Next event: Final act published in Official Journal 2014/11/15 more...
- Draft final act 2014/10/22
- Final act signed 2014/10/22
- End of procedure in Parliament 2014/10/22
- Act adopted by Council after Parliament's 1st reading 2014/09/29
- Council Meeting 2014/09/29
- Commission response to text adopted in plenary 2014/07/09
- Results of vote in Parliament 2014/04/15
- Decision by Parliament, 1st reading/single reading 2014/04/15
- Amendments tabled in committee 2014/04/08
- Contribution 2014/03/03
- Committee report tabled for plenary, 1st reading/single reading 2014/01/10
- Vote in committee, 1st reading/single reading 2013/12/17
- Committee opinion 2013/12/11
- Committee opinion 2013/12/10
- Committee opinion 2013/12/02
- Committee opinion 2013/11/29
- Committee opinion 2013/11/28
- Committee opinion 2013/11/28
- Amendments tabled in committee 2013/11/15
- Committee opinion 2013/11/11
Progress: Procedure completed
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | JURI | BALDASSARRE Raffaele ( PPE) | COFFERATI Sergio Gaetano ( S&D), TAYLOR Rebecca ( ALDE) |
Committee Opinion | ECON | BOWLES Sharon ( ALDE) | Ashley FOX ( ECR) |
Committee Opinion | EMPL | HOWITT Richard ( S&D) | Jean LAMBERT ( Verts/ALE) |
Committee Opinion | FEMM | KLEVA KEKUŠ Mojca ( S&D) | Mariya GABRIEL ( PPE), Filiz HYUSMENOVA ( ALDE) |
Committee Opinion | DEVE | SARGENTINI Judith ( Verts/ALE) | Nirj DEVA ( ECR) |
Committee Opinion | AFET | BROK Elmar ( PPE) | Andrzej GRZYB ( PPE), Timothy Charles Ayrton TANNOCK ( ECR) |
Committee Opinion | ENVI | ||
Committee Opinion | IMCO | COFFERATI Sergio Gaetano ( S&D) | Dennis de JONG ( GUE/NGL), Matteo SALVINI ( ENF) |
Committee Opinion | ITRE | BENDTSEN Bendt ( PPE) | Vicky FORD ( ECR) |
Lead committee dossier:
Legal Basis:
TFEU 050-p1
Legal Basis:
TFEU 050-p1Subjects
Events
PURPOSE: to increase the relevance, consistency, and comparability of non-financial information published by undertakings across the Union, with a view to increasing transparent and responsible business behaviour.
LEGISLATIVE ACT: Directive 2014/95/EU of the European Parliament and of the Council amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups.
CONTENT: the Directive aments Directive 2013/34/EU of the European Parliament and of the Council on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings. It concerns the disclosure of non-financial and diversity information by certain large undertakings and groups .
In its resolutions of 6 February 2013 , the European Parliament acknowledged the importance of businesses divulging information on sustainability such as social and environmental factors, with a view to identifying sustainability risks and increasing investor and consumer trust. It called on the Commission to bring forward a legislative proposal on the disclosure of non-financial information by undertakings allowing for high flexibility of action, in order to take account of the multidimensional nature of corporate social responsibility (CSR).
The main elements of the Directive are as follows:
Non-financial statement : under the new provisions, large undertakings which are public-interest entities exceeding on their balance sheet dates the criterion of the average number of 500 employees during the financial year shall include in the management report a non-financial statement containing information to the extent necessary for an understanding of the undertaking's development, performance, position and impact of its activity, relating to, as a minimum, environmental, social and employee matters, respect for human rights, anti-corruption and bribery matters. This statement shall include a description of policies, results and risks related to those matters.
Where the undertaking does not pursue policies in relation to one or more of those matters, the non-financial statement shall provide a clear and reasoned explanation for not doing so.
Therefore small and medium-sized companies will be exempted from the new reporting obligation.
Diversity policy : the description of the diversity policy applied for the undertaking’s administrative, management and supervisory bodies with regard to aspects such as age, gender, educational and professional background , will be added in the corporate governance statement (provided for in article 20 of directive 2013/34/EU).
Guidelines : the Commission shall publish, by 6 December 2016, non-binding guidelines on methodology for reporting non-financial information, including non-financial key performance indicators, general and sectoral, with a view to facilitating relevant, useful and comparable disclosure of non-financial information by undertakings.
Country by country reporting on taxes : in a report to be delivered by 21 July 2018 by the Commission, it will have to be considered the possibility of introducing an obligation requiring large undertakings to produce, on an annual basis, a country-by-country report for each Member State and third country in which they operate , containing information on profits made, taxes paid on profits and public subsidies received.
Review : the Commission shall submit, by 6 December 2018 and shall be accompanied, if appropriate, by legislative proposals, a report to the European Parliament and to the Council on the implementation of this Directive, including, among other aspects, its scope, particularly as regards large non-listed undertakings, its effectiveness and the level of guidance and methods provided.
ENTRY INTO FORCE: 5.12.2014.
TRANSPOSITION: 6.12.2016. Provisions are to apply to all undertakings for the financial year starting on 1 January 2017 or during the calendar year 2017.
The European Parliament adopted by 599 votes to 55 with 21 abstentions, a legislative resolution on the proposal for a directive of the European Parliament and of the Council amending Council Directives 78/660/EEC and 83/349/EEC as regards disclosure of non-financial and diversity information by certain large companies and groups.
Parliament adopted its position at first reading under the ordinary legislative procedure. The amendments adopted in plenary were the result of a compromise between Parliament and Council. They amend the Commission’s proposal as follows:
Amendment of the Accounting Directive : as suggested by Parliament, the directive should aim to amend the new Accounting Directive 2013/34/EU as regards disclosure of non-financial, specific financial and diversity information by certain large undertakings and groups
It was recalled that the European Parliament called on the Commission to bring forward a legislative proposal on the disclosure of non-financial information by undertakings, in order to take account of the multi-dimensional nature of corporate social responsibility (CSR) matched by a sufficient level of comparability to meet the needs of investors as well to provide consumers with easy access to information on businesses' impact on society.
Non-financial statement : the amended text provided that large undertakings which were public-interest entities exceeding on their balance-sheet dates the criterion of average number of employees during the financial year of 500, should include in the management report a non-financial statement containing information to the extent necessary for an understanding of the undertaking's development, performance and position and of the impact of its activity, including:
· Environmental questions : the statement should contain details of the current and foreseeable impacts of an undertaking's operations on the environment, health and safety, the use of renewable and non-renewable energy, greenhouse gas emissions, water use and air pollution.
· Social and staff issues : the information provided in the statement should concern the actions taken to ensure gender equality, implementation of fundamental conventions of the International Labour Organisation (ILO), working conditions, social dialogue, respect for the right of workers to be informed and consulted, respect for trade union rights, health and safety at work and the dialogue with local communities, and/or the actions taken to ensure the protection and the development of those communities;
· Human rights, anti-corruption and bribery : the non-financial statement should include information on the prevention of human rights abuses and instruments in place in order to fight corruption.
The non-financial statement should also include information on:
· a brief description of the undertaking's business model;
· the due diligence policies implemented by the undertaking;
· the principal risks related to those matters linked to the undertaking's operations including, where relevant and proportionate, its business relationships, products or services which are likely to cause adverse impacts in those areas, and how the undertaking manages those risks;
· non-financial key performance in dicators relevant to the particular business.
Where the undertaking does not pursue policies in relation to one or more of those matters, the non-financial statement shall provide a clear and reasoned explanation for not doing so.
An undertaking should be exempted from the obligation to provide a non-financial statement if it provided the information required for the financial year in a separate report.
Member States may allow information relating to impending developments or matters in the course of negotiation to be omitted in exceptional cases where, in the duly justified opinion of the members of the administrative, management and supervisory bodies, the disclosure of such information would be seriously prejudicial to the commercial position of the undertaking.
Guidelines: the Commission should prepare within two years of entry into force of the legislation, non-binding guidelines on methodology for reporting non-financial information, with a view to facilitating relevant, useful and comparable disclosure of non-financial information by Union undertakings.
Revision : at the latest four years after the entry into force of the Directive, the Commission should submit a report, with legislative proposals if appropriate, on the implementation of the Directive, including, among other aspects, its scope, particularly as regards large non-listed undertakings, its effectiveness and the level of guidance and methods provided.
