Procedure completed
2010/2037(INI) Progress towards the achievement of the Millenium Development Goals: mid-term review in preparation of the UN high-level meeting in September 2010
Lead committee dossier: DEVE/7/02386
Legal Basis RoP 052
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | DEVE | CASHMAN Michael (S&D) | SVENSSON Alf (PPE), DONSKIS Leonidas (ALDE), SARGENTINI Judith (Verts/ALE) |
| Opinion | INTA | ANDRIKIENĖ Laima Liucija (PPE) |
Legal Basis RoP 052
Subjects
Activites
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2010/06/15
Results of vote in Parliament
- Results of vote in Parliament
-
T7-0210/2010
summary
The European Parliament adopted by 353 votes to 206, with 75 abstentions, a resolution on progress towards the achievement of the Millennium Development Goals (MDG): mid-term review in preparation of the UN high-level meeting in September 2010 in New York.Funding: Members expect the June 2010 European Council to agree on an ambitious, united EU position ahead of September's UN MDG meeting, and to lead to new, results-oriented, additional, transparent and measurable commitments. Member States are called upon to meet the obligations to which they agreed as part of the European Consensus on Development (0.7% aid promises by 2015 at the latest). Parliament points out that achieving the MDGs must remain a key objective for the European Union. It emphasises that poverty reduction through the achievement of the MDGs must be recognised unambiguously as the overarching framework for EU development policy and that this must be reflected clearly in all relevant policy – including trade policy – and legislative proposals. It believes that the MDGs should not be seen as a technical matter which will be resolved simply by providing more money or trade opportunities without identifying and tackling the underlying causes of poverty.In an amendment adopted in plenary, Parliament calls on the EU and the Member States to introduce enhanced accountability measures concerning their commitment to give 0.7% of GNI as aid by 2015, including setting up an "ODA Peer Review" process which would, within the Foreign Affairs Council, assess progress towards the 0.7% target by 2015, culminating in a report to the European Council and the European Parliament.Several proposals are made to enable the adequate financing of MDGs. They call on:the EU and the OECD not to broaden the definition of development aid (ODA) or count debt cancellation or other non-ODA financial flows as aid spending; the Member States actively to crack down on tax havens, tax evasion and illicit financial flows, within the G20 and UN framework, and to promote greater transparency, including systematic disclosure of profits made and taxes paid; the Member States and the international community to take action to make remittances cheaper; all Member States and the international community to make renewed efforts to ease the debt burden of LDCs with a track record of accountability, transparency and good governance and to support UN initiatives and take measures to increase lender and borrower responsibility in the context of sovereign debt transactions (the idea of an interest-free moratorium was rejected);the EU to provide significant funding to help poor nations fight the effects of climate change and the economic crisis (these funds be genuinely additional to existing aid commitments); the Member States to commit to allotting significantly more resources to development cooperation and emergency aid under the next Financial Perspective and EDF; the Member States significantly to increase the amount of aid provided through budget support, particularly via MDG contracts, but insists that democracy, human rights, governance and other essential criteria be met and that there be more and better monitoring and audits; the Member States to ensure that the EU continues to work through a wide array of existing financial instruments at global and country levels in addition to budget support, including the Global Fund to Fight AIDS, Tuberculosis and Malaria, and through other relevant organisations and mechanisms; the Member States to continue to improve donor coordination by untying all their aid, in accordance with the Paris and Accra declarations. It should be noted that plenary did not accept the committee’s proposal which calls on the EU unilaterally to introduce a tax on currency and derivatives transactions in order to fund global public goods, including the MDGs. Policy coherence for development: Parliament believes that achieving the Millennium Development Goals requires measures to foster access to land, water and biodiversity resources and measures to foster a policy of local support for sustainable smallholding agriculture. More policy coherence is necessary for development. Parliament proposes the following measures:ensure that primary responsibility for programming development funds and setting priorities remains within the remit of the Development Commissioner in the EU’s new institutional set-up; take concrete action against poverty by adopting a coherent policy encompassing the areas of trade and development cooperation as well as its common agricultural and fisheries policies, in order to avoid direct or indirect negative impacts on developing countries’ economies; not to pressure poor countries, through its trade policy, into opening up vulnerable market sectors when their level of development precludes them from competing fairly on the global stage; facilitate the integration of developing countries into the world economy; improve the trade capacity of developing and least-developed countries to help them to expand their trade, take advantage of new and existing trade opportunities; consolidate the European strategy and WTO initiatives in the area of trade with developing countries, in particular the Everything But Arms (EBA) initiative, GSP and GSP +, as well as the principle of asymmetry and transitional periods negotiated in all existing European Partnership Agreements (EPAs); increase total EU funding for Aid for Trade, which has not seen substantial increases recently and given the fact that regional integration is becoming increasingly important in the context of the EU Aid for Trade agenda, efforts to complete the ACP regional Aid for Trade packages should be stepped up; strengthen the South-South trade dimension to ensure the development of the poorest countries.Contrary to the committee’s position, plenary does not ask the Union to put an end to agricultural exports subsidies. However, Parliament calls on the EU to uphold the principle of food security in developing countries and to urge all players to comply with this principle during the current WTO negotiations.Parliament recalls that the Aid for Trade strategy is aimed at supporting poor and vulnerable countries in developing the basic economic infrastructure and tools they need to harness trade as an engine of economic growth and development. It welcomes the Commission’s statements that the EU has already met its target of committing EUR 2 billion to trade related assistance (TRA) by 2010. It calls on the Commission, nevertheless, to present detailed information on the budget lines used to finance trade-related assistance and Aid for Trade.On an environmental note, Parliament calls for a climate change risk assessment to be systematically incorporated into all aspects of policy planning and decision-making, including trade, agriculture and food security. It demands that the result of this assessment be used to formulate clear guidelines on sustainable development cooperation policy. The resolution stresses that there is a need for an effective global response to the problem of climate change, whereby industrialised countries shoulder their responsibility and take the lead in combating greenhouse gas effects, which will threaten the MDGs if not addressed.Priority MDG targets: Parliament calls on the EU to maintain an integrated, comprehensive approach to the MDGs, recognising that all individual goals and targets are interlinked and establishing minimum requirements for the achievement of poverty eradication. On the main issues, it expresses the following:health and education: Parliament reiterates its call on all the Member States and the Commission to allocate at least 20% of all development spending to basic health and education and to increase their contributions to the Global Fund to Fight AIDS, Tuberculosis and Malaria. Developing countries are called upon to spend at least 15% of their national budgets on health care and to enhance their health care systems. Maternal health and efforts to combat infant mortality should be promoted; vulnerable groups: Parliament calls on the EU to channel at least half its aid into the LDCs and to target the neediest groups in those countries, focusing especially on women, children and people with disabilities. Plenary supports the Commission's proposal to reallocate funding to the most off-track countries in the framework of the 2010 mid-term review of ACP programmes;freedom from hunger: measures should be taken to increase investment in farming and food security to levels that guarantee freedom from hunger for all, looking particularly at urgent hunger needs, small-scale farming and social protection programmes; decent work: further efforts should be made to combat child labour, both by supporting specific programmes and through guidelines on development policies and international trade. Parliament calls on the Commission to monitor workers' social protection, social dialogue and core labour standards in developing countries and, where necessary, to offer incentives and apply sanctions through trade agreements and all other available instruments.Governance: Parliament also calls for efforts to be made in this area. Developing countries should:improve international accounting standards in order to prevent tax avoidance and tax evasion practices, thereby achieving better global fiscal governance; involve parliaments, local government, civil society and other non-state actors at all stages of policy formulation and implementation; strengthen their good governance in all public matters, especially management of the aid received.In parallel, efforts should be made by the international community in order to:promote and support democracy, peace, the rule of law and corruption-free administration in developing countries; make an exceptional effort to support public administration in developing countries, with the specific aim of fighting corruption and creating an administrative environment that is transparent, impartial and fair, while also recognising the essential role of non-state actors and of civil society; review its efforts as regards lack of progress made in achieving peaceful solutions to frozen conflicts in the EU's neighbourhood and beyond, given the vital link between development and security.To conclude, Parliament calls on the EU to enter into an ambitious, constructive dialogue with all traditional and emerging donors in order to ensure that the MDGs are achieved and that poverty reduction remains at the top of the global agenda.
