5 Amendments of Helmut SCHOLZ related to 2011/0307(COD)
Amendment 4 #
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 report 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 timber products to exercise due diligence in order to prevent illegal wood from entering into the EU marketand local and regional public authorities in the countries in which they operate and certain contextual information. The disclosure of such data is intended to enable investors to make better-informed decisions, thereby improving corporate governance and accountability and contributing to good governance in relation to taxes and the reduction of tax evasion. The detailed requirements are defined in Chapter 9 of Directive 2011/.../EU of the European Parliament and of the Council.
Amendment 5 #
Proposal for a directive
Recital 7 a (new)
Recital 7 a (new)
Amendment 7 #
Proposal for a directive
Recital 14
Recital 14
(14) In order to improve compliance with the requirements of Directive 2004/109/EC and following the Communication from the Commission of 9 December 2010 entitled ‘Reinforcing sanctioning regimes in the financial sector’, the sanctioning powers of competent authorities should be enhanced and should satisfy certain essential requirements. In particular, competent authorities should be able to suspend the exercise of voting rights for holders of shares and financial instruments who do not comply with the notification requirements and to impose pecuniary sanctions which are sufficiently high to be dissuasive. To ensure sanctions have a dissuasive effect on the public at large, sanctions should normally be published, except in certain well-defined circumstances.
Amendment 8 #
Proposal for a directive
Article 1 – point 1 – point a
Article 1 – point 1 – point a
Directive 2004/109/EC
Article 2 – paragraph 1 – point d – subparagraph 1
Article 2 – paragraph 1 – point d – subparagraph 1
(d) “issuer” means a natural person or a legal entity governed by private or public law, including a State, whose securities are admitted to trading on a regulated market and includes all subsidiaries, associates, joint ventures, and other permanent establishments to the extent that they are consolidated in the annual financial statements of the undertaking in question or effectively controlled by it.
Amendment 11 #
Proposal for a directive
Article 1 – point 5
Article 1 – point 5
Directive 2004/109/EC
Article 6
Article 6
Member States shall require 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 report on payments made to governments and local and regional public authorities on an annual basis. The report shall be made public at the latest sixfour months after the end of each financial year and shall remain publicly available for at least fiveten years. Payments to governments shall be reported at consolidated level.