that qualify as environmentally sustainable pursuant to the Taxonomy Regulation.
Amendment 199 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) 2015/1017
Article 9 – paragraph 2 a – point c
Article 9 – paragraph 2 a – point c
(c) ensure that the majority of EFSI financing under the solvency support window is utilised to support eligible companies, in particular SMEs in Member States where the availability of State solvency support is more limited.
Amendment 201 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12 b (new)
Article 1 – paragraph 1 – point 12 b (new)
Regulation (EU) 2015/1017
Article 9 – paragraph 2 a – point c a (new)
Article 9 – paragraph 2 a – point c a (new)
(12b) In Article 9, paragraph 2a, a new point ca is added: (ca) ensure that technical assistance is provided to Members State and companies, in particular SMEs, to facilitate the widespread distribution and absorption of funding from the Solvency Support Instrument, by using existing instruments under EFSI such as The European Investment Advisory Hub (EIAH);
Amendment 205 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12 c (new)
Article 1 – paragraph 1 – point 12 c (new)
Regulation (EU) 2015/1017
Article 9 – paragraph 2 a – point c b (new)
Article 9 – paragraph 2 a – point c b (new)
(12c) In Article 9, paragraph 2a, a new point cb is added: (cb) ensure that EFSI financing under the solvency support window is utilised to support eligible companies aiming to contribute to climate and energy targets in Member States which have committed to and are implementing the climate neutrality objective by 2040 at the latest
Amendment 206 #
Proposal for a regulation
Article 1 – paragraph 1 – point 12
Article 1 – paragraph 1 – point 12
Regulation (EU) 2015/1017
Article 9 – paragraph 2 a – subparagraph 2
Article 9 – paragraph 2 a – subparagraph 2
The Steering Board shall, where necessary, provide detailed guidance concerning points (a) to (c). Financing and investment operations that are inconsistent with the achievement of the Union's climate objectives shall not be eligible for support under this Regulation.
Amendment 210 #
Proposal for a regulation
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Regulation (EU) 2015/1017
Article 10 – paragraph 2 – point b
Article 10 – paragraph 2 – point b
(b) EIB funding or guarantees to the EIF enabling it to undertake loans, guarantees, counter-guarantees, any other form of credit enhancement instrument, capital market instruments and equity or quasi-equity participations, including in favour of national promotional banks or institutions, investment platforms, or funds or special purpose vehicles set up by the EIB group or by NPBIs;
Amendment 211 #
Proposal for a regulation
Article 1 – paragraph 1 – point 15
Article 1 – paragraph 1 – point 15
Regulation (EU) 2015/1017
Article 10 – paragraph 2 – point c
Article 10 – paragraph 2 – point c
(c) EIB guarantees to national promotional banks or institutions, investments platforms, or funds or special purpose vehicles set up by the EIB group or by NPBIs under a counter-guarantee of the EU guarantee.
Amendment 212 #
Proposal for a regulation
Article 1 – paragraph 1 – point 17
Article 1 – paragraph 1 – point 17
Regulation (EU) 2015/1017
Article 10 – paragraph 4
Article 10 – paragraph 4
Under the solvency support window, the EIF may grant a guarantee to funds and special purpose vehicles set up by the EIB group or by NPBIs.
Amendment 217 #
Proposal for a regulation
Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017
Article 1 – paragraph 1 – point 26 Regulation (EU) 2015/1017
An amount of up to EUR 100 000 000 shall be made available for covering costs, advisory services and technical and administrative assistance to set-up and manage funds, special purpose vehicles, investment platforms and other vehicles set up by the EIB group or by NPBIs for the purposes of the solvency support window including for support referred to in point (i) of Article 14(2) and having a special focus on Member States with less developed equity markets. The technical assistance shall also be available tofocus on supporting the green and digital transformation of companies financed under this window.
Amendment 219 #
Proposal for a regulation
Article 1 – paragraph 1 – point 27
Article 1 – paragraph 1 – point 27
Regulation (EU) 2015/1017
Article 16 – paragraph 2 – subparagraph 2 (new)
Article 16 – paragraph 2 – subparagraph 2 (new)
Operations under the solvency support window shall be reported on separately, as appropriate and as set out in the guarantee agreement. This reporting shall in particular contain a detailed assessment of the contribution to the green and digital transition of the companies benefiting under the scheme as appropriate on the basis of the transition plans established by the supported companies. Companies financed shall be subject to climate, environmental and social sustainability proofing and tracking with a view to minimise adverse impacts and maximise benefits for the Union's environmental and social objectives. For that purpose, entities requesting financing shall provide adequate information based on guidance to be developed by the Commission. This information shall include the proportion of financing in environmentally sustainable economic activities in accordance with Article 3 of Regulation (EU)2020/852 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU)2019/2088 and shall specify the content of the plans referred to Section 6 point d of Annex II. Simplified and proportionate provisions shall be provided for companies not subject to an obligation to publish non-financial information pursuant to Article 19a or Article 29a of Directive 2013/34/EU.