- #3023
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2010/06/14
Council Meeting
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3023
summary
The Council held an exchange of views in preparation for the United Nations high-level plenary meeting to be held in New York from 20 to 22 September to review implementation of the UN's millennium development goals (MDGs).It approved conclusions setting out the EU position for the meeting (see doc. 1083/10).The MDGs constitute the first-ever set of shared development goals agreed at international level. World leaders agreed in 2000 to take decisive action to combat world poverty in its different dimensions by 2015, using time-bound and measurable targets. With only five years remaining until the deadline, the aim of the New York meeting will be to provide a comprehensive review of successes and shortcomings, and to agree on concrete action to speed up progress. The EU has doubled its official development assistance since 2000 in promoting the MDGs. In 2009 it provided EUR 49 billion, more than half the total of global development aid. An EU action plan on gender equality and women's empowerment in development is attached to the Council conclusions.
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3023
summary
- 2010/06/14 Debate in Parliament
- 2010/05/19 Committee report tabled for plenary, single reading
- #3011
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2010/05/10
Council Meeting
-
3011
summary
The Council held a policy debate to prepare the EU position for the UN Millennium Development Goal (MDG) review summit, which will take place in New York in September 2010. The purpose of the discussion was to identify key messages for conclusions to be adopted at the June Foreign Affairs Council. These conclusions will contain the EU's position and political messages for the UN event in New York. The MDGs constitute the first ever set of shared development goals at international level. World leaders agreed in 2000 to take decisive action to combat world poverty in its different dimensions by 2015, using time-bound and measurable targets.
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3011
summary
-
2010/05/10
Vote in committee, 1st reading/single reading
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2010/03/11
Committee referral announced in Parliament, 1st reading/single reading
Documents
- Debate in Council: 3011
- Committee report tabled for plenary, single reading: A7-0165/2010
- Debate in Council: 3023
- Debate in Parliament: Debate in Parliament
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading/single reading: T7-0210/2010
| Amendments | Dossier |
| 233 |
2010/2037(INI)
2010/03/24
INTA
16 amendments...
Amendment 1 #
Draft opinion Paragraph 1 1. Points out that achieving the MDGs
Amendment 10 #
Draft opinion Paragraph 3 a (new) 3a. Asks the Commission to revise negotiations on Economic Partnership Agreements with ACP partners to ensure they are instruments for ACP development and poverty eradication, inter alia through the continuation of non-reciprocity in market access, priority to food security over further liberalisation, a focus on supply side constraints and safeguards for sensitive products, and the strengthening of existing regional integration efforts;
Amendment 11 #
Draft opinion Paragraph 3 b (new) 3b. Calls on the Commission to enhance the development content of current WTO and bilateral FTA negotiations through a focus on food sovereignty and rural employment as among the most effective elements in poverty eradication, and through a complete end to subsidies for EU agricultural exports;
Amendment 12 #
Draft opinion Paragraph 4 4. Recalls that the Aid for Trade strategy is aimed at supporting poor and vulnerable countries in developing the basic economic infrastructure and tools they need
Amendment 13 #
Draft opinion Paragraph 4 a (new) 4a. Urges the Commission and the Member States to pay more attention and support the LDCs in order to increase total EU Aid for Trade funding levels which have not seen substantial increase recently; considers that, as regional integration is becoming increasingly important in the EU Aid for Trade agenda, efforts should be stepped up to complete the ACP regional Aid for Trade packages; considers that there is room for improvement in aid effectiveness by increasing joint analysis, joint response strategies and joint delivery of Aid for Trade measures;
Amendment 14 #
Draft opinion Paragraph 5 a (new) 5a. Calls on the developing countries, especially those benefiting most from EU aid, to reinforce their good governance in all public matters, and especially in the management of aid received, and urges the Commission to take all necessary steps to ensure transparent and efficient aid implementation;
Amendment 15 #
Draft opinion Paragraph 6 6. Reiterates that the EU should support
Amendment 16 #
Draft opinion Paragraph 6 a 6a. Calls on the Commission to examine proposals for a financial transaction tax to contribute towards achieving the MDGs.
Amendment 2 #
Draft opinion Paragraph 1 a (new) Amendment 3 #
Draft opinion Paragraph 1 b (new) 1b. Stresses that the UN Secretary General regards a lack of commitment from UN member states as an important reason for a possible non-achievement of the MDG; recalls that according to the World Bank an estimated 64 million more people would live on less than $1.25 a day this year than would have been the case without the crisis; therefore insists that additional efforts need to be made to compensate for the effects of the crisis in developing and least developing countries; on the level of trade relations this must include an end to free trade agreements which promote the liberalisation of public procurement, incorporate a "most favourite nation" clause and defend intellectual property and patent rights in the interest of multinational companies etc.;
Amendment 4 #
Draft opinion Paragraph 2 2. Is convinced that trade can be a powerful engine
Amendment 5 #
Draft opinion Paragraph 2 2. Is convinced that trade c
Amendment 6 #
Draft opinion Paragraph 2 2. Is convinced that trade can
Amendment 7 #
Draft opinion Paragraph 2 a (new) 2a. Stresses the importance of the efforts to facilitate the integration of developing countries into the world economy; reiterates that openness to trade and support for supply capacity are important elements in any coherent development strategy and that Trade-Related Technical Assistance initiatives represent an additional tool to tackle poverty eradication and underdevelopment;
Amendment 8 #
Draft opinion Paragraph 3 3. Recalls that improving the trade capacity of developing and least-developed countries could help them develop the trade-related skills and infrastructure that is needed to implement and benefit from WTO agreements
Amendment 9 #
Draft opinion Paragraph 3 a (new) 3a. Welcomes the already existing initiatives in the area of trade with developing countries at the EU and WTO levels, in particular the Everything But Arms (EBA) initiative, GSP and GSP +, as well as the principle of asymmetry and transitional periods negotiated in all existing European Partnership Agreements (EPAs) and asks the European Commission to consolidate this policy strategy; points out that the GSP system provides more stability, predictability and trading opportunities for its users; notes that additional preferences are provided to countries that have ratified and effectively implemented key international conventions on sustainable development, social rights and good governance (through the GSP regime);
source: PE-439.952
2010/04/16
DEVE
107 amendments...
