Activities of Arlene McCARTHY related to 2011/0308(COD)
Plenary speeches (2)
Financial statements and related reports of certain types of undertakings - Transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market (debate)
Financial statements and related reports of certain types of undertakings - Transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market (debate)
Shadow reports (1)
REPORT on the proposal for a directive of the European Parliament and of the Council on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings PDF (649 KB) DOC (1 MB)
Amendments (22)
Amendment 107 #
Proposal for a directive
Recital 32
Recital 32
(32) In order to provide for enhanced transparency of payments made to governments, large undertakings and public interest entities which are active in the extractive industry or logging of primary forests should disclose in a separate report on an annual basis materialtheir annual financial statements any payments made to governments in the countries in which they operate. Such undertakings are active in countries rich in natural resources, in particular minerals, oil, natural gas as well as primary forests. The report should include types of payments comparable tobuilding on those disclosed by an undertaking participating in the Extractive Industries Transparency Initiative (EITI). The initiative is also complementary to the EU FLEGT Action Plan (Forest Law Enforcement, Governance and Trade) and the Timber Regulation which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering into the EU market.
Amendment 110 #
Proposal for a directive
Recital 33
Recital 33
(33) The reports should serve to facilitate governments of resource-rich countries in implementing the EITI Principles and Criteria and account' accountability to their citizens for payments such governmentsthey receive from undertakings active in the extractive industry or loggers of primary forests operating within their jurisdiction. The report should incorporate disclosures on a country and project basis, where a project is considered as the lowest level of operational reporting unit at which the undertaking prepares regular internal management reports, such as a concession, geographical basin, etc and wby country basis. For undertakings active in the extractive industry or loggers of natural forest disclosure should also be on a project basis, where a project is considered as equivalent to activities governed by a license, lease, concession or similar legal agreement. Where any payments have been attributed to such project liabilities are incurred on a different basis, reporting should be on that basis. In the light of the overall objective of promoting good governance in these countries, the materialityall types of payments to should be reported should be assessed in relation to the recipient government. Various criteria on materiality could be envisaged such as payments of an absolute amount, or a percentage threshold (such as payments in excess of a percentage of a country's GDP)where they are deemed to have a significant impact on a country's economy or society on a local, regional or national level and any threshold should capture such impacts. Rules should be put in place to ensure that andy threseholds cannot be defined through a delegated actcircumvented. The reporting regime should be subject to a review and a report by the Commission within fivetwo years of the entry into force of the Directive. The review should consider the effectiveness of the regime and take into account international developments including issues of competitiveness and energy security. The review should also take into account the experience of preparers and userstake into account international developments, progress towards global standards in this area and report ofn the payments information and consider whether it would be appropriate to include additional payment information such as effective tax rates and recipient details, such as bank account informationimpacts of this legislation on third countries, in particular in achieving the objectives of enhanced transparency of payments to governments.
Amendment 138 #
Proposal for a directive
Article 11 – paragraph 8
Article 11 – paragraph 8
8. Member States may permit the purchase price or production cost of stocks of goods of the same category and all fungible items including investments to be calculated either on the basis of weighted average prices or on the basis of the ‘first in, first out’ (FIFO) method, or a similar method that reflects current best practice and shall exclude the 'last in, first out' (LIFO) method.
Amendment 158 #
Proposal for a directive
Article 30 – paragraph 3 a (new)
Article 30 – paragraph 3 a (new)
3a. Members States shall ensure that companies submit their accounts for publication a maximum of nine months after the end of their financial year.
Amendment 167 #
Proposal for a directive
Article 36 – paragraph 1
Article 36 – paragraph 1
1. ‘'Undertaking active in the extractive industry’ means an undertaking with any activity involving the exploration, discovery, development, and extraction of minerals, oil and natural gas deposits, as referred to in Section B-Divisions 05 to 08 of Annex I to Regulation (EC) No 1893/2006 of the European Parliament and of the Council' means the highest level parent company publishing accounts within the European Union where the group of companies for which that parent company prepares consolidated financial statements, includes subsidiary companies, branches, permanent establishments, joint ventures and associates.
Amendment 169 #
Proposal for a directive
Article 36 – paragraph 1 a (new)
Article 36 – paragraph 1 a (new)
1a. 'Undertaking active in the extractive industry' means the highest level parent company publishing accounts within the European Union where the group of companies for which that parent company prepares consolidated financial statements, includes subsidiarity companies, branches, permanent establishments, joint ventures and associates undertaking with any activity involving the exploration, discovery, development, extraction, processing, export, transportation of, or any significant activity related to minerals, oil and natural gas deposits, as referred to in Section B-Divisions 05 to 08 of Annex I to Regulation (EC) No 1893/2006 of the European Parliament and of the Council1. ________________ 1 OJ L 393, 30.12.2006, p.1.
