Activities of Michael CASHMAN related to 2011/0308(COD)
Plenary speeches (1)
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)
Amendments (8)
Amendment 24 #
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 shall 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 shall be on that basis. In the light of the overall objective of promoting good governance in these countries, the materialityAll types of payments to shall 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) andwhere 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 shall capture such impacts. Rules shall be put in place to ensure that any 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 30 #
Proposal for a directive
Article 36 – paragraph 1 – point 1
Article 36 – paragraph 1 – point 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 32 #
Proposal for a directive
Article 36 – paragraph 1 – point 1 a (new)
Article 36 – paragraph 1 – point 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 Council.
Amendment 34 #
Proposal for a directive
Article 36 – paragraph 1 – point 3
Article 36 – paragraph 1 – point 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 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 41 #
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 42 #
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 44 #
Proposal for a directive
Article 39 – paragraph 3 – introductory part
Article 39 – paragraph 3 – introductory part
Amendment 46 #
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.