The Committee on Legal Affairs adopted the report by Raffaele BALDASSARRE (EPP, IT) on the proposal for a directive of the European Parliament and of the Council amending Council Directives 78/660/EEC and 83/349/EEC as regards disclosure of non-financial and diversity information by certain large companies and groups.
The committee recommended that Parliament’s position in first reading following the ordinary legislative procedure should amend the Commission proposal as follows:
Amendment of the Accounting Directive : Members considered that the proposal should aim to amend the new Accounting Directive (2013/34/EU) as regards disclosure of non-financial, specific financial and diversity information by certain large undertakings and groups
Matters relating to reporting: a new recital set out the main issues which should be covered in the non-financial statement included in the management report.
· Environmental questions : the statement should contain details of the current and foreseeable impacts of an undertaking's operations on the environment, health and safety, the use of renewable and non-renewable energy, greenhouse gas emissions, water use and air pollution.
· Social and staff issues: the information provided in the statement should concern, the relationships maintained by the undertaking with its supply and subcontracting chains, the actions taken to ensure gender equality, implementation of fundamental conventions of the International Labour Organisation (ILO), working conditions, social dialogue, respect for the right of workers to be informed and consulted, respect for trade union rights, health and safety at as well as responsible behaviour on tax planning
· Human rights, anti-corruption and bribery : the non-financial statement should include, as a minimum, information on the prevention of human rights abuses and instruments in place in order to fight corruption and bribery.
The non-financial statement should also include information on the due diligence policies implemented by the undertaking, in particular regarding the undertakings' supply and subcontracting chains, in order to identify, prevent and mitigate existing and potential adverse impacts.
Report on risks : the management report shall include a fair review of the development and performance of the undertaking’s business and of its position, together with a description of the management of the principal risks and uncertainties that it faces.
Members proposed limiting the disclosure of information only to risks that were deemed to be ‘principal’, whilst giving the decision-making or supervisory bodies of an undertaking the option of not disclosing information relating to risks or to negotiations under way, where such disclosure would seriously jeopardise the interests of the undertaking.
Guidelines : the Commission shall develop, with the involvement of all relevant stakeholders, guidelines on the methodology and use of international standards and non-financial performance indicators in order to assist undertakings in their reporting. It should publish the guidelines 12 months after the entry into force of the Directive.
Revision : no later than three years after the entry into force of the Directive, the Commission should submit a report, accompanied, if appropriate, by legislative proposals concerning: (i) the non-financial information disclosed and its scope, including the coverage of the supply and subcontracting chains; (ii) the transparency and comparability of the non-financial information provided by the undertakings and whether the aims of the legislation are being fulfilled; (iii) the judicial and/or administrative procedures for the enforcement of obligations under this Directive, including procedures available to interested third parties, within the Member States; (iv) the progress with non-financial reporting throughout the world.
PURPOSE: to increase the relevance, consistency, and comparability of non-financial information published by undertakings across the Union.
PROPOSED ACT: Directive of the European Parliament and of the Council (amendment of Council Directives 78/660/EE and 83/349/EEC).
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: the approach currently taken in the Accounting Directives on the publication of non-financial information has not produced the desired results. It is estimated that only a limited number of large companies (2500 out of the total of 42000 in the EU) regularly publish non-financial information. The quality of the information disclosed varies, making it difficult for investors and stakeholders to understand and compare companies’ position and performance.
Furthermore, national requirements are significantly diverse, which adds to the lack of clarity for companies and investors who operate across the Internal Market. In addition, insufficient diversity in boards may lead to a similarity of views of the members of the board of directors and more resistance to innovative ideas.
The need to improve the transparency of the social and environmental information provided by companies in all sectors, in order to ensure a level playing field, has been acknowledged by the Commission in the Single Market Act and was reiterated in the Communication "A renewed strategy 2011 – 2014 for Corporate Social Responsibility".
The European Parliament, in its two resolutions on “Corporate Social Responsibility: accountable, transparent and responsible business behaviour and sustainable growth ” and “Corporate Social Responsibility: promoting society’s interests and a route to sustainable and inclusive recovery” , acknowledged the need to increase transparency in this field and called the Commission to bring forward a legislative proposal.
IMPACT ASSESSMENT: the impact assessment identified two main issues :
1) The inadequate transparency of non-financial information : the analysis has identified both a market and a regulatory failure as underlying causes of the problem. Following the assessment of policy options, the preferred option would be strengthening the existing obligation, by requiring a nonfinancial statement within the Annual Report.
2) The lack of diversity in boards of directors : the most appropriate option, at this stage, would be the disclosure of diversity policy. It is also the option that is preferred by most stakeholders compared to other options such as a compulsory diversity policy or to an action focusing only on recruitment policy.
LEGAL BASIS: Article 50 (1) of the Treaty on the Functioning of the European Union.
CONTENT: the proposal sets a requirement for certain large companies to disclose relevant non-financial and diversity information, ensuring a level playing field across the EU.
It pursues the following key objectives:
to increase the transparency of certain companies, and to increase the relevance, consistency, and comparability of the non-financial information currently disclosed, by strengthening and clarifying the existing requirements ; to increase diversity in the boardrooms of companies through enhanced transparency in order to facilitate an effective oversight of the management and robust governance of the company; to increase the company's accountability and performance, and the efficiency of the Single Market.
The main points of the proposed directive are as follows:
1) Non-financial information : the proposal will require certain large companies to include a statement in their Annual Report including material information relating to at least environmental, social, and employee-related matters, respect of human rights, anti-corruption and bribery matters . Within these areas, the statement will include (i) a description of its policies, (ii) results and (iii) risk-related aspects.
The obligation will only apply to those companies where the average number of employees exceeds 500 , and exceeds either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million. This threshold, higher than the one currently applied within the Accounting Directives (250 employees) limits any undue administrative burden. It is estimated that, on this basis, the new requirement would cover around 18.000 companies in the EU.
2) Diversity : the amendment will require large listed companies to provide information on their diversity policy, including aspects concerning age, gender, geographical diversity, and educational and professional background. The information will be included in the corporate governance statement and will have to contain the objectives of such a policy, its implementation and the results obtained. Companies not having a diversity policy will only be obliged to explain why this is the case.
BUDGETARY IMPLICATIONS: the proposal has no implications for the EU budget.
Documents
- Final act published in Official Journal: Directive 2014/95
- Final act published in Official Journal: OJ L 330 15.11.2014, p. 0001
- Draft final act: 00047/2014/LEX
- Commission response to text adopted in plenary: SP(2014)471
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament, 1st reading/single reading: T7-0368/2014
- Amendments tabled in committee: PE532.400
- Contribution: COM(2013)0207
- Committee report tabled for plenary, 1st reading/single reading: A7-0006/2014
- Committee opinion: PE519.575
- Committee opinion: PE519.836
- Committee opinion: PE516.970
- Committee opinion: PE516.976
- Committee opinion: PE516.784
- Committee opinion: PE519.762
- Amendments tabled in committee: PE523.052
- Committee opinion: PE519.686
- Committee draft report: PE521.714
- Economic and Social Committee: opinion, report: CES3548/2013
- Contribution: COM(2013)0207
- Contribution: COM(2013)0207
- Contribution: COM(2013)0207
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2013)0127
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2013)0128
- Legislative proposal published: COM(2013)0207
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: EUR-Lex SWD(2013)0127
- Document attached to the procedure: EUR-Lex SWD(2013)0128
- Economic and Social Committee: opinion, report: CES3548/2013
- Committee draft report: PE521.714
- Committee opinion: PE519.686
- Amendments tabled in committee: PE523.052
- Committee opinion: PE516.784
- Committee opinion: PE519.762
- Committee opinion: PE516.976
- Committee opinion: PE516.970
- Committee opinion: PE519.836
- Committee opinion: PE519.575
- Amendments tabled in committee: PE532.400
- Commission response to text adopted in plenary: SP(2014)471
- Draft final act: 00047/2014/LEX
- Contribution: COM(2013)0207
- Contribution: COM(2013)0207
- Contribution: COM(2013)0207
- Contribution: COM(2013)0207
Amendments | Dossier |
173 |
2013/0110(COD)
2013/10/16
DEVE
173 amendments...