Amendment 1 #
Motion for a resolution Indent 8 a (new) - having regard to the Addis Call to Urgent Action for Maternal Health and the Berlin Call to Action and the Strategic Options for NGOs which commemorate the 15th Anniversary of the International Conference on Population and Development (ICPD/15),
Amendment 10 #
Motion for a resolution Recital J J. whereas incoherencies in the European Union's policies
Amendment 100 #
Motion for a resolution Paragraph 31 31. Intends,
Amendment 101 #
Motion for a resolution Paragraph 32 32. Calls on all Members States and the international community to ensure the UN remains the forum of choice for addressing global governance and poverty-
Amendment 102 #
Motion for a resolution Paragraph 34 a (new) 34a. Calls on the EU and the international community to make an exceptional effort to support public administration in developing countries, with the specific aim of fighting corruption and creating an administrative environment that is transparent, impartial and fair, while also recognising the essential role of non-state actors and civil society;
Amendment 103 #
Motion for a resolution Paragraph 34 a (new) 34a. Whereas the EU is regrettably failing to pay sufficient attention to or exert pressure on oppressive political regimes in several Central Asian countries while nevertheless focusing on similar problems beyond its own neighbourhood;
Amendment 104 #
Motion for a resolution Paragraph 35 35. Calls on all developing countries urgently to sign the UN convention against corruption
Amendment 105 #
Motion for a resolution Paragraph 35 a (new) 35a. Recognises the need for developing countries to improve international accounting standards in order to prevent tax avoidance and tax evasion practices, and thereby achieving better Global Fiscal Governance;
Amendment 106 #
Motion for a resolution Paragraph 36 36. Calls on developing countries to involve parliaments, local government and civil society, and other Non-State actors, at all stages of policy formulation and implementation;
Amendment 107 #
Motion for a resolution Paragraph 36 a (new) 36a. Recognises the vital link between security and development and notes with concern the lack of progress towards a peaceful solution made in frozen conflicts in the EU's neighbourhood and beyond, urging the EU to review its efforts in this area;
Amendment 11 #
Motion for a resolution Recital K K. whereas remittances
Amendment 12 #
Motion for a resolution Recital L L. whereas, although
Amendment 13 #
Motion for a resolution Recital M M. whereas
Amendment 14 #
Motion for a resolution Recital N N. whereas the recent food and fuel crises, coupled with the global economic downturn and climate change, have
Amendment 15 #
Motion for a resolution Recital N a (new) Na. whereas land ownership creates incentives for individuals, families and communities to take control of their own development and ensure food security at a local level,
Amendment 16 #
Motion for a resolution Recital O O. whereas
Amendment 17 #
Motion for a resolution Recital Q a (new) Qa. whereas up to 300 people per 100,000 population live with tuberculosis in the European Neighbourhood Policy (ENP) participant countries Moldova and Ukraine,
Amendment 18 #
Motion for a resolution Recital S S. whereas a lack of
Amendment 19 #
Motion for a resolution Recital T a (new) Ta. whereas illicit capital flows from developing countries are estimated at 641 - 941 billion USD, and this outflows undermine developing countries capacity to generate their own resources and allocate more funds to poverty reduction1, _____________ 1 Professor Guttorm Schjelderup, Hearing European Parliament, 10 November 2010
Amendment 2 #
Motion for a resolution Indent 15 a (new) - having regard to the Council Conclusions on Progress on the European Programme for Action to Confront HIV/AIDS, Malaria and Tuberculosis through External Action (2007-2011),
Amendment 20 #
Motion for a resolution Recital U U. whereas
Amendment 21 #
Motion for a resolution Recital U a (new) Ua. whereas trade is a prerequisite for sustainable development,
Amendment 22 #
Motion for a resolution Recital V V. whereas
Amendment 23 #
Motion for a resolution Paragraph V V. whereas
Amendment 24 #
Motion for a resolution Recital W W. whereas
Amendment 25 #
Motion for a resolution Recital W a (new) Wa. whereas about 60,000 pregnant women died from AIDS over this period and it is becoming increasingly clear that in order to tackle the rising maternal mortality in the regions of eastern and southern Africa, urgent action is required not so much in emergency obstetrical care, but in access to antiretrovirals,
Amendment 26 #
Motion for a resolution Recital Y Y. whereas failing to meet our MDG promises will mean
Amendment 27 #
Motion for a resolution Recital Y a (new) Ya. whereas there is a demographic deficit of 100 million women in the world due to abortions and infanticide based on cultural preferences for male children,
Amendment 28 #
Motion for a resolution Paragraph 1 1. Expects the June 2010 European Council to agree on a
Amendment 29 #
Motion for a resolution Paragraph 1 1. Expects the June 2010 European Council to agree on an ambitious and united EU position ahead of September's UN MDG meeting and to lead to
Amendment 3 #
Motion for a resolution Indent 19 - having regard to its resolutions of 4 September 2008 on maternal mortality1,
Amendment 30 #
Motion for a resolution Paragraph 1 a (new) 1a. Calls on the Member States to meet the obligations to which they agreed as part of the European Consensus on Development;
Amendment 31 #
Motion for a resolution Paragraph 2 Amendment 32 #
Motion for a resolution Paragraph 2 2. Calls on
Amendment 33 #
Motion for a resolution Paragraph 3 Amendment 34 #
Motion for a resolution Paragraph 3 a (new) 3a. Believes that achieving the Millennium Development Goal requires above all a radical change of policy in industrialised and developing countries in order to address the structural causes of poverty such as unfair world trade rules, unbearable debt payment and unfair distribution of wealth including in developing countries;
Amendment 35 #
Motion for a resolution Paragraph 3 b (new) 3b. Believes that the fight against poverty requires policy reform in view of establishing global fair and equitable trade rules, measures to foster access to land, water and the resources of biodiversity as well as measures to foster a policy of local support for sustainable smallholding agriculture;
Amendment 36 #
Motion for a resolution Paragraph 4 4. Calls on the EU and the OECD not to broaden the definition of development aid (ODA) and not to count
Amendment 37 #
Motion for a resolution Paragraph 4 4. Calls on the EU
Amendment 38 #
Motion for a resolution Paragraph 5 Amendment 39 #
Motion for a resolution Paragraph 5 Amendment 4 #
Motion for a resolution Recital B B. whereas the EU and its Member States, as the world's largest donor, needs to play a leading role at the September MDG meeting and adopt an ambitious, united position that can