Amendment 173 #
Proposal for a directive
Article 36 – paragraph 3
Article 36 – paragraph 3
3. ‘Government’ means any national, regional or local authority of a Member State or of a third country that has granted the right of incorporation to, undertakes the regulation of, hosts a permanent establishment for taxation purposes of or receives any payment of the type noted in Article 38 from any constituent entity of an undertaking. It includes a department, agency or undertaking controlled by that authority as laid down in Article 23 (1) to (6) of this Directive.
Amendment 179 #
Proposal for a directive
Article 36 – paragraph 4
Article 36 – paragraph 4
4. ‘Project’ is equivalent to a specific operational reporting unit at the lowest level within the undertaking at which regular internal management reports are prepared to monitor itsFor undertakings active in the extractive industry or loggers of primary forests ‘project’ is equivalent to activities governed by a license, lease, concession or similar legal agreement. Where any payment liabilities are incurred on a different buasiness, reporting shall be on that basis.
Amendment 192 #
Proposal for a directive
Article 38 – paragraph 1 – introductory part
Article 38 – paragraph 1 – introductory part
1. The report shall specify the following when material to the recipient government:
Amendment 226 #
Proposal for a directive
Article 38 – paragraph 2 – point f
Article 38 – paragraph 2 – point f
(f) licence fees, rental fees, pipeline transit fees, entry fees and other considerations for licences and/or concessions;
Amendment 228 #
Proposal for a directive
Article 38 – paragraph 2 – point f a (new)
Article 38 – paragraph 2 – point f a (new)
(fa) payments to state security forces for security services;
Amendment 231 #
Proposal for a directive
Article 38 – paragraph 2 – point f b (new)
Article 38 – paragraph 2 – point f b (new)
(fb) taxes on land and buildings;
Amendment 233 #
Proposal for a directive
Article 38 – paragraph 2 – point f c (new)
Article 38 – paragraph 2 – point f c (new)
(fc) withholding taxes;
Amendment 234 #
Proposal for a directive
Article 38 – paragraph 2 – point f d (new)
Article 38 – paragraph 2 – point f d (new)
(fd) import and export levies and taxes;
Amendment 235 #
Proposal for a directive
Article 38 – paragraph 2 – point f e (new)
Article 38 – paragraph 2 – point f e (new)
(fe) consumption-based taxes;
Amendment 236 #
Proposal for a directive
Article 38 – paragraph 2 – point f f (new)
Article 38 – paragraph 2 – point f f (new)
(ff) payments for violations of law such as environmental and remediation liabilities;
Amendment 239 #
Proposal for a directive
Article 38 – paragraph 3
Article 38 – paragraph 3
3. Where payments in kind are made to a government, they shall be reported in value orand in volume. Where they are reported in terms of value, supporting notes shall be provided to explain how their value has been determined.
Amendment 245 #
Proposal for a directive
Article 38 – paragraph 4
Article 38 – paragraph 4
4. The Commission shall be empowered to adopt delegated acts in accordance with Article 42 in order to specify the concept of materiality of paymentsPayments shall be considered material if any one payment or set of payments of the same type amount to more than 15 000 EUR. The Commission shall be empowered to adopt delegated acts in accordance with Article 42 in order to evaluate the materiality of payments. A payment is deemed material if it has a significant impact on a country's economy or society on a local, regional or national level. The Commission shall ensure that rules shall be put in place to ensure that thresholds cannot be circumvented.
Amendment 249 #
Proposal for a directive
Article 38 – paragraph 5
Article 38 – paragraph 5
Amendment 260 #
Proposal for a directive
Article 39 – paragraph 3
Article 39 – paragraph 3
Amendment 264 #
Proposal for a directive
Article 41 – paragraph 1
Article 41 – paragraph 1
The Commission shall review and report on the implementation and effectiveness of this Chapter, in particular as regards the scope of the reporting obligations and the modalities of the reporting on a project basis. The review should also take into account international developments and consider the effects on competitiveness and security of energy supply, progress towards global standards in this area and report on the impact of this legislation on third countries, in particular in achieving the objectives of enhanced transparency of payments to governments. It should be completed at the latest fivetwo years after the date of entry into force of this Directive. The report shall be submitted to the European Parliament and the Council, together with a legislative proposal, if appropriate.
Amendment 267 #
Proposal for a directive
Article 42 – paragraph 5
Article 42 – paragraph 5
5. A delegated act adopted pursuant to Article 1(2), Article 3(10) and Article 38(4) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of twohree months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by twohree months at the initiative of the European Parliament or the Council.