Amendment 13 #
Proposal for a directive Title 1 Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Council Directives 78/660/EEC and 83/349/EEC as regards disclosure of financial, non-financial and diversity information by certain large companies and groups (Text with EEA relevance)
Amendment 14 #
Proposal for a directive Citation 1 Having regard to the Treaty on the Functioning of the European Union, and in particular Article 50 (1) and Article 153(2) thereof,
Amendment 15 #
Proposal for a directive Recital 3 a (new) (3a) Increased transparency regarding the activities of large companies, and in particular regarding name(s) of establishments, nature of activities and geographical location, turnover, number of employees on a full time equivalent basis, profits made, taxes on profit paid and subsidies received, is essential for ensuring the trust of EU citizens in companies. Mandatory reporting in this area can therefore be seen as an important element of the corporate responsibility of companies to stakeholders and society.
Amendment 16 #
Proposal for a directive Recital 4 a (new) (4a) There evidence showing that disclosing non-financial information improves companies' social, environmental and human rights policies and management systems, thereby reducing the negative impacts caused by their activities. Evidence also shows that companies which properly analyse and disclose non-financial information increase their competitiveness, benefit from cost savings, easier access to capital, improved performance on financial markets and increased stability.
Amendment 17 #
Proposal for a directive Recital 4 a (new) (4a) The harmonisation of reporting procedures at European level is necessary in order to reassure stakeholders in all Member States and enable them to satisfy themselves as to the reputation of undertakings.
Amendment 18 #
Proposal for a directive Recital 6 (6) In order to enhance consistency and comparability of non-financial information disclosed throughout the Union, companies should be required to include in their annual report a non-financial statement containing information relating to at least environmental matters, social, gender and employ
Amendment 19 #
Proposal for a directive Recital 6 (6) In order to enhance consistency and comparability of non-financial information disclosed throughout the Union, companies should be required to include in their annual report a non-financial statement containing information relating to at least environmental matters, social and employee-related matters, respect for human rights, anti-corruption and bribery matters. Such statement should include a description of the policies, results, and the risks related to those matters, taking into account the companies' complete supply chain.
Amendment 20 #
Proposal for a directive Recital 6 (6) In order to enhance consistency and comparability of non-financial information disclosed throughout the Union, companies should be required to include in their annual report a non-financial statement containing information relating to at least environmental matters, social and employee-related matters, respect for human rights, and anti-corruption
Amendment 21 #
Proposal for a directive Recital 6 a (new) (6a) The disclosure of non-financial information should be based on risk- based due diligence carried out by companies to identify, prevent and mitigate actual and potential adverse impacts as appropriate to their size, the nature and context of operations and the severity of the risks of adverse impacts. The principles of due diligence have been outlined in the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights implementing the UN "Protect, Respect and Remedy" Framework to which the Commission committed to abide by.
Amendment 22 #
Proposal for a directive Recital 6 b (new) Amendment 23 #
Proposal for a directive Recital 7 (7) In providing this information
Amendment 24 #
Proposal for a directive Recital 7 (7) In providing this information, companies may rely on
Amendment 24 #
Proposal for a directive Recital 3 a (new) (3a) With regard to measures on gender diversity at board level, this Directive is without prejudice to the Capital Requirements Directive of the European Parliament and the European Council (2013/36/EU) and the Directive on improving the gender balance among non-executive directors of companies listed on stock exchanges and related measures (XXXX/XX/EU).
Amendment 25 #
Proposal for a directive Recital 7 a (new) (7a) To the extent necessary for an understanding of the companies human rights, social and environmental impacts, the annual reports shall include non- financial key performance indicators relevant to the particular business' sector. For environmental aspects the non- financial indicators should include for instance an assessment of greenhouse gas emissions and the use of energy, materials, water and land. This assessment should include an estimate of the use of these resources in the company's supply chain.
Amendment 25 #
Proposal for a directive Recital 6 (6) In order to enhance consistency and comparability of non-financial information disclosed throughout the Union, companies should be required to include in their annual report a non-financial statement containing information relating to at least environmental matters, social
Amendment 26 #
Proposal for a directive Recital 7 b (new) (7b) In order to enhance consistency and comparability of non-financial information provided by companies, the Commission should develop a harmonised framework including appropriate key performance indicators and resource measurement methodology taking into account the international frameworks in particular as regards the corporate responsibility to respect rights and values protected by norms of international law.
Amendment 26 #
Proposal for a directive Recital 7 (7) In providing
Amendment 27 #
Proposal for a directive Recital 7 c (new) (7c) Member States shall ensure that adequate and effective means exist to enforce full, accurate and credible disclosure of non-financial information by companies in compliance with the provisions of this Directive.
Amendment 27 #
Proposal for a directive Recital 7 (7) In providing this information, companies may rely on national frameworks, EU-based frameworks such as the Eco-Management and Audit Scheme (EMAS), and international frameworks such as the United Nations (UN) Global Compact, the Guiding Principles on Business and Human Rights implementing the UN ‘Protect, Respect and Remedy’ Framework, the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises, the International Organisation for Standardisation (ISO) 26000, the International Labour Organization (ILO) Tripartite Declaration of principles concerning multinational enterprises and social policy, and the Global Reporting Initiative. Furthermore, the Commission should issue non-binding guidelines to clarify which of the aforementioned models are best suited to specific types of non-financial reporting information. This would ensure that companies falling within the scope of this Directive make use of these models consistently across the Single Market. These Commission guidelines would furthermore simplify the drawing of comparisons between companies in accordance with Recital 6.
Amendment 28 #
Proposal for a directive Recital 9 (9) Investors' access to non-financial information is a step towards reaching the milestone of having in place by 2020 market and policy incentives rewarding business investments in efficiency under the Roadmap to a Resource Efficient Europe
Amendment 28 #
Proposal for a directive Recital 7 (7) In providing this
Amendment 29 #
Proposal for a directive Recital 11 (11) The scope of these non-financial disclosure requirements should be defined by reference to the average number of employees, total assets and turnover. SMEs should be exempted from additional requirements, and the obligation to disclose a non-financial statement in the annual report should only apply to those companies whose average number of employees exceeds 25
Amendment 29 #
Proposal for a directive Recital 8 (8) Paragraph 47 of the final declaration of the United Nations Rio +20 conference, ‘The Future We Want’13, recognises the importance of corporate sustainability reporting and encourages companies, where appropriate, to consider integrating sustainability information into their reporting cycle. It also encourages industry, interested governments and relevant stakeholders with the support of the United Nations system, as appropriate, to develop models for best practice and facilitate action for the integration of financial and non-financial information, taking into account experiences from already existing frameworks. Consequently the EU companies should, under this Directive, be required to publish their non-financial statement as part of their financial statement. __________________ 13 United Nations, ‘The Future We Want’,
Amendment 30 #
Proposal for a directive Recital 11 (11) The scope of these non-financial disclosure requirements should be defined by reference to the average number of employees, total assets and turnover. SMEs should be exempted from additional requirements, and the obligation to disclose a non-financial statement in the annual report should only apply to those companies whose average number of employees exceeds 25
Amendment 30 #
Proposal for a directive Recital 8 a (new) (8a) The supply chain is an integral part of the value creation for the majority of the companies, but also of the potential risks the company or undertaking may pose not only to the company or undertaking itself, but to the broader society. It should thus be ensured that, where possible, the information included in the non-financial statement includes data across the whole supply chain.
Amendment 31 #
Proposal for a directive Recital 5 (5) It is also necessary to establish a certain minimum legal requirement as regards the extent of the information that should be made available to the public by undertakings across the Union. Annual reports should give a fair and comprehensive view of an undertaking's policies, results, and risks, as well as of the precise purpose of its social investments and those of its subsidiaries.
