[ParlTrack]

Proposal for a directive
Recital 7 a (new)

(7a) Issuers active in the extractive industry or the logging of primary forests should disclose payments to governments on a project-by-project basis, provided the total amount of payments to governments attributed to a specific project within a given financial year exceeds EUR 100 000. Such reports should include data concerning types of payments comparable to those disclosed under the Extractive Industries Transparency Initiative (EITI) and should provide civil society with information enabling governments of resource-rich countries to 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)1 and the Timber Regulation2, which require traders of timber products to exercise due diligence in order to prevent illegal wood from entering the Union market. ______________ 1 See Council Regulation (EC) No 2173/2005 of 20 December 2005 on the establishment of a FLEGT licensing scheme for imports of timber into the European Community (OJ L 347, 30.12.2005, p. 1). 2 Regulation (EU) No 995/2010 of the European Parliament and of the Council of 20 October 2010 laying down the obligations of operators who place timber and timber products on the market (OJ L 295, 12.11.2010, p. 23). Companies that import wood products under EU voluntary agreements will be exempt from this requirement.

2012/05/14
Committee: AFET

Franziska Katharina BRANTNER

Proposal for a directive
Article 1 – point 5

Directive 2007/14/EC
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~~to disclose, as part of the annual financial report and in accordance with Article 6a of this Directive and Chapter 9 of Directive 2011/.../EU of the European Parliament and of the Council (*), ~~a report on~~ payments made to governments ~~on an annual basis. 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 year~~and certain contextual information on an annual basis. Payments to governments shall be reported at consolidated level.

2012/05/14
Committee: AFET

Franziska Katharina BRANTNER

Proposal for a directive
Article 1 – point 5 a (new)

Directive 2004/109/EC
Article 6 a (new)

(5a) The following Article 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 to reporting on payments to governments: (a) integrated reporting: the report on payments to governments and certain contextual information shall form part of the annual financial report, shall be audited and shall be in an easily accessible and comparable format; (b) comprehensiveness: all relevant payments and revenues paid to governments as well as certain contextual information shall be reported; payments to be disclosed, including payments in kind, shall include production entitlements, taxes on profits and the effective tax rate applied, royalties, dividends, signature bonuses, discovery bonuses, production bonuses, licence fees, rental fees, entry fees, other considerations for licences and/or concessions, payments to state security forces for security services, and other direct benefits to the government concerned; the contextual information to be disclosed shall include data in respect of net turnover, production volumes, production cost, employee count, total cash cost of operations, fixed production assets and net profit and loss before tax; (c) country-by-country reporting: for all industries, payments and contextual information not covered by point (d), disclosure shall be made on a country basis; (d) project-by-project reporting for issuers active in the extractive industry or logging of primary forests: reporting on payments to governments by such issuers in these industries shall be done on a project basis, provided the total amount of payments to governments attributed to a specific project within a given financial year exceeds EUR 100 000; for this purpose, "project" shall be defined as equivalent to activities governed by a contract, licence, lease, concession or other legal agreement which gives rise to a company's tax and revenue liabilities in each country where it operates; where any payment liabilities are incurred on a basis other than such legal agreements, reporting shall be on that basis; (e) universality: all issuers shall be subject to the reporting requirements; no exemptions, for instance for certain countries in which issuers operate, shall be made.'.

2012/05/14
Committee: AFET

3 Amendments of Franziska Katharina BRANTNER related to 2011/0307(COD)

ParlTrack - 2011-2024