Amendment 225 #
Proposal for a regulation
Article 1 – paragraph 1 – point 27 a (new)
Article 1 – paragraph 1 – point 27 a (new)
Regulation (EU) 2015/1017
Article 16 – paragraph 2 a (new)
Article 16 – paragraph 2 a (new)
(27a) In Article 16 the following paragraph is inserted: ‘2 a. The Commission shall be empowered to adopt delegated acts in accordance with Article 23(1) to (3) and (5) to supplement this Regulation by establishing the reporting requirements provided in paragraph 2.’
Amendment 233 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 2 – point a
Article 1 – paragraph 1 – point 31 – point 2 – point a
Regulation (EU) 2015/1017
Annex II – Section 2 – point b – paragraph 1
Annex II – Section 2 – point b – paragraph 1
(b) The EU guarantee shall be granted to support, directly or indirectly, the financing of new operations. In the infrastructure field, greenfield investments (asset creation) should be encouraged. Brownfield investments (extension and modernisation of existing assets) may also be supported. Under the Solvency Support Window, financing shall aim at improvinge the equity base of companies and their solvency with a particular focus on SMEs. The terms of the financing should avoid distorting competition between companies. As a rule, the EU guarantee shall not be granted for supporting refinancing operations (such as replacing existing loan agreements or other forms of financial support for projects which have already partially or fully materialised), except under the Solvency Support Window or in exceptional and well-justified circumstances where it is demonstrated that such a transaction will enable a new investment of an amount at least equivalent to the amount of the transaction and that would fulfil the eligibility criteria and general objectives laid down in Article 6 and Article 9(2) respectively.
Amendment 234 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 2 – point b
Article 1 – paragraph 1 – point 31 – point 2 – point b
Regulation (EU) 2015/1017
Annex II – paragraph 2 – point c
Annex II – paragraph 2 – point c
(c) The EU guarantee shall support a wide range of products to allow the EFSI to adapt to market needs while encouraging private investment in projects, without crowding out private market finance. In this context, it is expected that the EIB will provide financing under the EFSI with a view to reach an overall target of at least EUR 500 000 000 000 of public or private investment under the Infrastructure and Innovation Window and under the SME Window together, which includes financing mobilised through the EIF under EFSI operations relating to the instruments referred to in Article 10(2)(b), national promotional banks or institutions and through increased access to financing for entities having up to 3 000 employees. The eligible products shall include inter alia 11 loans, guarantees/counter-guarantees, mezzanine and subordinated finance, capital market instruments including credit enhancement, and equity or quasi-equity participations, including through national promotional banks or institutions, investment platforms, funds or special purpose vehicles set up by the EIB group or by NPBIs. In this context, in order to allow a broad range of investors to invest in EFSI projects, the EIB shall be allowed to structure appropriate portfolios. Under the Solvency Support Window the eligible products shall consist of those that result in providing investments, intermediated equity or quasi- equity to companies and projects, but excluding entities targeting buy-out (or replacement capital) intended for asset stripping. It is expected that EIB and EIF will provide financing with a view to reach a target of up to EUR 300 000 000 000 of investment under the Solvency Support Window. _________________ 11This is a non-exclusive indication of products that may be offered via the EFSI.
Amendment 235 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 2 – point c
Article 1 – paragraph 1 – point 31 – point 2 – point c
Regulation (EU) 2015/1017
Annex II – Section 6 – point d
Annex II – Section 6 – point d
(d) National promotional banks or institutions, investment platforms, funds and special purpose vehicles set up by the EIB group or by NPBIs shall be eligible for coverage by the EIB guarantee under the counter-guarantee of the EU guarantee in accordance with Article 10(2)(c).
Amendment 236 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – Section 6 – point d – indent 1
Annex II – Section 6 – point d – indent 1
– The EU guarantee may be used to support EIB or EIF financing, or guarantees to, or investments in funds, special purpose vehicles or other investment platforms, including through set up by the EIB group or by national promotional banks or institutions or other relevant arrangements, that provide equity and equity-type investments into companies.
Amendment 237 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – Section 6 – point d – indent 2
Annex II – Section 6 – point d – indent 2
Amendment 239 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – Section 6 – point d – indent 3
Annex II – Section 6 – point d – indent 3
– The funds, special purpose vehicles or investment platforms shall provide financing on commercial terms except for SMEs or on terms consistent with the State aid Temporary Framework12 , while paying due regard to the European nature of the Solvency Support Instrument and to the funds’ and other vehicles’ independent management. _________________ 12Communication from the Commission: Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak (C(2020)1863), as amended by C(2020) 3156 final.