Amendment 31 #
Proposal for a directive Recital 16 (16) The obligation to disclose their diversity policies for their administrative, management and supervisory bodies with regard to gender and other aspects such as age,
Amendment 31 #
Proposal for a directive Recital 11 (11) The scope of these non-financial disclosure requirements should be defined by reference to the average number of employees, total assets and turnover. SMEs should be exempted from additional requirements, and the obligation to disclose a non-financial statement in the annual report should only apply to those companies whose average number of
Amendment 32 #
Proposal for a directive Recital 6 (6) In order to enhance consistency and comparability of non-financial information disclosed throughout the Union, companies should be required to include in their annual report a non-financial statement containing information relating to at least environmental matters, social and employee-related matters, respect for human rights, anti-corruption and bribery matters. Such statement should include a description of the policies
Amendment 32 #
Proposal for a directive Recital 16 (16) The obligation to disclose their diversity policies for their administrative, management and supervisory bodies with regard to aspects such as age, gender, special needs, geographical diversity, educational and
Amendment 32 #
Proposal for a directive Recital 11 (11) The scope of these non-financial disclosure requirements should be defined by reference to the average number of employees, total assets and turnover, and limited to companies listed on stock exchanges. SMEs should be exempted from additional requirements, and the obligation to disclose a non-financial statement in the annual report should only apply to those listed companies whose average number of employees exceeds 500, and exceed either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million.
Amendment 33 #
Proposal for a directive Recital 6 (6) In order to enhance consistency and comparability of non-financial information disclosed throughout the Union, companies should be required to include in their annual report a non-financial statement containing information relating to at least environmental matters, social and employee-related matters, anti- discrimination measures, respect for human rights, anti-corruption and bribery matters. Such statement should include a description of the policies, results, and the risks related to those matters.
Amendment 33 #
Proposal for a directive Recital 16 (16) The obligation to disclose their diversity policies for their administrative, management and supervisory bodies with regard to aspects such as age, gender, geographical diversity, disability, educational and professional background should only apply to large listed companies. Therefore small and medium- sized companies that may be exempted from certain accounting obligations under article 27 of Directive 78/660/EEC should not be covered to by this obligation. Disclosure of the diversity policy should be part of the corporate governance statement, as laid down by Article 46a of Directive 78/660/EEC. Companies not having a such a diversity policy should not be obliged to put one in place, but they should clearly explain why this is the case.
Amendment 33 #
Proposal for a directive Recital 11 a (new) (11a) The European Council of 22 May 2013 called for the mandatory introduction of country-by-country reporting for all large companies and groups as part of the revision of Directive 2013/34/EU. Therefore, in order to provide for enhanced transparency of payments made to governments, large undertakings and public interest entities should disclose material payments made to governments in the countries in which they operate. Where possible, such disclosures should be published as an annex to the annual financial statements or to the consolidated financial statements.
Amendment 34 #
Proposal for a directive Recital 6 a (new) (6a) Social matters includes responsible behaviour on tax planning to ensure that a fair share of tax is paid in the right place and that aggressive tax avoidance is averted.
Amendment 34 #
Proposal for a directive Recital 16 (16) The obligation to disclose their diversity policies for their administrative, management and supervisory bodies with regard to aspects such as age, gender, geographical diversity, disability, educational and professional background should only apply to large listed companies. Therefore small and medium- sized companies that may be exempted from certain accounting obligations under article 27 of Directive 78/660/EEC should not be covered to by this obligation. Disclosure of the diversity policy should be part of the corporate governance statement, as laid down by Article 46a of Directive 78/660/EEC. Companies not having a such a diversity policy should not be obliged to put one in place, but they should clearly explain why this is the case.
Amendment 34 #
Proposal for a directive Recital 14 (14) As required by Article 51a (e) of Directive 78/660/EEC, the report of the statutory auditors should also contain an opinion
Amendment 35 #
Proposal for a directive Recital 7 (7) In providing this information,
Amendment 35 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point a – paragraph 1 '1. (a) (a) The annual report shall include a fair review of the development and performance of the company's business and of its position, together with a description of the management of the principal risks and uncertainties that it faces.
Amendment 35 #
Proposal for a directive Recital 16 (16) The obligation to disclose their diversity policies for their administrative, management and supervisory bodies with regard to gender and other aspects such as age,
Amendment 36 #
Proposal for a directive Recital 9 a (new) (9a) Investor access to non-financial information should also help to channel investment into undertakings with high social standards.
Amendment 36 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point a – paragraph 1 '1. The annual report shall include a fair review of the development and performance of the company's business and of its position, together with a description of the principal risks and uncertainties that it faces.
Amendment 36 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point a – subparagraph 1 The annual report shall include a fair review of the development and performance of
Amendment 37 #
Proposal for a directive Recital 9 b (new) (9b) The disclosure of non-financial information should make it possible to o implement a sustainable and inclusive investment strategy that includes a corporate social responsibility clause with concrete guidelines for investors, as well as an efficient assessment methodology for public authorities monitoring the social and environmental impact of the resulting investments;
Amendment 37 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point a – paragraph 2 The review shall be a balanced and comprehensive analysis of the development and performance of the company's business and of its position, consistent with the size and complexity of the business. The reporting obligation should therefore be based as closely as possible on the 2011 OECD Guidelines for Multinational Enterprises.
Amendment 37 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point a – subparagraph 2 The review shall be a balanced and comprehensive analysis of the development and performance of the company’s business and of its position, consistent with the size and complexity of the business. Works councils and supervisory boards shall be involved in drafting the material published. Company reporting shall be independently verified. Disregard for disclosure requirements shall be penalised by Member States.
Amendment 38 #
Proposal for a directive Recital 10 (10) The European Council of 24 and 25 March 2011 called for the overall regulatory burden, in particular for small and medium-sized enterprises ("SMEs"), to be reduced at both European and national levels and suggested measures to increase productivity while the Europe 2020 Strategy for smart, sustainable and inclusive growth aims to improve the
Amendment 38 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point a – paragraph 2 The review shall be a balanced and comprehensive analysis of the development and performance of the company's business and of its position, consistent with the size and complexity of the business.
Amendment 38 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 1 – introductory part For companies whose average number of employees during the financial year
Amendment 39 #
Proposal for a directive Recital 10 a (new) (10a) The requirement to disclose non- financial information includes striking a balance between environmental results and social results, in order to ensure that such disclosure is in keeping with CSR principles and is not confined solely to environmental data.
Amendment 39 #
Proposal for a directive Article 1 – point 1 – point a (b) For companies whose average number of employees during the financial year exceeds 25
Amendment 39 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 1 – introductory part For companies whose average number of employees during the financial year exceeds 25
Amendment 40 #
Proposal for a directive Recital 11 a (new) (11a) The European Council of 22 May 2013 called for the mandatory introduction of country-by-country reporting for all large companies and groups as part of the revision of this Directive. Therefore, in order to provide for enhanced transparency of payments made to governments, large undertakings and public interest entities should disclose material payments made to governments in the countries in which they operate. Such disclosures should be published, where possible, as an annex to the annual financial statements or to the consolidated financial statements of the undertaking concerned.
Amendment 40 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – paragraph 1 – introductory part (b) For companies whose average number of employees during the financial year exceeds 500 and, on their balance sheet dates, exceed either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million, the review shall also include a non-financial statement containing information relating to at least environmental, social and employee matters (including information relating to the right to organise, collective agreements and employee representation), respect for human rights, anti-
Amendment 40 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 1 – introductory part For publicly listed companies whose average number of employees during the financial year exceeds 500 and, on their balance sheet dates, exceed either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million, the review shall also include a non-financial statement containing information relating to at least environmental, social and employee matters, respect for human rights, anti- corruption and bribery matters, including:
Amendment 41 #
Proposal for a directive Recital 11 b (new) (11b) To mitigate aggressive tax planning and avoidance by EU undertakings, Member States should introduce general anti-avoidance rules (GAAR) in line with the European Commission Recommendation on Aggressive Tax Planning on the 12th December 2012 and the OECD Progress Report to the G20 on 5th September 2013. Furthermore, large undertakings in the Union should also make public a report on their aggressive tax planning systems, including other relevant information.
Amendment 41 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – paragraph 1 – introductory part (b) For companies whose average number of employees during the financial year exceeds 25
Amendment 41 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 1 – subpoint iii the risks for the company and society which are related to these matters and how the company manages those risks; in this context, risks for the company include financial uncertainties, as well as disregard for social and environmental standards.
Amendment 42 #
Proposal for a directive Recital 14 a (new) (14a) The requirement to disclose non- financial information calls for the setting up of EU-approved rating agencies to check, wherever necessary, the accuracy of the information disclosed.
