1 Amendments of Catherine GRÈZE related to 2011/0307(COD)
Amendment 3 #
Proposal for a directive
Recital 7
Recital 7
(7) In order to provide for enhanced transparency of financial activities in third countries, in particular 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 report should include types of payments comparable toshould disclose, as part of the annual report on financial statements, payments made to governments in the countries in which they operate on a per-country basis. The disclosure of such data is intended to enable investors to make better-informed decisions, thereby improving corporate governance and accountability and contributing to the containment of tax evasion. The report should incorporate disclosures on a country basis. For issuers active in the extractive industry, fisheries or the logging of primary forests, the report should also specify the specific project or projects to which those payments have been attributed, building on those disclosed underure requirements of the Extractive Industries Transparency Initiative (EITI) andto provide civil society with information to holdwhereby governments of resource-rich countries can be held 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 timber products to exercise due diligence in order to prevent illegal wood from entering into the EUthe Union market. The detailed requirements are defined in Chapter 9 of Directive 2011/.../EU of the European Parliament and of the Council.