Amendment 40 #
Motion for a resolution Paragraph 5 5. Calls on the EU unilaterally to introduce a tax
Amendment 41 #
Motion for a resolution Paragraph 6 Amendment 42 #
Motion for a resolution Paragraph 6 Amendment 43 #
Motion for a resolution Paragraph 6 Amendment 44 #
Motion for a resolution Paragraph 7 7. Calls on all Member States actively to crack down on tax havens and tax evasion, illicit financial flow within the G20 and UN framework, and to promote
Amendment 45 #
Motion for a resolution Paragraph 7 7. Calls on all Member States actively to c
Amendment 46 #
Motion for a resolution Paragraph 7 a (new) 7a. Calls on the EIB to review its policy on offshore financial centres on the basis of more stringent criteria than the Organisation for Economic Cooperation and Development (OECD) listing for the definition of prohibited and monitored jurisdictions, and to ensure its implementation and provide annual reports on progress;
Amendment 47 #
Motion for a resolution Paragraph 8 8. Calls on all Member States and the international community to take action to make remittances cheaper;
Amendment 48 #
Motion for a resolution Paragraph 8 a (new) 8a. Calls on all Member States to support UN initiatives and take measures to increase lender and borrower responsibility in sovereign debt transactions and to establish a fair, transparent and independent debt resolution mechanism;
Amendment 49 #
Motion for a resolution Paragraph 9 9. Calls on
Amendment 5 #
Motion for a resolution Recital E Amendment 50 #
Motion for a resolution Paragraph 9 9. Calls on all Member States
Amendment 51 #
Motion for a resolution Paragraph 9 9. Calls
Amendment 52 #
Motion for a resolution Paragraph 10 Amendment 53 #
Motion for a resolution Paragraph 10 a (new) 10a. Recognises that, while it is vital to focus on the LDCs, many of which are not on target to meet any of the MDGs at all, the "middle-income" developing countries, which continue to require assistance on their way towards reaching their full development potential, must also be in the forefront of the EU's attention,
Amendment 54 #
Motion for a resolution Paragraph 10 a (new) Amendment 55 #
Motion for a resolution Paragraph 10 b (new) 10b. Stresses that there is a need to an effective global response to the problem of climate change where industrialised countries should take their responsibility and take the lead in combating greenhouse gases effects, which threatens MDG goals if not addressed;
Amendment 56 #
Motion for a resolution Paragraph 11 11. Calls on all Member States to commit to allotting
Amendment 57 #
Motion for a resolution Paragraph 11 11. Calls on all Member States to commit to allotting
Amendment 58 #
Motion for a resolution Paragraph 11 a (new) 11a. Calls on the European Commission to use its existing instruments of cooperation with developing countries, including the ENP Action Plans, the Eastern Partnership, GSP and GSP+, to further define and implement concrete steps with which to facilitate the fulfilment of the MDGs;
Amendment 59 #
Motion for a resolution Paragraph 12 12.
Amendment 6 #
Motion for a resolution Recital F Amendment 60 #
Motion for a resolution Paragraph 12 12. Calls on all Member States to increase
Amendment 61 #
Motion for a resolution Paragraph 12 a (new) 12a. Calls on the EU to transform its fisheries partnership agreements so that they are fully coherent with EU development policy and take full account of social and economic development requirements in local communities; considers that the best way to do this is to create a distinction between the costs of access for the EU fleet (which should be covered by ship-owners and represent a fair part of the value of the catches) and the sectoral support provided by the EU to the third country through partnership agreements (for research, control, etc); such support must be long- term in nature and coherent with EU development policy objectives, in particular poverty alleviation;
Amendment 62 #
Motion for a resolution Paragraph 12 a (new) 12a. Calls on all Member States to ensure that the EU continues to work through a wide array of existing financial instruments at global and country levels in addition to budget support, including the Global Fund to fight HIV/AIDS, Tuberculosis and Malaria, and other relevant organizations and mechanisms, in particular civil society organizations and communities;
Amendment 63 #
Motion for a resolution Paragraph 13 13. Calls on all Member States to co
Amendment 64 #
Motion for a resolution Paragraph 13 13. Calls on all Member States to continue to improve donor coordination and division of labour, as different member states can offer expert knowledge in various geographical areas and development sectors, based on their unique experiences and capabilities, and to untie all their aid;
Amendment 65 #
Motion for a resolution Paragraph 13 13. Calls on all Member States to continue to improve donor coordination and division of labour and to untie all their aid; and improve aid effectiveness by reducing overfragmentation of aid budget;
Amendment 66 #
Motion for a resolution Paragraph 14 a (new) 14a.Calls on the EU to take concrete action against poverty by adopting a coherent policy between Trade, Development Cooperation and its Common Agricultural and fisheries policies to avoid direct or indirect negative impacts on developing countries economy;
Amendment 67 #
Motion for a resolution Paragraph 15 15.
Amendment 68 #
Motion for a resolution Paragraph 15 15. Calls on the EU to
Amendment 69 #
Motion for a resolution Paragraph 15 15. Calls on the EU
Amendment 7 #
Motion for a resolution Recital G G. whereas unpredictable aid can be detrimental to recipient countries and whereas better quality aid could
Amendment 70 #
Motion for a resolution Paragraph 17 17. Calls on the EU
Amendment 71 #
Motion for a resolution Paragraph 17 17. Calls on the EU not to pressure poor countries through its trade policy into opening up vulnerable market sectors when their level of development precludes them from competing fairly on the global stage; , while enhancing the pro-poor focus of the EU Aid for Trade policy;
Amendment 72 #
Motion for a resolution Paragraph 18 a (new) 18a. Calls on EU and Member States, parties to the Protocol on Strategic Environmental Assessment to the Espoo Convention, to fully comply to the Protocol's provisions when assisting in developing programmes and public projects in developing countries;
Amendment 73 #
Motion for a resolution Paragraph 18 a (new) III. Priority MDG targets 18a. Calls the EU to maintain a global and comprehensive approach to MDGs, recognising that all individual goals and targets are interlinked and minimum requirements for the achievement of poverty eradication; Health and education
Amendment 74 #
Motion for a resolution Paragraph 19 19. Calls on all Member States and the Commission to
Amendment 75 #
Motion for a resolution Paragraph 19 19. Calls on all Member States and the Commission to
Amendment 76 #
Motion for a resolution Paragraph 20 20.