Amendment 42 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – paragraph 1 – introductory part (b) For companies whose average number of employees during the financial year exceeds 500 and, on their balance sheet dates, exceed either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million, the review shall also include, where appropriate, a
Amendment 42 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 2 Amendment 43 #
Proposal for a directive Recital 15 a (new) (15a) The supply chain of an undertaking can become disconnected from source and liability and can therefore pose significant risks not only to the undertakings themselves, but also to the wider society as a result of their business operations. It is therefore important that undertakings perform due diligence on their supply chains, including where they use sub- contractors and that these particular policies are disclosed in order to mitigate such risks and inform stakeholders of the assessments they have undertaken.
Amendment 43 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – paragraph 1 – introductory part (b) For companies whose average number of employees during the financial year exceeds 500 and, on their balance sheet dates, exceed either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million, the review shall also include a non-financial statement containing information relating to at least environmental, social and employee matters, respect for human rights, and anti- corruption
Amendment 43 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 2 Amendment 44 #
Proposal for a directive Recital 16 (16) The obligation to disclose their
Amendment 44 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – paragraph 1 – introductory part Amendment 44 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 2 Where a company does not pursue policies in relation to one or more of these matters, it shall provide an explanation for not doing so. The explanation shall contain a risk assessment of the decision of not pursuing policies relating to these matters. The companies' activity impact on society shall include the impacts generated by the activities of the reporting company as well as by other companies' activities that are linked to the reporting company by business relationships, such as joint venture initiatives and the supply and subcontracting chains. The European Parliament and the Council shall adopt by the end of 2015, and regularly update, guidelines for the application of the measures of this Directive relating to the non-financial statement. These guidelines shall build on the Guiding Principles on Business and Human Rights implementing the United Nations "Protect, Respect and Remedy" Framework and the Organisation for Economic Co-operation and Development(OECD) Guidelines for Multinational Enterprises. These guidelines shall contain Key Performance Indicators (KPIs) in the matters on which information has to be provided. The KPIs developed to measure the company's activity impact regarding environmental matters shall at least cover land use, water use, greenhouse gas emissions and use of materials. The guidelines shall contain general provisions as well as sector based provisions.
Amendment 45 #
Proposal for a directive Recital 17 a (new) (17a) Non-financial information disclosure could be included among the contract award criteria when the Public Procurement Directive is next revised.
Amendment 45 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b –paragraph 1 – point ii a (new) (iia) the significant incidents that occurred during the reporting period in relation to these matters;
Amendment 45 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 3 In providing such information the company
Amendment 46 #
Proposal for a directive Recital 17 b (new) (17b) This Directive may be revised to include SMEs.
Amendment 46 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – paragraph 1 – point iii (iii) the risks related to these matters linked to the company's operations, which are likely to cause, or have caused, severe adverse social, environmental and human rights' impacts; and how the company manages those risks.
Amendment 46 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 3 In providing such information the company may rely on national, EU-based or international frameworks and, if so, shall specify which frameworks it has relied upon. In respect of these frameworks, no later than 24 months after the publication of this Directive, the European Commission shall issue non-binding guidelines on the relevance of specific frameworks to specific types of non-financial reporting, with the aim of simplifying comparisons in non-financial reporting across the Single Market. The European Commission shall draw up these guidelines following consultations with Member States, National Regulatory Authorities, businesses and civil society organisations.
Amendment 47 #
Proposal for a directive Article 1 – paragraph 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 1 For companies whose average number of employees during the financial year exceeds 500 and, on their balance sheet dates, exceed either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million, the review shall also include a non-financial statement containing information relating to at least environmental, social and employee matters, anti-discrimination measures, respect for human rights, anti-
Amendment 47 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – paragraph 1 – point iii (iii) the risks for company and society related to these matters and how the company manages those risks.
Amendment 47 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a In providing such information the company
Amendment 48 #
Proposal for a directive Article 1 – paragraph 1 – point a Directive 78/660/CEE Article 46 – paragraph 1 – point b – subparagraph 1 For companies whose average number of
Amendment 48 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – paragraph 1 – point iii (iii) the main sector-specific risks related to these matters and how the company manages those risks.
Amendment 48 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 3a (new) In this connection, relevant employment information shall include at least the following indicators:
Amendment 49 #
Proposal for a directive Article 1 – paragraph 1 – point a Directive 787/660/CEE Article 46 – paragraph 1 – point b – subpoint i a (new) (ia) The precise purpose of social investments.
Amendment 49 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – paragraph 1 – point iii a (new) (iiia) an analysis of resource use, including at least land use, water use, greenhouse gas emissions, energy use and use of materials;
Amendment 49 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 3 – subpoint i (new) the number of persons employed under service contracts;
Amendment 50 #
Proposal for a directive Article 1 – paragraph 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subpoint iii a (new) (iiia) a description of the company's due diligence policy for its administrative, management and supervisory bodies with regard to its supply chains and sub- contractors at least in the areas relating to environmental, social and employee matters, respect for human rights, anti- corruption and bribery. The description should also include the objectives of this due diligence policy, how it has been implemented and the results in the reporting period.
Amendment 50 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – paragraph 2 Amendment 50 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 3 – subpoint i a (new) employee turnover;
Amendment 51 #
Proposal for a directive Article 1 – paragraph 1 – point a Directive 78/660/CEE Article 46 – paragraph 1 – point b – subparagraph 3 In providing such information the company may rely on national, EU-based or international frameworks or on a set of quantifiable, sector-specific social criteria endorsed by the European Union under, for example, a ‘social labelling’ scheme, and, if so, shall specify which frameworks it has relied upon.
Amendment 51 #
Proposal for a directive Article 1 –point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – paragraph 2 Where a company does not pursue policies in relation to one or more of these matters, it shall provide an explanation for not doing so. The explanation shall contain a risk assessment of the decision not to pursue such policies. Impacts of companies’ activity on society shall include the impacts generated by the activities of the reporting company as well as by other companies’ activities that are linked to the reporting company by business relationships, such as joint venture initiatives and the supply and subcontracting chains.
Amendment 51 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 3 – subpoint i b (new) Amendment 52 #
Proposal for a directive Article 1 – paragraph 1 – point 2 – point a Directive 78/660/EEC Article 46a – point 1(g) (g) a description of the company's diversity policy for its administrative, management and supervisory bodies with regard to
Amendment 52 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – paragraph 2 Where a company covered by this directive and with a number of employees below 500, does not pursue policies in relation to one or more of these matters, it shall provide an explanation for not doing so.
Amendment 52 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 3 – subpoint i c (new) the degree of trade union organisation, including the percentage of workers covered by collective agreements;
Amendment 53 #
Proposal for a directive Article 1 – paragraph 1 – point 2 – point a Directive 78/660/EC Article 46a – paragraph 1 – point c a (new) The following point (ca) is added: (c a) In order to assess the proportionality of tax reduction methods employed by an undertaking, a description of the undertaking's tax planning arrangements should be specified which at least include: (i) aggressive tax planning arrangements including the general substance of advice received; (ii) transfer pricing arrangements and whether the transfer prices have been agreed by the revenue authorities in each of the countries concerned; (iii) permanent establishment decisions and a list of countries where the undertaking trades without having a permanent establishment; (iv) base erosion methods via interest deduction, royalties and other financial payments, including where brands are developed, where they are paid for by subsidiaries and whether they are owned by the parent company in their main operating base or if not, where domiciled for tax purposes; (v) where research and development takes place and how this is recovered from subsidiaries.
Amendment 53 #
Proposal for a directive Article 1 – point 1 – point a In providing such information the company
Amendment 53 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – subparagraph 3 – subpoint i d (new) basic pay for men in proportion to basic pay for women.
Amendment 54 #
Proposal for a directive Article 2 – paragraph 1 – point a Directive 83/349/CEE Article 36 – paragraph 1 – subparagraph 1 The consolidated annual report shall include a fair review of the development and performance of the business and of the position of the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face, including the entire supply chain.
Amendment 54 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point b – paragraph 3 In providing such information the company
Amendment 54 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a To the extent necessary for an understanding of the company's development, performance or position, the analysis shall include
Amendment 55 #
Proposal for a directive Article 2 – paragraph 1 – point a Directive 83/349/CEE Article 36 – paragraph 1 – subparagraph 3 For parent undertakings of undertakings to be consolidated that together exceed an average number of 500 employees during the financial year, and, on their balance sheet dates, exceed either a balance sheet
Amendment 55 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point c (c) To the extent necessary for an understanding of the company’s development, performance or position and impact on society and for the transparency and comparability of the review, the analysis shall include both financial and non-financial key performance indicators (KPIs) relevant to the particular business. The analysis shall include the KPIs defined in the guidelines developed by the European Commission, as from one year after their adoption.
