1 Amendments of Michael CASHMAN related to 2011/0307(COD)
Amendment 7 #
Proposal for a directive
Article 1 – point 5 a (new)
Article 1 – point 5 a (new)
(5a) The following Article 6a is inserted: 'Article 6a Principles for reporting on payments to governments For the purposes of transparency and investor protection, Member States shall require the following principles to apply for the reporting on payments to governments: (a) integrated reporting: the report on payments to governments shall form part of the annual financial report, shall be in an easily accessible and comparable format; in particular, it shall allow payments to be linked to projects; (b) materiality: any payment shall be reported which is deemed to have a significant impact on a country's economy or society on a local, regional or national level; any threshold shall reflect such impact; rules shall be put in place to ensure that any thresholds cannot be circumvented; (c) project-by-project reporting: reporting shall be done on a project-by-project basis, taking into account the local and regional impact for the purposes of defining a project; the project definition shall include criteria such as the existence of a licence, lease, concession or other similar legal agreement; (d) universality: all issuers shall be subject to the reporting requirements; no exemptions shall be made which might have a distortive impact and allow issuers to exploit lax transparency requirements; (e) comprehensiveness: all relevant payments and revenues paid to governments shall be reported, including payments in kind, operating costs and payments to significant suppliers of services, including the state provision of services; (f) comparability: the reporting on all payments to governments shall be such as to enable data in respect of different countries to be compared easily.'.