Amendment 77 #
Motion for a resolution Paragraph 20 20. Calls on developing countries to
Amendment 78 #
Motion for a resolution Paragraph 21 21.
Amendment 79 #
Motion for a resolution Paragraph 21 21. Calls on the EU and developing countries to p
Amendment 8 #
Motion for a resolution Recital H Amendment 80 #
Motion for a resolution Paragraph 22 22. Calls on all Member States and the Commission to reverse the worrying decline in funding for sexual and reproductive health
Amendment 81 #
Motion for a resolution Paragraph 22 22. Calls on all Member States and the Commission to reverse the worrying decline in funding for sexual and reproductive health and rights in
Amendment 82 #
Motion for a resolution Paragraph 22 22. Calls on all Member States and the Commission to reverse the worrying decline in funding for sexual and reproductive health and rights in developing countries and to support policies on voluntary family planning, safe abortion, treatment of sexual
Amendment 83 #
Motion for a resolution Paragraph 22 a (new) 22a. Calls for an end to abortion as a form of contraception or family planning and a recalibration of the ideas of "women's rights" and "sexual and reproductive health" to once again focus on the protection of vulnerable women, born and unborn, in the developing world;
Amendment 84 #
Motion for a resolution Paragraph 23 23. Calls on the EU to improve poor people's access to affordable medicines by
Amendment 85 #
Motion for a resolution Paragraph 24 24. Calls on the EU to
Amendment 86 #
Motion for a resolution Paragraph 25 25. Calls on the EU and developing countries to pay particular attention to the rights of
Amendment 87 #
Motion for a resolution Paragraph 25 25. Calls on the EU and developing countries to pay particular attention to the rights of people with disabilities and ethnic, religious, linguistic, sexual and other minorities and insists the EU inserts human rights and non-
Amendment 88 #
Motion for a resolution Paragraph 26 26.
Amendment 89 #
Motion for a resolution Paragraph 26 26. Calls on the EU
Amendment 9 #
Motion for a resolution Recital H H. whereas
Amendment 90 #
Motion for a resolution Paragraph 26 a (new) 26a. Calls on the Commission to promote land ownership as a tool for poverty reduction and the guarantee of food security by strengthening property rights and facilitating access to credit to farmers, small businesses and local communities;
Amendment 91 #
Motion for a resolution Paragraph 26 a (new) Decent Work 26a. Calls on the Member States and the Commission to reinforce their efforts on the fight against the child labour, supporting specific programmes and in the guidelines of development policies and international trade;
Amendment 92 #
Motion for a resolution Paragraph 26 a (new) 26a. Calls on the EU and the international community to ensure that development policies incorporate the concept of food sovereignty, i.e. the right of all peoples to decide their own agricultural policies with regard to food, by regulating national agricultural production so as to guarantee fair prices for products and protect national markets;
Amendment 93 #
Motion for a resolution Paragraph 26 a (new) 26a. Expresses its deep concern about the current farmland acquisition (particularly in Africa) by government-backed foreign investors, which, if not handled properly, threatens to undermine local food security and lead to serious and far-reaching consequences in developing countries;
Amendment 94 #
Motion for a resolution Paragraph 26 b (new) 26b. Urges the UN and the EU to seriously address the adverse impacts of farm land acquisition, of (such as expropriation of small farmers and unsustainable use of land and water), at the occasion the UN high level meeting on MDGs in September, by recognising the right of the population to control farmland and other vital natural resources and by adopting guiding principles in this line;
Amendment 95 #
Motion for a resolution Paragraph 29 29. Calls on the World Bank and IMF to allocate a fairer share of voting rights to underrepresented nations ensuring that borrowers and lenders have equal voting shares in the short term, and that lending shall not undermine principles of ownership as committed to in Paris and Accra;
Amendment 96 #
Motion for a resolution Paragraph 29 a (new) 29a. Deplores that for the past 3 decades many public intervention instruments in the agricultural commodities sector, such as state marketing boards, have been dismantled as a result of IMF led structural adjustment programmes and that this policy has reduced the capacity of states to regulate the market; calls for regulatory measures, including price control to prevent that speculation undermines food availability and leads to insecurities for farmers;
Amendment 97 #
Motion for a resolution Paragraph 30 30. C
Amendment 98 #
Motion for a resolution Paragraph 30 30. Calls on the IMF to
Amendment 99 #
Motion for a resolution Paragraph 31 31. Intends, when codeciding the upcoming re
source: PE-441.004
2011/04/12
ECON
110 amendments...
Amendment 1 #
Draft opinion Recital A A. whereas the
Amendment 10 #
Draft opinion Recital B B. whereas, following the financial crisis, auditors have been identified as being able to play a key role in strengthening the risk management oversight of Systemically Important Financial Institutions (SIFIs) and relevant Highly Leveraged Institutions,
Amendment 100 #
Draft opinion Paragraph 5 b (new) 5b. Calls on the Commission and the Member States to ensure that audits of public bodies are exemplary and to prevent any conflicts of interest from arising as a result of links between the auditor and decision-makers within the public body being audited;
Amendment 101 #
Draft opinion Paragraph 5 b (new) 5b. Considers that, in view of the abuses which have occurred in the use of the support provided to the Member States from European Union sources, it would be appropriate to consider the possibility that accounts for aid could be accepted on the basis of an auditor’s report (opinion), irrespective of the threshold;
Amendment 102 #
Draft opinion Paragraph 5 b (new) 5b. Suggests that auditors should take part in pan industry or sectoral assessments of specific controls and risks, observing that this should be exercised in a proportionate way and not be imposed on small businesses;
Amendment 103 #
Draft opinion Paragraph 5 c (new) 5 c. Calls on financial institutions’ audit reports to include enhanced disclosure requirements around the valuation of less liquid assets to enable the comparison of financial instrument valuations between institutions.
Amendment 104 #
Draft opinion Paragraph 5 c (new) 5c. Calls on the Commission and the Member States to ensure compliance with the findings published by national audit offices in pursuit of their audit remit;
Amendment 105 #
Draft opinion Paragraph 5 c (new) 5c. Supports the Commission proposal that the audit role is one of statutory inspection wherein the appointment, remuneration and duration of the engagement would be the responsibility of a third party, perhaps a regulator, rather than the company itself.
Amendment 106 #
Draft opinion Paragraph 5 c (new) 5c. Recommends that auditors must be made aware of all instances where the risk-committee has been over-ruled;
Amendment 107 #
Draft opinion Paragraph 5 d (new) 5d. Takes the view that the implementation of measures to guard against conflicts of interest should be monitored by the national supervisory authorities;
Amendment 108 #
Draft opinion Paragraph 5 d (new) 5d. Group auditors should have a clear overview of the group and for financial institutions supervised on a group basis should have dialogue with the group supervisor.