Amendment 55 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point c To the extent necessary for an understanding of the company's development, performance or position and impact on society, environment and human rights, and for the transparency and comparability of the review, the analysis shall include both financial and non-financial key performance indicators (KPIs) relevant to the particular business.
Amendment 56 #
Proposal for a directive Article 2 – paragraph 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 3 For parent undertakings of undertakings to be consolidated that together exceed an average number of 500 employees during the financial year, and, on their balance sheet dates, exceed either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million, the review shall also include a non-financial statement containing information relating to at least environmental, social and employee matters, anti-discrimination measures, respect for human rights, anti-
Amendment 56 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point c (c) To the extent necessary for an understanding of the company's development, performance or position, and human rights, social and environmental impacts, the analysis shall include both financial and non-financial key performance indicators relevant to the particular business.
Amendment 56 #
Proposal for a directive Article 1 – paragraph 1 – point 1 – point b Directive 78/660/EEC Article 46 – paragraph 4 Where a company prepares a comprehensive report corresponding to the same financial year relying on national, EU-based or international frameworks and which covers the information provided for in paragraph 1(b), it shall be exempt from the obligation to prepare the non-financial statement set out in paragraph 1(b), provided that such report is part of the annual report, published together with it or referenced in it.
Amendment 57 #
Proposal for a directive Article 2 – paragraph 1 – point a (ia) The precise purpose of social investments.
Amendment 57 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point c (c) To the extent necessary for an understanding of the company's development, performance or position, the analysis shall include
Amendment 57 #
Proposal for a directive Article 1 – paragraph 1 – point 2 – point a Directive 78/660/EEC Article 46a – paragraph 1 – point g Amendment 58 #
Proposal for a directive Article 2 – paragraph 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 4 – point iii a (new) (iiia) a description of the group's due diligence policy for its administrative, management and supervisory bodies with regard to its supply chains and sub- contractors at least in the areas relating to environmental, social and employee matters, respect for human rights, anti- corruption and bribery. The description should also include the objectives of this due diligence policy, how it has been implemented and the results in the reporting period.
Amendment 58 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point c a (new) (ca) For the purpose of implementing requirements under Article 46 the Commission shall adopt delegated acts, in accordance with Article 53 a (new), setting the list of relevant minimum indicators covering at least the following information: - social: data on employment, collective bargaining agreements, salary structure, health and safety, training and education, by gender and by region: - environment: data on resource use, including at least land use, water use, greenhouse gas emissions, energy use and use of materials; - human rights: data on number of grievances related to human rights filed and actions taken, of the company, suppliers and other business partners; The delegated acts shall be adopted within 18 months after the adoption of the Directive.
Amendment 58 #
Proposal for a directive Article 1 – paragraph 1 – point 2 – point a Directive 78/660/EEC Article 46a – paragraph 1 – point g a description of the company's diversity policy for its administrative, management and supervisory bodies with regard to gender and other aspects such as age,
Amendment 59 #
Proposal for a directive Article 3 – paragraph 2 a (new) Directive 2013/34/EU Chapter 10 (new) – Article 41 – paragraph 6 Amendment 59 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point c b (new) (cb) The Commission shall establish a Non Financial Disclosure Guidance Board to support the implementation of non-financial reporting requirements and to involve stakeholders for the development of guidance on the methodology and use of international standards and non-financial performance indicators, as referred to in Article 46.1, in a balanced and open way.
Amendment 59 #
Proposal for a directive Article 1 a (new) Directive 2013/34/EU Article 18 – paragraph 2a Article 1a Country by Country Reporting 2a. In the notes to the financial statements, large undertaking and public- interest entities shall disclose, specifying by Member State and by third country in which it has an establishment, the following information on a consolidated basis for the financial year : (a) name(s), nature of activities and geographical location; (b) turnover; (c) number of employees on a full time equivalent basis; (d) sales and purchases; (e) profit or loss before tax; (f) tax on profit or loss; (g) public subsidies received. (This should be put before Article 1 of this Directive)
Amendment 60 #
Proposal for a directive Article 1 – point 1 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point d a (new) (da) European undertakings operating in third countries shall also provide information on their activity in the third countries concerned in relation to social, environmental and employee matters and respect for human rights, as part of their reporting obligation.'
Amendment 60 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 1 The consolidated annual report shall include a fair review of the development and performance of the business and of the position of the undertakings included in the consolidation taken as a whole, and of their suppliers, together with a description of the principal risks and
Amendment 61 #
Proposal for a directive Article 1 – point 1 – point b Directive 78/660/EEC Article 46 – paragraph 4 '4. Where a company prepares a comprehensive report corresponding to the same financial year relying on national,
Amendment 61 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 2 The review shall analyse in a balanced manner the development and performance of the business and the position of the undertakings included in the consolidation taken as a whole, consistent with the size and complexity of the business. Works councils and supervisory boards shall be involved in drafting the material published. Undertakings' reporting shall be independently verified. Disregard for disclosure requirements shall be penalised by Member States.
Amendment 62 #
Proposal for a directive Article 1 – point 1 – point b Directive 78/660/EEC Article 46 – paragraph 4 '4. Where a company prepares a comprehensive report corresponding to the same financial year relying on national, EU-based or international frameworks and which covers the information provided for in paragraph 1(b), it shall be exempt from the obligation to prepare the non-financial statement set out in paragraph 1(b), provided that such report is part of the annual report.'
Amendment 62 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 3 – introductory part For parent undertakings of undertakings to
Amendment 63 #
Proposal for a directive Article 1 – point 1 – point c Directive 78/660/EEC Article 46 – paragraph 5 Amendment 63 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 3 – introductory part For parent undertakings of undertakings to be consolidated that together exceed an average number of 25
Amendment 64 #
Proposal for a directive Article 1 – point 1 – point c Directive 78/660/EEC Article 46 – paragraph 5 '5. A company which is a subsidiary company shall be exempt from the obligations set out in paragraph 1(b), if the company and its subsidiaries are consolidated in the financial statements and annual report of another company and that consolidated annual report is drawn up in accordance with Article 36(1) of Directive 83/349/EEC.'
Amendment 64 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 3 – introductory part For publicly listed parent undertakings of undertakings to be consolidated that together exceed an average number of 500 employees during the financial year, and, on their balance sheet dates, exceed either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million, the review shall also include a non-financial statement containing information relating to at least environmental, social and employee matters, respect for human rights, anti-
Amendment 65 #
Proposal for a directive Article 1 – point 2 – point a Directive 78/660/EEC Article 46a – paragraph 1 – point g Amendment 65 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 3 – introductory part For parent undertakings of undertakings to be consolidated that together exceed an average number of 500 employees during the financial year, and, on their balance sheet dates, exceed either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million, the review shall also include a non-financial statement containing information relating to at least environmental, social and employee matters, respect for human rights, anti- corruption and bribery matters, taking into account the undertaking's whole supply chain, including the following:
Amendment 66 #
Proposal for a directive Article 1 – point 2 – point a Directive 78/660/EEC Article 46a – paragraph 1 – point g ‘(g) a description of the company
Amendment 66 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 3 – subpoint iii the risks for the company and society which are related to these matters and how the company manages those risks; in this context, risks for the company include financial uncertainties, as well as disregard for social and environmental standards.
Amendment 67 #
Proposal for a directive Article 1 – point 2 – point a Directive 78/660/EEC Article 46a – paragraph 1 – point g Amendment 67 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 4 Amendment 68 #
Proposal for a directive Article 1 – point 2 – point a Directive 78/660/EEC Article 46 – paragraph 1 – point g Amendment 68 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 4 Amendment 69 #
Proposal for a directive Article 1 – point 2 – point a Directive 78/660/EEC Article 46a – paragraph 1 – point g '(g) a description of the company's diversity policy for its administrative, management and supervisory bodies with regard to aspects such as age, gender, geographical diversity, disability, educational and professional background, the objectives of
Amendment 69 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 4 Where the undertakings included in the consolidation taken as a whole does not pursue policies in relation to one or more of these matters,
Amendment 70 #
Proposal for a directive Article 1 – point 3 Directive 78/660/EEC Article 53a – paragraph 1 a (new) Member States shall ensure that effective and adequate mechanisms are in place in order to ensure correct disclosure of non- financial information by companies, in accordance with the provisions of this Directive. Member States shall ensure that effective national procedures are in place to enforce compliance with the obligations of this Directive and that these procedures are available for all persons and legal entities having a legitimate interest in ensuring that the provisions of this Directive are respected.
