6 Amendments of Sharon BOWLES related to 2011/0307(COD)
Amendment 17 #
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 report on an annual basis payments made to governments in the countries in which they operate. The reportshould disclose as part of their annual financial statements payments made to governments in the countries in which they operate. In the case of issuers engaged in activities related to extractive or forest industries, disclosures should include types of payments comparable to those disclosed under the Extractive Industries Transparency Initiative (EITI), and provide civil society with information to hold governments of resource-rich countries to account for their receipts from the exploitation of natural resources. 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 timbermongst other voluntary reporting standards. For all issuers, disclosures should be on a country-by-country and project-by-project basis, where a project means a contract, licence, lease or other legal agreement under which an undertaking operates, which give rise to specific revenue liabilities and where payments have been attributed to such produjects to exercise due diligence in order to prevent illegal wood from entering into the EU market. Both materiality of payments and definition of projects shall take into account the local and regional impact of the operation. The detailed requirements are defined in Chapter 9 of Directive 2011/.../EU of the European Parliament and of the Council.
Amendment 19 #
Proposal for a directive
Recital 10
Recital 10
(10) A harmonised regime for notification of major holdings of voting rights, especially regarding aggregation of holdings of shares with holdings of financial instruments, should improve legal certainty, enhance transparency and reduce administrative burden for cross-border investors. Member States should therefore not be allowed to adopt stricter or divergent rules in that area than those provided in Directive 2004/109/EC. However, taking into account the existing differences in ownership concentration in the Union, Member States should continue to be allowed to set lower thresholds for notification of holdings of voting rights; nevertheless, measures to incentivise long term investment should be considered and also a requirement for full transparency of voting for any borrowed shares.
Amendment 25 #
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 report on an annual basis payments made to governments in the countries in which they operate. The reportshould disclose as part of their annual financial statements payments made to governments in the countries in which they operate. In the case of issuers engaged in activities related to extractive or forest industries, disclosures should include types of payments comparable to those disclosed under the Extractive Industries Transparency Initiative (EITI), and provide civil society with information to hold governments of resource-rich countries tomongst other reporting standards. For all issuers, disclosures should be on ac count for their receipts from the exploitation of natural resources. 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 timberry-by- country and project-by-project basis, where a project means a contract, licence, lease or other legal agreement under which an undertaking operates, which gives rise to specific revenue liabilities and where payments have been attributed to such produjects to exercise due diligence in order to prevent illegal wood from entering into the EU market, if any one payment or set of payments of the same type amount to more than EUR 100 000. The detailed requirements are defined in Chapter 9 of Directive 2011/.../EU of the European Parliament and of the Council.
Amendment 29 #
Proposal for a directive
Recital 10
Recital 10
(10) A harmonised regime for notification of major holdings of voting rights, especially regarding aggregation of holdings of shares with holdings of financial instruments, should improve legal certainty, enhance transparency and reduce administrative burden for cross-border investors. Member States should therefore not be allowed to adopt stricter or divergent rules in that area than those provided in Directive 2004/109/EC. However, taking into account the existing differences in ownership concentration in the Union, Member States should continue to be allowed to set lower thresholds for notification of holdings of voting rights; nevertheless, measures to incentivise long term investment should be considered and also a requirement for full transparency of voting for any borrowed shares.
Amendment 41 #
Proposal for a directive
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 1 – point 5
Directive 2004/109/EC
Article 6
Article 6
Member States shall require all issuers active in the extractive or logging of primary forest industries, as defined in […] to prepare, in accordance with Chapter 9 of Directive 2011/.../EU of the European Parliament and of the Council (*), a reportdisclosure onf payments made to governments on an annual basias part of their annual financial statements. The report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years. Payments to governments shall be reported at consolidated level.
Amendment 45 #
Proposal for a directive
Article 1 – point 5
Article 1 – point 5
Member States shall require all issuers active in the extractive or logging of primary forest industries, as defined in […] to prepare, in accordance with Chapter 9 of Directive 2011/.../EU of the European Parliament and of the Council, a reportdisclosure onf payments made to governments on an annual basias part of their annual financial statements. The report shall be made public at the latest six months after the end of each financial year and shall remain publicly available for at least five years. Payments to governments shall be reported at consolidated level.