Amendment 109 #
Draft opinion Paragraph 5 e (new) Amendment 11 #
Draft opinion Recital B B. whereas, following the financial crisis, auditors have been identified as being able to play a key role in strengthening the risk management oversight of
Amendment 110 #
Draft opinion Paragraph 5 f (new) 5f. Calls on the Commission to look at ways of making the operations of audit firms more transparent; notes that the introduction of an obligation to publish annual financial statements verified by the relevant public authorities would help to achieve this;
Amendment 12 #
Draft opinion Recital Β a (new) Ba. mindful of the conflict of interest arising in the operation of audit firms and the need to increase the reliability of audits and the independence of auditors, so that they perform their social function and protect the interests of the peoples of Europe,
Amendment 13 #
Draft opinion Recital B B. whereas, following the financial crisis, auditors have been identified as being able to play a key role in strengthening the risk management oversight of
Amendment 14 #
Draft opinion Recital C C. whereas the role of the audit committees within
Amendment 15 #
Draft opinion Recital C C. whereas the role of the audit committees within
Amendment 16 #
Draft opinion Recital C C. whereas the role of the audit committees within
Amendment 17 #
Draft opinion Recital C a (new) Ca. calls for further investigation of increased opportunities for smaller firms in order to improve competitiveness on the market; in this respect welcomes the Commission's intention to address the issue of contractual clauses that are informally referred to as "Big Four only clauses" and to create instead European quality certification for audit firms which would formally recognise their aptitude to perform audits of large listed companies,
Amendment 18 #
Draft opinion Recital C a (new) Ca. warmly welcomes the intention of the Green Paper to increase the quality of auditing reports in order to contribute to the stability of the financial market; favours any measures based on the evidence that costs and burdens to Financial Institutions are outweighed by improving their quality significantly,
Amendment 19 #
Draft opinion Recital C a (new) Ca. whereas the market in auditing services is structured as an oligopoly, with the Big Four holding more than 90%, and an endogenous and constant rate of concentration is emerging which must be significantly reduced, with concrete action being taken to encourage the further development and growth of the sector,
Amendment 2 #
Draft opinion Recital A A. whereas the audit
Amendment 20 #
Draft opinion Recital C a (new) Ca. whereas conflict of interests are likely to exist when auditing firms offer different services to the same firm,
Amendment 21 #
Draft opinion Recital C b (new) Cb. Highlights the importance of the audit report for shareholders and the public; recognises the principle "an audit is an audit" and warns of the high risk that the application of different standards leads to legal uncertainty; therefore favours the extension of the scope to all financial institutions,
Amendment 22 #
Draft opinion Recital C b (new) Cb. whereas, in the wake of the crisis, excessive risk-taking on the part of financial institutions has been significantly linked to flexible, scant and ineffective control and risk management mechanisms, particularly in Systemically Important Financial Institutions (SIFIs),
Amendment 23 #
Draft opinion Paragraph 1 Amendment 24 #
Draft opinion Paragraph 1 1.
Amendment 25 #
Draft opinion Paragraph 1 1. Calls for the provision of increased opportunities for smaller firms by
Amendment 26 #
Draft opinion Paragraph 1 1. Calls for the provision of increased opportunities for smaller firms by preventing internal audit services being carried out by the same company as the external audit; notes that areas of audit services which are deemed to incur a conflict of interest should be carried out by different companies, including evaluations of complex structured products; demands that public procurement should aim to use firms other than the big four and that public bodies should set a benchmark percentage for use of non big four firms;
Amendment 27 #
Draft opinion Paragraph 1 1.
Amendment 28 #
Draft opinion Paragraph 1 1. C
Amendment 29 #
Draft opinion Paragraph 1 1. Calls for the provision of increased opportunities for smaller firms and increased independence of audit by preventing internal audit services being carried out by the same company as the external audit; notes that
Amendment 3 #
Draft opinion Recital Α a (new) Aa. whereas the role of regulatory tools in bringing about a recovery from the crisis and preventing a future crisis, in the same economic system that created it, is limited and insufficient, since in essence these tools act to serve and propagate the system,
Amendment 30 #
Draft opinion Paragraph 1 1. Calls for the provision of increased opportunities for smaller firms through structured cooperation plans between major and smaller companies and by preventing internal audit services being carried out by the same company as the external audit; notes that areas of audit services which are deemed to incur a conflict of interest should be carried out by different companies, including evaluations of complex structured products;
Amendment 31 #
Draft opinion Paragraph 1 1. Calls for the provision of increased opportunities for smaller firms
Amendment 32 #
Draft opinion Paragraph 1 a (new) 1a. Considers that companies need better information about the quality of services that smaller audit firms can supply; recognises that companies need access to independent auditors and audit firms that possess a broad range of skills; considers auditor independence to be an essential requirement to promote confidence in financial reporting; believes that auditors should be prohibited from providing services to the audited company that give rise to a breach of applicable independence requirements;
Amendment 33 #
Draft opinion Paragraph 1 a (new) 1a. Recommends that the audit committee as an entity of the supervisory board, not the executive board, should decide whether to permit the provision of non- audit services to the respective financial company and should negotiate the tender and details of the mandate; calls on the Commission to conduct an impact assessment of the viability and effects of a cap on non-audit services in relation to revenue;
Amendment 34 #
Draft opinion Paragraph 1 a (new) 1a. Agrees that steps need to be taken to prevent excessive familiarity, suggests that options other than or additional to a fixed rotation cycle should be considered, for example if joint audits are used the rotation cycle could be double that for when a single auditor is used as the dynamics of ‘three in the room’ is different to that of ‘two in the room’; joint audit rotation could also be staggered;
Amendment 35 #
Draft opinion Paragraph 1 a (new) 1a. Recognises that the audit sector has an important responsibility in increasing transparency and improving the quality of audits in the form of codes and best practice, which should be applied as broadly as possible where appropriate, but underlines that it must be complemented by concrete legislation, as well as by regular external evaluation and appropriate regulatory oversight;
Amendment 36 #
Draft opinion Paragraph 1 a (new) 1a. Calls upon DG Competition to hold a detailed investigation into the audit market;
Amendment 37 #
Draft opinion Paragraph 1 a (new) 1a. Takes the view that statutory auditing has a social function and is in the public interest, as it is a fundamental component of the social, economic and political model and is a key tool for companies to access financing and for corporate governance;
Amendment 38 #
Draft opinion Paragraph 2 Amendment 39 #
Draft opinion Paragraph 2 2.
Amendment 4 #
Draft opinion Recital A a (new) Aa. whereas statutory auditing has a social function and is in the public interest and the last financial crisis has shown major flaws in the conduct of audit, takes the view that a stricter regulation should be put in place to guarantee the independence and quality of auditing,
Amendment 40 #
Draft opinion Paragraph 2 2. Believes
Amendment 41 #
Draft opinion Paragraph 2 2. Believes
Amendment 42 #
Draft opinion Paragraph 2 2.
