EU takes a step towards greater corporate transparency – Rebecca Taylor

Rebecca ALDE biog photoMEPs in the European Parliament’s Legal Affairs committee today voted through new rules on non-financial reporting which will help improve corporate transparency in Europe.

Under the proposal around 6000 large companies across Europe will be required to report on the environmental and social impact their activities have.

Liberal Democrats called for a review within four years to look at whether the scope of the Directive should be extended.

Liberal Democrat MEP Rebecca Taylor, who led negotiations for the Liberal group on the proposal, commented:

“This is an important step towards ensuring greater accountability and transparency for large businesses in Europe.”

“Corporate reporting should not just be about the bottom line. We need a common approach to reporting the wider impact that large companies have on society and on the environment.”

“While today’s outcome is not as ambitious as many of us would have liked, myself included, it does pave the way for extending the scope of the Directive in future, particularly through a review which should take place no more than 4 years from now.”

Notes to Editors

Under a deal reached on February 28th in negotiations between the European Parliament and European Council, the new rules will only apply to large, publicly listed companies with an average of 500 employees.

A strong review clause was negotiated requesting for the Commission to submit a report to the European Parliament and Council at the latest 4 years after the entry into force of the Directive, which will focus amongst others on the scope, particularly as regards large non-listed undertakings.

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