Amendment 70 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 5 In providing such information the co
Amendment 71 #
Proposal for a directive Article 1 – paragraph 1 – point 3 a (new) Directive 78/660/EEC Article 53a a (new) Amendment 71 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 5 In providing such information the consolidated annual report may rely on national, EU-based or international frameworks and if so, shall specify which frameworks it has relied upon. In respect of these frameworks, no later than 24 months after the publication of this Directive, the European Commission shall issue non-binding guidelines on the relevance of specific frameworks to specific types of non-financial reporting, with the aim of simplifying comparisons in non-financial reporting across the Single Market. The European Commission shall draw up these guidelines following consultations with Member States, National Regulatory Authorities, businesses and civil society organisations.
Amendment 72 #
Proposal for a directive Article 1 a (new) Directive 2013/34/EU Article 48 a (new) Amendment 72 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 5 In providing such information the co
Amendment 73 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 '1. The consolidated annual report shall include a fair review of the development and performance of the business and of the position of the undertakings included in the consolidation taken as a whole, together with a description of the management of the principal risks and uncertainties that they face.
Amendment 73 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 4 a (new) In this connection, relevant employment information shall include at least the following indicators:
Amendment 74 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – paragraph 2 The review shall analyse in a balanced manner the development and performance of the business and the position of the undertakings included in the consolidation taken as a whole, consistent with the size and complexity of the business. The reporting obligation should be based as closely as possible on the 2011 OECD Guidelines for Multinational Enterprises.
Amendment 74 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 4 – subpoint i (new) the number of persons employed under service contracts;
Amendment 75 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/394/EEC Article 36 – paragraph 1 – paragraph 3 – introductory part For parent undertakings of undertakings to be consolidated that together exceed an average number of 25
Amendment 75 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 4 – subpoint i a (new) employee turnover;
Amendment 76 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – paragraph 3 – introductory part For parent undertakings of undertakings to be consolidated that together exceed an average number of 25
Amendment 76 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 4 – subpoint i b (new) fringe benefits in connection with full- time, part-time and temporary employment;
Amendment 77 #
Proposal for a directive Article 2 – point 1 – point a For parent undertakings of undertakings to be consolidated that together exceed an average number of 500 employees during the financial year, and, on their balance sheet dates, exceed either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million, the review shall also include a non-financial statement containing information relating to at least environmental, social and employee matters (including information relating to the right to organise, collective agreements and employee representation), respect for human rights, anti-
Amendment 77 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 4 – subpoint i c (new) the degree of trade union organisation, including the percentage of workers covered by collective agreements;
Amendment 78 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – paragraph 3 – introductory part For parent undertakings of undertakings to be consolidated that together exceed an average number of 500 employees during the financial year, and, on their balance sheet dates, exceed either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million, the review shall, where appropriate, also include a non-financial statement containing information, in particular, relating to
Amendment 78 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 4 – subpoint i d (new) basic pay for men in proportion to basic pay for women.
Amendment 79 #
Proposal for a directive Article 2 – point 1 – point a Directive 78/660/EEC Article 36 – paragraph 1 – paragraph 3 – introductory part For parent undertakings of undertakings to be consolidated that together exceed an average number of 500 employees during the financial year, and, on their balance sheet dates, exceed either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million, the review shall also include a non-financial statement containing information relating to at least environmental, social and employee matters, respect for human rights, and anti- corruption
Amendment 79 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 6 To the extent necessary for an understanding of such development, performance or position, the analysis shall include both financial and, where appropriate, non- financial key performance indicators relevant to the particular business.
Amendment 80 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/394/CEE Article 36 – paragraph 1 – paragraph 3 – point ii a (new) (iia) any significant incidents that occurred during the reporting period in relation to these matters;
Amendment 80 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – subparagraph 6 To the extent necessary for an understanding of
Amendment 81 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – paragraph 3 – point iii (iii) the risks related to these matters linked to the company's operations, which are likely to cause, or have caused, severe adverse social, environmental and human rights' impacts; and how the company manages those risks.
Amendment 81 #
Proposal for a directive Article 2 – point 1 – point b Directive 83/349/EEC Article 36 – paragraph 4 Where a parent undertaking prepares a comprehensive report corresponding to the same financial year, referring to the whole group of consolidated undertakings, relying on national, EU-based or international frameworks and covering the information provided for in the third subparagraph of paragraph 1, the parent undertaking shall be exempt from the obligation to prepare the non-financial statement set out in the
Amendment 82 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/394/EEC Article 36 – paragraph 1 – paragraph 3 – point iii (iii) the risks for the company and for society related to these matters and how the company manages those risks.
Amendment 82 #
Proposal for a directive Article 2 a (new) Amendment 83 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – paragraph 3 – point iii a (new) (iiia) an analysis of resource use, including at least land use, water use, greenhouse gas emissions and use of materials;
Amendment 84 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – paragraph 4 Amendment 85 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/394/EEC Article 36 – paragraph 1 – paragraph 4 Where the undertakings included in the consolidation taken as a whole does not pursue policies in relation to one or more of these matters,
Amendment 86 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – paragraph 4 Where the undertakings with less than 500 employees, included in the consolidation taken as a whole do not pursue policies in relation to one or more of these matters, the company shall provide an explanation for not doing so.
Amendment 87 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/394/EEC Article 36 – paragraph 1 – paragraph 5 In providing such information the co
Amendment 88 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – paragraph 5 In providing such information the co
Amendment 89 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – paragraph 6 T
Amendment 90 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – paragraph 6 To the extent necessary for an
Amendment 91 #
Proposal for a directive Article 2 – point 1 – point a Directive 83/349/EEC Article 36 – paragraph 1 – paragraph 6 To the extent necessary for an understanding of such development, performance or position, the analysis shall include both financial and, where appropriate, non- financial key performance indicators relevant to the particular business.
Amendment 92 #
Proposal for a directive Article 2 – point 1 – point a European undertakings operating in third countries shall also provide information on their activity in the third countries concerned in relation to social, environmental and employee matters and respect for human rights, as part of their reporting obligation.'
Amendment 93 #
Proposal for a directive Article 2 – point 1 – point b Directive 83/349/EEC Article 36 – paragraph 4 Where a parent undertaking prepares a comprehensive report corresponding to the same financial year, referring to the whole group of consolidated undertakings, relying on national, EU-based or international frameworks and covering the information provided for in the third subparagraph of paragraph 1, the parent undertaking shall be exempt from the obligation to prepare the non-financial statement set out in the third subparagraph of paragraph 1, provided that such comprehensive report is part of the consolidated annual report, published together with it or referenced in it.
Amendment 94 #
Proposal for a directive Article 2 – point 1 – point b Directive 83/394/EEC Article 36 – paragraph 5 a (new) 5a. Member States shall ensure that effective and adequate mechanisms are in place in order to ensure correct disclosure of non-financial information by companies, in accordance with the provisions of this Directive. Member States shall ensure that effective national procedures are in place to enforce compliance with the obligations of this Directive and that these procedures are available for all persons and legal entities having a legitimate interest in ensuring that the provisions of this Directive are respected.
Amendment 95 #
Proposal for a directive Article 2 – point 1 a (new) Directive 83/349/EEC Article 53a (new) (1a) The following Article 53a is added: 'Article 53a Exercise of the delegation 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The delegation of power referred to in Article 36 shall be conferred on the Commission for a period of four years from ....(4)*. The Commission shall draw up a report in respect of the delegation of power not later than six months before the end of the four-year period. The delegation of power shall be tacitly extended for periods of an identical duration, unless the European Parliament or the Council opposes such extension not later than three months before the end of each period. 3. The delegation of power referred to in Article 36 may be revoked at any time by the European Parliament or by the Council. A decision of revocation shall put an end to the delegation of the power specified in that decision. It shall take effect the day following the publication of the decision in the Official Journal of the European Union or at a later date specified therein. It shall not affect the validity of any delegated acts already in force. 4. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council. 5. A delegated act adopted pursuant to Article 36 enters into force only if no objection has been expressed either by the European Parliament or the Council within a period of three months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object. That period shall be extended by three months at the initiative of the European Parliament or the Council.'
