Activities of Edward SCICLUNA related to 2011/0307(COD)
Shadow opinions (1)
OPINION on the proposal for a directive of the European Parliament and of the Council amending Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and Commission Directive 2007/14/EC
Amendments (2)
Amendment 11 #
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 basishould disclose as part of their annual financial statements payments made to governments in the countries in which they operate. The report should be attached to the annual financial statement. 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 thshould be on a country-by-country and project-by-project basis where a project means a contract, licence, lease or other legal agreement under which an issuer operates, and from which its specific revenue liabilities arise. For all issuers, disclosures should include turnover (including third party and intragroup) of the constituent entities of the undertaking that might give rise to payments and, on a country-by-country basis, quantities produced, purchases and sales, third-party and intragroup financial flows, profit before tax, actual tax payments, deferred taxation liabilities for the country at the start and close of each accounting period, total number of people exmploitation of natural resources. Theyed and their aggregate remuneration and expenditure on fixed asset investment during the course of the reporting period. The EITI 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 market. The detailed requirements are defined in Chapter 9 of Directive 2011/.../EU of the European Parliament and of the Council.
Amendment 35 #
Proposal for a directive
Article 1 – paragraph 1 – point 5
Article 1 – paragraph 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 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 years. Payments to governments shall be reported at consolidated levelincorporate disclosures on a country-by-country as well as a project-by-project basis where a project means a contract, licence, lease or other legal agreement under which an issuer operates, and from which its specific revenue liabilities arise. It shall be attached to the annual financial statement. The report shall be made public at the latest six months after the end of each financial year and shall remain publicly available. Payments to governments shall be reported at consolidated level. For all issuers, disclosures should include turnover (including third party and intragroup) of the constituent entities of the undertaking that might give rise to payments and, on a country-by-country basis, quantities produced, purchases and sales, third- party and intragroup financial flows, profit before tax, actual tax payments, deferred taxation liabilities for the country at the start and close of each accounting period, total number of people employed and their aggregate remuneration and expenditure on fixed asset investment during the course of the reporting period.