3 Amendments of Françoise CASTEX related to 2011/0307(COD)
Amendment 21 #
Proposal for a directive
Recital 4
Recital 4
(4) According to the Commission report and to the Commission Communication, the administrative burden associated with obligations linked to admission to trading on regulated markets should be reduced for small and medium-sized issuers in order to improve their access to capital. The obligations to publish interim management statements or quarterly financial reports represent an important burden for issuers whose securities are admitted to trading on regulated markets, without being necessary for investor protection. They also encourage short-term performance and discourage long-term investment. In order to encourage sustainable value creation and long-term oriented investment strategy it is essential to reduce short-term pressure on issuers and to give investors incentive to adopt a longer term vision. The requirement to publish interim management statements should therefore be abolished.
Amendment 24 #
Proposal for a directive
Recital 7
Recital 7
(7) In order to provide for enhanced transparency of payments made to governments, issuers whose securities are admitted to trading on a regulated market and which have activities in the extractive or logging of primary forest industries should disclose in a separate reportshould disclose on an annual basis payments made to governments and other contextual information in the countries in which they operate. Theis disclosure should be part of the annual report and should include types of payments comparable tobuilding on those disclosed under the Extractive Industries Transparency Initiative (EITI) and provide civil society with information to , including investors, with other contextual information. The report should governments of resource-rich countries to account for their receipts from the exploitation of natural resourcinclude activities of subsidiaries, associates, joint ventures, permanent establishments and other trading arrangements to the extent that they are consolidated in the annual financial statements of the undertaking or entity in question and should include turnover (including third party and intragroup turnover) of the undertaking that might give rise to payments and, on a country-by-country basis, profit before tax, effective tax rates, total number of people employed and their aggregate remuneration, expenditure on fixed asset investment during the course of the reporting period and, in the case of undertakings active in the extractive and logging industries, production volumes. 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. The detailed requirements are defined in Chapter 9 of Directive 2011/.../EU of the European Parliament and of the Council.
Amendment 34 #
Proposal for a directive
Article 1 – point 2
Article 1 – point 2
Directive 2004/109/EC
Article 3 – paragraphe 1 – alinéa 1
Article 3 – paragraphe 1 – alinéa 1
1. The home Member State may make an issuer subject to requirements more stringent than those laid down in this Directive, except requiring issuers to publish periodic information other than annual financial reports referred to in Article 4 and half-yearly financial reports referred to in Article 5.