Amendment 43 #
Draft opinion Paragraph 2 2. Believes
Amendment 44 #
Draft opinion Paragraph 2 2. Believes companies should conduct a compulsory open tendering process for statutory appointments of external auditors at least every eight years
Amendment 45 #
Draft opinion Paragraph 2 2. Believes companies should conduct a compulsory open tendering process for statutory appointments of external auditors at least every
Amendment 46 #
Draft opinion Paragraph 2 2. Believes companies should conduct a compulsory open tendering process for statutory appointments of external auditors every eight years, on a renewable basis;
Amendment 47 #
Draft opinion Paragraph 2 2. Believes companies should conduct a compulsory, open and fully transparent competitive tendering process for statutory appointments of external auditors every
Amendment 48 #
Draft opinion Paragraph 2 2. Believes
Amendment 49 #
Draft opinion Paragraph 2 2. Believes companies should conduct a compulsory open tendering process for statutory appointments of external auditors every eight years, on a renewable basis; notes that for SIFIs this should be reduced to every four years; notes that there should be mandatory rotation of key audit partners even if these partners change firms;
Amendment 5 #
Draft opinion Recital A a (new) Aa. whereas the House of Lords Economic Affairs Committee inquiry criticizes the big four's complacency and dereliction of duty for having contributed to the financial crisis,
Amendment 50 #
Draft opinion Paragraph 2 2. Believes companies should conduct a compulsory open tendering process for statutory appointments of external auditors every eight years, on a renewable basis; notes that for
Amendment 51 #
Draft opinion Paragraph 2 2. Believes companies should conduct a compulsory open tendering process for statutory appointments of external auditors every eight years, on a renewable basis;
Amendment 52 #
Draft opinion Paragraph 2 2. Believes companies should conduct a compulsory open tendering process for statutory appointments of external auditors every
Amendment 53 #
Draft opinion Paragraph 2 a (new) 2a. Calls for audit committees to be required to publish in their report the occurrence of regular discussions with principal shareholders; any significant financial reporting issues raised during the course of the audit; and explain the basis of the decision on audit tendering and auditor appointment for all audit related work, but especially for the external audit contract;
Amendment 54 #
Draft opinion Paragraph 2 a (new) 2a. Stresses that the mandatory rotation of audit companies and auditors every eight years is vital, guaranteeing the largest possible gap before the company is audited again by the firm concerned, particularly in the case of public interest entities and SIFIs, whereby specific steps need to be taken to ensure that the above provisions are complied with;
Amendment 55 #
Draft opinion Paragraph 2 a (new) 2a. Takes the view that, in order to guarantee the independence and avoid conflicts of interest in the audit profession, audit companies should only provide auditing services to the audited company; believes furthermore, that under no circumstances should internal and external auditing services be provided simultaneously;
Amendment 56 #
Draft opinion Paragraph 2 a (new) 2a. Upholds that with regard to maintaining a high standard of audit quality, the internal rotation of auditors, as confirmed in Directive 2006/43/EC, is to be preferred over external rotation;
Amendment 57 #
Draft opinion Paragraph 2 a (new) 2a. Believes that joint audit could play a significant role by reducing the specific risks resulting from the over concentration of the audit profession; calls therefore the Commission to explore through an impact assessment the advantages and potential costs of the introduction of a compulsory joint audit system in the European union with respect to concentration on the audit market and the objective of financial stability;
Amendment 58 #
Draft opinion Paragraph 2 b (new) 2b. Recommends the compulsory introduction of joint-audits with the inclusion of at least one smaller audit firm, which has the potential to develop into an internationally active market participant;
Amendment 59 #
Draft opinion Paragraph 2 b (new) 2b. Considers that significant mergers or acquisitions achieved by dominant audit firms should be carefully monitored by the Commission in order to avoid a strengthening of the oligopolistic feature of audit market; asks the Commission to achieve an annual report including recommendations designed to promote a stronger competition in the audit market;
Amendment 6 #
Draft opinion Recital A a (new) Aa. whereas the collapse of a dominant audit firm would seriously undermine the credibility of the audit profession as a whole and could create major uncertainty on the quality of financial statements made for listed companies,
Amendment 60 #
Draft opinion Paragraph 3 3. Calls for enhanced, two-way communication between auditors and financial supervisors of
Amendment 61 #
Draft opinion Paragraph 3 3. Calls for enhanced, two-way communication between auditors and financial supervisors of
Amendment 62 #
Draft opinion Paragraph 3 3. Calls for enhanced
Amendment 63 #
Draft opinion Paragraph 3 3. Calls for enhanced, two-way communication between auditors and financial supervisors of SIFIs, especially in relation to specific areas of concern, including the interaction between different financial products; believes society demands that auditors have both a forward and outward looking responsibility especially with regard to large and systemically relevant corporations; information available to auditors that is in the public interest relating to risk, off balance sheet operations or future potential future exposures should always be disclosed to regulators and in most cases disclosed to shareholders by company management;
Amendment 64 #
Draft opinion Paragraph 3 3.