Amendment 240 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 3
Article 1 – paragraph 1 – point 31 – point 3
Regulation (EU) 2015/1017
Annex II – Section 6 – point d – indent 5
Annex II – Section 6 – point d – indent 5
– Companies targeted by funds, special purpose vehicles or investment platforms shall be encouraged to comply, to the extent possible, with minimum high- level social and environmental safeguards in line with guidance provided by the Steering Board based on Article 17 and Article 18 of Regulation 2020/852. Such guidance should include adequate provisions for avoiding undue administrative burdens, taking into account the size of companies and including lighter provisions for SMEs. Companies with a certain level of exposure to a pre-defined list of environmentally harmful activities, in particular the sectors covered by the EU Emissions Trading System (EU ETS), shall be encouraged to put in place, in the future, green transition plans. Companies shall also be encouraged to advance in their digital transformation. Technical assistancesubject to an obligation to publish non-financial information pursuant to Article 19a or Article 29a of Directive 2013/34/EU, shall put in place green and just transition plans. Companies shall also be encouraged to advance in their digital transformation. Technical assistance shall be available to assist companies for the purpose of these transitions. Transition plans shall, as a minimum, ensure that: - economic activities of the company are aligned with the Union's climate objectives laid down in [Regulation (EU) 2020/XXX establishing the framework for achieving climate neutrality ("European Climate Law")]; - where relevant, economic activities of the company are aligned with the environmental objectives (b) to (f) in Article 9 of Regulation 2020/852; - appropriate governance is established to assess and minimise sustainability risks; - all future capital expenditure is used for assets or processes associated with economic activities that qualify as environmentally sustainable under Article 3 and 9 of Regulation 2020/852; - foresee the phase-out of activities causing significant harm to any environmental objective in accordance with Article 17 of Regulation 2020/852 and the transformation of such activities into neutral or low impact activities within a pre-defined timeframe. - quality employment targets and gender equality related targets including equal pay objectives are set. Transition plans shall contain intermediate targets and be updated on a yearly basis and provide an ex-post assessment on whether the intermediate targets are met. Companies not subject to an obligation to publish non-financial information pursuant to Article 19a or Article 29a of Directive 2013/34/EU shall put in place transition plans explaining whether and to what extent their economic activities support the environmental objectives referred to in Article 3 of Regulation 2020/852. The plans may include, as appropriate, targets on the proportion of their capital expenditure and the proportion of their operating expenditure related to assets or processes associated with economic activities that qualify as environmentally sustainable under Article 3 and 9 of the Taxonomy Regulation. The plans may also include quality job targets and employment conservation measures as well as gender equality related targets including equal pay objectives. The plans may contain intermediate targets and be updated every two years and provide an ex-post assessment on whether the intermediate targets are met. Simplified templates and guidance as well as financial and technical assistance for drafting the plans shall be made available to assistthe companies for the purpose of these transitions. referred to in this paragraph upon request. The plans and the updates shall be provided to the EIB or the relevant NPBI for the purposes of the reporting, accounting and evaluation requirements pursuant to Chapter VI of this Regulation.
Amendment 252 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 4
Article 1 – paragraph 1 – point 31 – point 4
Regulation (EU) 2015/1017
Annex II – Section 8 – point b – paragraph 2
Annex II – Section 8 – point b – paragraph 2
The Steering Board shall set specific diversification and concentration limits under the Solvency Support Window to ensure that the respective requirements of Article 9(2a)(b) and (c) are fulfilled, whilst avoiding excessive concentration in a limited number of Member States. The Steering Board shall regularly take stock of the economic impact of the Covid-19 pandemic on Member States and sectors. For that purpose, it shall monitor indicators such as the population, the inverse of GDP per capita and the deviation of Member States unemployment rate from the EU average during the period going from 2015 to 2019. On this basis, the Steering Board may decide to modify these limits, after consulting the Investment Committee.
Amendment 254 #
Proposal for a regulation
Article 1 – paragraph 1 – point 31 – point 4
Article 1 – paragraph 1 – point 31 – point 4
Regulation (EU) No 2015/1017
Annex II – Section 8 – point b – paragraph 4 new
Annex II – Section 8 – point b – paragraph 4 new
The Steering Board shall report at regular intervals at least once a year to the European Parliament and the Council on the beneficiaries of this instrument and on the intermediaries’ activities, to ensure complete, correct and timely transparency of the programme.