Amendment 96 #
Proposal for a directive Article 2 a (new) Directive 2002/14/EC Article 4 Article 2 a Amendments to Directive 2002/14/EC Article 4 is amended as follows: (1) In paragraph 2, the following point (d) is added: '(d) when appropriate, information and consultation on the non-financial and diversity information contained in the annual report or the consolidated annual report referred to by Directive 78/660/EEC and Directive 83/349/EEC respectively.'
Amendment 97 #
Proposal for a directive Article 4 – paragraph 1 a (new) No later than [three years after adoption of this Directive], the Commission shall review the provisions in Article 46 of Directive 78/660 and 36 of Directive 83/349 and report to the European Parliament and Council accompanied by legislative proposals if appropriate, regarding: - non-financial information disclosed in practice, including the coverage of the supply chain, whether this is effective, whether adequate guidance and methods are provided; - progress with non-financial reporting across the world; - the implementation of the UN "Protect, Respect and Remedy" Framework and its Guiding Principles as well as of the OECD Guidelines for Multinational Enterprises; - the use of indicators adopted by delegated acts; - the evaluation of making those provisions compulsory also for companies with 250-499 employees; - effectiveness of existing verification and enforcement mechanisms.
source: PE-521.701
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http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE523.052New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2013/0207/COM_COM(2013)0207_FR.pdf |
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Old
PURPOSE : to increase the relevance, consistency, and comparability of non-financial information published by undertakings across the Union. PROPOSED ACT : Directive of the European Parliament and of the Council (amendment of Council Directives 78/660/EE and 83/349/EEC). ROLE OF THE EUROPEAN PARLIAMENT : the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council. BACKGROUND : the approach currently taken in the Accounting Directives on the publication of non-financial information has not produced the desired results. it is estimated that only a limited number of large companies (2500 out of the total of 42000 in the EU) regularly publish non-financial information. The quality of the information disclosed varies, making it difficult for investors and stakeholders to understand and compare companies position and performance. Furthermore, national requirements are significantly diverse, which adds to the lack of clarity for companies and investors who operate across the Internal Market. In addition, insufficient diversity in boards may lead to a similarity of views of the members of the board of directors and more resistance to innovative ideas. The need to improve the transparency of the social and environmental information provided by companies in all sectors, in order to ensure a level playing field, has been acknowledged by the Commission in the Single Market Act and was reiterated in the Communication "A renewed strategy 2011 2014 for Corporate Social Responsibility". The European Parliament, in its two resolutions on, Corporate Social Responsibility: accountable, transparent and responsible business behaviour and sustainable growth and Corporate Social Responsibility: promoting societys interests and a route to sustainable and inclusive recovery, acknowlegded the need to increase transparency in this field and called the Commission to bring forward a legislative proposal. IMPACT ASSESSMENT : the impact assessment identified two main issues : 1) The inadequate transparency of non-financial information: the analysis has identified both a market and a regulatory failure as underlying causes of the problem. Following the assessment of policy options, the preferred option would be strengthening the existing obligation, by requiring a nonfinancial statement within the Annual Report. 2) The lack of diversity in boards of directors: the most appropriate option at this stage would be the disclosure of diversity policy. It is also the option that is preferred by most stakeholders compared to other options such as a compulsory diversity policy or to an action focusing only on recruitment policy. LEGAL BASIS : Article 50 (1) of the Treaty on the Functioning of the European Union. CONTENT : the proposal sets a requirement for certain large companies to disclose relevant non-financial and diversity information, ensuring a level playing field across the EU. It pursues the following key objectives: · to increase the transparency of certain companies, and to increase the relevance, consistency, and comparability of the non-financial information currently disclosed, by strengthening and clarifying the existing requirements ; · to increase diversity in the boardrooms of companies through enhanced transparency in order to facilitate an effective oversight of the management and robust governance of the company ; · to increase the company's accountability and performance, and the efficiency of the Single Market. The main points of the proposed directive are as follows: 1) Non-financial information: the proposal will require certain large companies to include a statement in their Annual Report including material information relating to at least environmental, social, and employee-related matters, respect of human rights, anti-corruption and bribery matters. Within these areas, the statement will include (i) a description of its policies, (ii) results and (iii) risk-related aspects. The obligation will only apply to those companies where the average number of employees exceeds 500, and exceeds either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million. This threshold, higher than the one currently applied within the Accounting Directives (250 employees) limits any undue administrative burden. It is estimated that, on this basis, the new requirement would cover around 18.000 companies in the EU. 2) Diversity : the amendment will require large listed companies to provide information on their diversity policy, including aspects concerning age, gender, geographical diversity, and educational and professional background. The information will be included in the corporate governance statement and will have to contain the objectives of such a policy, its implementation and the results obtained. Companies not having a diversity policy will only be obliged to explain why this is the case. BUDGETARY IMPLICATIONS : the proposal has no implications for the EU budget. New
PURPOSE: to increase the relevance, consistency, and comparability of non-financial information published by undertakings across the Union. PROPOSED ACT: Directive of the European Parliament and of the Council (amendment of Council Directives 78/660/EE and 83/349/EEC). ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council. BACKGROUND: the approach currently taken in the Accounting Directives on the publication of non-financial information has not produced the desired results. It is estimated that only a limited number of large companies (2500 out of the total of 42000 in the EU) regularly publish non-financial information. The quality of the information disclosed varies, making it difficult for investors and stakeholders to understand and compare companies position and performance. Furthermore, national requirements are significantly diverse, which adds to the lack of clarity for companies and investors who operate across the Internal Market. In addition, insufficient diversity in boards may lead to a similarity of views of the members of the board of directors and more resistance to innovative ideas. The need to improve the transparency of the social and environmental information provided by companies in all sectors, in order to ensure a level playing field, has been acknowledged by the Commission in the Single Market Act and was reiterated in the Communication "A renewed strategy 2011 2014 for Corporate Social Responsibility". The European Parliament, in its two resolutions on Corporate Social Responsibility: accountable, transparent and responsible business behaviour and sustainable growth and Corporate Social Responsibility: promoting societys interests and a route to sustainable and inclusive recovery, acknowledged the need to increase transparency in this field and called the Commission to bring forward a legislative proposal. IMPACT ASSESSMENT: the impact assessment identified two main issues : 1) The inadequate transparency of non-financial information: the analysis has identified both a market and a regulatory failure as underlying causes of the problem. Following the assessment of policy options, the preferred option would be strengthening the existing obligation, by requiring a nonfinancial statement within the Annual Report. 2) The lack of diversity in boards of directors: the most appropriate option, at this stage, would be the disclosure of diversity policy. It is also the option that is preferred by most stakeholders compared to other options such as a compulsory diversity policy or to an action focusing only on recruitment policy. LEGAL BASIS: Article 50 (1) of the Treaty on the Functioning of the European Union. CONTENT: the proposal sets a requirement for certain large companies to disclose relevant non-financial and diversity information, ensuring a level playing field across the EU. It pursues the following key objectives:
The main points of the proposed directive are as follows: 1) Non-financial information: the proposal will require certain large companies to include a statement in their Annual Report including material information relating to at least environmental, social, and employee-related matters, respect of human rights, anti-corruption and bribery matters. Within these areas, the statement will include (i) a description of its policies, (ii) results and (iii) risk-related aspects. The obligation will only apply to those companies where the average number of employees exceeds 500, and exceeds either a balance sheet total of EUR 20 million or a net turnover of EUR 40 million. This threshold, higher than the one currently applied within the Accounting Directives (250 employees) limits any undue administrative burden. It is estimated that, on this basis, the new requirement would cover around 18.000 companies in the EU. 2) Diversity: the amendment will require large listed companies to provide information on their diversity policy, including aspects concerning age, gender, geographical diversity, and educational and professional background. The information will be included in the corporate governance statement and will have to contain the objectives of such a policy, its implementation and the results obtained. Companies not having a diversity policy will only be obliged to explain why this is the case. BUDGETARY IMPLICATIONS: the proposal has no implications for the EU budget. |
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