Amendment 65 #
Draft opinion Paragraph 3 3. Calls for enhanced, two-way communication between auditors and national financial supervisors of
Amendment 66 #
Draft opinion Paragraph 3 3. Calls for enhanced, two-way communication between auditors and financial supervisors of
Amendment 67 #
Draft opinion Paragraph 3 3. Calls for enhanced
Amendment 68 #
Draft opinion Paragraph 3 3. Calls for enhanced, two-way communication between auditors and financial supervisors of
Amendment 69 #
Draft opinion Paragraph 3 a (new) 3a. Calls on the Commission to propose legislation to integrate the European Group of Auditors Oversight Bodies into ESMA and bring auditing firms operating in more than one Member State under its direct supervision in analogy with credit rating agencies;
Amendment 7 #
Draft opinion Recital Α b (new) Ab. whereas the financial crisis exposed the inadequacy of the structural audit mechanism in the existing socio-economic system and the inability of auditors properly to perform their monitoring function and their social role, essentially constituting an effect and a part of the crisis; whereas it is necessary to create a suitable regulatory framework to tackle pathogenic forms of the audit system and make it more effective, the main aim being to protect democracy, transparency and the well-being of European citizens,
Amendment 70 #
Draft opinion Paragraph 3 a (new) 3a. Calls for the financial statements of audit companies to be verified and made public, particularly those dealing with public interest entities and SIFIs,
Amendment 71 #
Draft opinion Paragraph 3 a (new) 3a. Calls for the publication of the supervisor’s auditor inspection firm reports so as to strengthen the role of quality as a competitive advantage;
Amendment 72 #
Draft opinion Paragraph 3 b (new) 3b. Calls on the Commission to explore rules such as the allocation of auditing firms by independent bodies like ESMA, a second mandatory audit, random allocation, as well as mandatory rotation;
Amendment 73 #
Draft opinion Paragraph 3 c (new) 3c. Calls on the Commission to assess the situation of liability of auditing firms in the EU and propose measures to reinforce liability regimes in cases of negligence;
Amendment 74 #
Draft opinion Paragraph 4 4. Calls for the external auditors of
Amendment 75 #
Draft opinion Paragraph 4 4. Calls for the auditors of SIFIs to report periodically, on a collective basis, to the
Amendment 76 #
Draft opinion Paragraph 4 4. Calls for the auditors of SIFIs and relevant Highly Leveraged Institutions to report periodically, on a collective basis, to the ESRB;
Amendment 77 #
Draft opinion Paragraph 4 4. Calls for the auditors of
Amendment 78 #
Draft opinion Paragraph 4 4. Calls for the auditors of
Amendment 79 #
Draft opinion Paragraph 4 a (new) 4a. Calls for SIFIs to be subject to the obligation of devoting attention in their reporting specifically to potential future financing and financing needs, bank covenants, future cash flows and any foreseeable risks with respect to the company’s business model, and that the auditor’s statutory tasks are expanded to include the provision of assurance on such information;
Amendment 8 #
Draft opinion Recital B B. whereas, following the financial crisis, auditors have been identified as being able to play a key role in strengthening the risk management oversight of
Amendment 80 #
Draft opinion Paragraph 4 a (new) 4a. Considers that the current system of corporate social and environmental responsibility (CSER) is still unregulated; believes however that audit companies could have an important incentive role towards private companies with respect to the promotion and implementation of CSER. Calls therefore the commission to come up with legislative proposals designed to task audit firms with reporting obligations with respect to CSER;
Amendment 81 #
Draft opinion Paragraph 4 b (new) 4b. Calls for the introduction of auditor’s reports for SIFIs which include paragraphs containing compulsory additional explanations on concrete aspects such as risk management, financing and continuity, management estimates and major accounting principles;
Amendment 82 #
Draft opinion Paragraph 5 5. Calls for the role of the audit committees of
Amendment 83 #
Draft opinion Paragraph 5 5. Calls for the role of the audit committees of SIFIs and Highly Leveraged Institutions to be strengthened by requiring them to approve a risk model assessment which includes firm-specific comparisons to benchmarks; demands that this assessment be presented to the boards of SIFIs and Highly Leveraged Institutions, along with the full audit report, annually for consideration and approval.
Amendment 84 #
Draft opinion Paragraph 5 Amendment 85 #
Draft opinion Paragraph 5 5. Calls for the role of the audit committees of
Amendment 86 #
Draft opinion Paragraph 5 5. Calls for the role of the audit committees of
Amendment 87 #
Draft opinion Paragraph 5 5. Calls for the role of the audit committees of
Amendment 88 #
Draft opinion Paragraph 5 a (new) 5a. Considers joint audit to be an appropriate way to organise a statutory audit in specific business situations, for example mergers of companies; cautions the Commission not to propose the introduction of mandatory joint audit across the European Union without properly considering the various situations in all EU Member States and assessing in depth its benefits compared to obvious cost increases and expanded coordination efforts for auditors as well as audited companies; in addition, asks the Commission to ensure the transparency of audit quality and that the audit committees are always able to select the audit firm, based on objective and quality based criteria, in the best interest of the audited company; asks the Commission to come up with relevant proposals in that sense;
Amendment 89 #
Draft opinion Paragraph 5 a (new) 5a. Calls for the reform of audit to be embedded in the overall reform of corporate governance, of which it is an integral part that should not be dealt with in isolation but simultaneously in order to ensure genuine improvement and consistency. Notably, it is crucial to strengthen the role, communication and reporting of the audit committee in that context. Therefore calls on the Commission for both audit and corporate governance reforms to be presented to the Parliament and the Council at the same time as a package;
Amendment 9 #
Draft opinion Recital B B. whereas,
Amendment 90 #
Draft opinion Paragraph 5 a (new) 5a. Calls on the Commission to perform a rigorous impact assessment that evaluates the costs and benefits of further regulation or harmonization of audit practices across the EU; believes that any such evaluation must include an assessment of potential costs on a wide range of different stakeholders including investors, preparers and consumers of audit services; considers that special attention must be given to the preparer community in order to analyse separately the impact on listed companies, unlisted companies and SMEs as well as systemically important financial institutions (SIFIs);
Amendment 91 #
Draft opinion Paragraph 5 a (new) 5a. Believes that mandatory joint audits result in higher costs for businesses; points out that in countries in which this system is in force no improvement has been observed in the quality of the financial information published on the market; notes, furthermore, that joint audits are not the best means of opening up the audit market and can, on the contrary, result in its concentration around the major players and in individual auditors becoming less accountable;
Amendment 92 #
Draft opinion Paragraph 5 a (new) 5a. Calls on the Commission to investigate the use of restrictive covenants by banks and other financial institutions on loans and other financial products to companies, which may be limiting auditor choice;
Amendment 93 #
Draft opinion Paragraph 5 a (new) 5a. Points out that a high-quality audit system is an integral part of a sound corporate governance framework; asks the Commission to present their proposals simultaneously in order to ensure consistency;
Amendment 94 #
Draft opinion Paragraph 5 a (new) 5a. Calls on the Commission to look into the legal barriers existing both within the EU and between EU countries and non- EU countries in connection with the forwarding of data during group audits;
Amendment 95 #
Draft opinion Paragraph 5 a (new) 5a. Notes that there are many more auditors than credit rating agencies and that direct supervision by a European Agency would be a larger task that that set up for Credit Rating Agencies, however an authorisation process at the European level may be feasible;
Amendment 96 #
Draft opinion Paragraph 5 a (new) 5a. Calls on the Commission to clearly develop a pan-European liability regime for the auditing profession in the case of gross negligence with a cap in the range of 25 to 50 million EURO;
Amendment 97 #
Draft opinion Paragraph 5 a (new) 5a. Proposes that consideration be given to the idea that the cap on auditors’ liability could be decided at Union level;
Amendment 98 #
Draft opinion Paragraph 5 b (new) 5b. Support the introduction of living wills for the Big Four auditors and those auditors providing significant audit services to the financial sector, including establishing cross-border contingency plans for the orderly transfer of client contracts should a significant player withdraw from the market;
Amendment 99 #
Draft opinion Paragraph 5 b (new) 5b. Recognises that the implementation of joint audit might have positive effects on the diversification of the audit market; Recalls the different market situation across member states and calls on the Commission to assess the impact on the mandatory introduction on both audit companies as well as audited companies;
source: PE-462.812
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History
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