20 Amendments of Pascal CANFIN related to 2011/0308(COD)
Amendment 33 #
Proposal for a directive
Recital 32
Recital 32
(32) In order to provide for enhanced transparency of payments made to governments, large undertakings and public interest entities which are active in the extractive industry or logging of primary forests1 should disclose in a separate report on an annual basis material payments made to governments in the countries in which they operate. Such undertakings are active in countries rich in natural resources, in particular minerals, oil, natural gas as well as primary forests. The reportThe report, which should form part of the notes to the financial statements, should also include types of payments comparable to those disclosed by an undertaking participating in the Extractive Industries Transparency Initiative (EITI). 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 market. __________________ 1 Defined in Directive 2009/28/EC as ‘naturally certain contextual information. These measures aim at enabling investors to make better- informed decisions, improving corporate governance and accountability and contributing to containing tax evasion. The report should incorporate disclosures on a country basis, with certain additional reporting requiregmenerated forest of native species, where there is no clearly visible indication of human activities and the ecots on a project basis for undertakings active in the extractive industry or loggical processes are not significantly disturbed.’ng of primary forests.
Amendment 39 #
Proposal for a directive
Recital 33
Recital 33
(33) TIn the reports should serve to facilitate governments of resource-rich countries in implementing the EITI Principles and Criteria and account to their citizens for payments such governments receive from undertakingsby large undertakings and public interest entities which are active in the extractive industry or loggersing of primary forests operating within their jurisdiction. The report should incorporatpayments to governments should also be disclosuresed 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 intmeans an operational unit set up on the basis of one or severnal management reports, such as alicences, concessions, geographical basin, etc and where payments have been attributed to such projects. In the light of the overall objective of promoting good governance in these countries, the materiality of payments to bcontracts or other specific legal agreements which give rise to fiscal or parafiscal liabilities. However, the disclosure requirements on a project basis should be limited to projects for which the total amount of payments exceeds EUR 50 000. The reporteds 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) and these can be defined through a delegated act. The reporting regime should be subjeinclude types of payments comparable to those disclosed by an undertaking participating in the Extractive Industries Transparency Initiative (EITI). 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 a review and a report by the Commission within five years of the entry into force of the Directiveexercise due diligence in order to prevent illegal wood from entering into the EU market. The reviewports 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 users of 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 informaserve to facilitate governments of resource-rich countries in implementing the EITI Principles and Criteria and account to their citizens for payments such governments receive from undertakings active in the extractive industry or loggers of primary forests operating within their jurisdiction.
Amendment 71 #
Proposal for a directive
Article 36 – paragraph 1 – point 1
Article 36 – paragraph 1 – point 1
Amendment 73 #
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 associate undertakings.
Amendment 75 #
Proposal for a directive
Article 36 – paragraph 1 – point 2
Article 36 – paragraph 1 – point 2
Amendment 78 #
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. It includes a department, agency or undertaking controlled by that authority as laid down in Article 23 (1) to (6) of this Directive, or any government entity that receives any payment of the type noted in Article 38 from any constituent entity of an undertaking.
Amendment 82 #
Proposal for a directive
Article 36 – paragraph 1 – point 4
Article 36 – paragraph 1 – point 4
4. ‘Project’ is equivalent to a specific operational reporting unit at the lowest level within the undertaking at which regular internal management reports are prepared to monitor its business. It includes any contract, licence, lease or other legal agreement under which a company operates, and from which its fiscal liabilities arise.
Amendment 87 #
Proposal for a directive
Article 36 – paragraph 1 – point 4 a (new)
Article 36 – paragraph 1 – point 4 a (new)
4a. ‘Constituent entities’ means those subsidiaries, associates, joint ventures, permanent establishments and other trading arrangements that shall in whole or in part be considered members of the Undertaking to the extent that they are consolidated in the annual financial statements of that Undertaking.
Amendment 88 #
Proposal for a directive
Article 37 – paragraph 1
Article 37 – paragraph 1
1. Member States shall require large undertakings and all public interest entities active in the extractive industry or the logging of primary forests to prepare and make public a report onto prepare, have audited and make public, as part of their annual financial statements, payments made to governments on an annual basis.
Amendment 107 #
Proposal for a directive
Article 38 – paragraph 1 – point c
Article 38 – paragraph 1 – point c
(c) where those payments have been attributed to a specific project exceeding 50000 Euros, of a large undertaking or of a public interest entity active in the extractive or forestry industries, the amount per type of payment, including payments in kind, made for each such project within a financial year, and the total amount of payments for each such project. For the purpose of project reporting, ‘undertaking active in the extractive industry’ means an undertaking with any activity involving the exploration, discovery, prospection, 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, and ‘undertaking active in the logging of primary forests’ means an undertaking with activities as referred to in Section A- Division 2.2 of Annex I to Regulation (EC) No 1893/2006 of the European Parliament and of the Council, in primary forests.
Amendment 110 #
Proposal for a directive
Article 38 – paragraph 1 – point c a (new)
Article 38 – paragraph 1 – point c a (new)
Amendment 128 #
Proposal for a directive
Article 38 – paragraph 2 – point b
Article 38 – paragraph 2 – point b
(b) taxes on profits; and the effective tax rate applied;
Amendment 135 #
Proposal for a directive
Article 38 – paragraph 2 – point c
Article 38 – paragraph 2 – point c
(c) royalties and the effective tax rate applied;
Amendment 149 #
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 152 #
Proposal for a directive
Article 38 – paragraph 3 a (new)
Article 38 – paragraph 3 a (new)
3a. The report shall further specify: (a) All those Governments to which the undertaking might make payment (b) A list of those constituent entities of the undertaking that might make payment as defined in this Article to each Government whether or not such payments do actually arise (c) A list of projects that might make payment as defined in this Article to each Government whether or not such payments do actually arise.
Amendment 154 #
Proposal for a directive
Article 38 – paragraph 4
Article 38 – paragraph 4
Amendment 158 #
Proposal for a directive
Article 38 – paragraph 5
Article 38 – paragraph 5
Amendment 166 #
Proposal for a directive
Article 39 – paragraph 1
Article 39 – paragraph 1
1. A Member State shall require any large undertaking or any public interest entity active in the extractive industry or the logging of primary forests and governed by its national law to draw up a consolidated report on payments to governments in accordance with Articles 37 and 38 if that parent undertaking is under the obligation to prepare consolidated financial statements as laid down in Article 23(1) to 23(6) of this Directive.
Amendment 173 #
Proposal for a directive
Article 39 – paragraph 3 – introductory part
Article 39 – paragraph 3 – introductory part
3. An undertaking need not be included in a consolidated report on payments to government where at least one of the following conditions is fulfilled, provided that the financial statements of the constituent entity making the payment are also excluded from the consolidated financial statements for the period to which the report relates, but not otherwise:
Amendment 179 #
Proposal for a directive
Article 40 – paragraph 1
Article 40 – paragraph 1
The report referred to in Article 37 and the consolidated report referred to in Article 39 on payments to governments shall be published as laid down by the laws of each Member State in accordance with Chapter 2 of Directive 2009/101/EC. In addition, ESMA shall compile the data for public access on the basis of the public reports referred to in Article 37 and Article 39. The information will be available online and electronically tagged by key analytical categories.