EP Votes in Favour of Accounting Transparency

18. September 2012 | keine Kommentare
Railroad Crossing

Railroad Crossing (Foto: redyamflan, flickr.com, CC 2.0 BY NC)

Crucial new draft EU legislation on accounting and transparency was voted on by the legal affairs committee in the European Parliament today (1). The Greens welcomed the support of MEPs for greater transparency on companies‘ activities, notably for project reporting and on payments to governments, which will help prevent unethical corporate activities in developing countries and beyond.

Commenting after the vote, Green legal affairs spokesperson Eva Lichtenberger stated:

These votes represent a welcome step to tightening up the draft rules on accounting transparency with a view to clamping down on and limiting unethical activities by corporations.

Clear and detailed project reporting is crucial, particularly for the extractive and forestry sectors, with a view to limiting the ability of irresponsible firms to unethically extract resources from developing countries and conflict regions, and limit the scope for corruption and bribery in these areas. The Greens believe today’s vote improves the draft legislation, bringing it in line with similar provisions under US law (the Dodd-Frank bill). MEPs have voted for a comprehensive and precise definition of projects, with a lower material threshold, which will help ensure important information cannot be glossed over or omitted.

Commenting on the provisions on country reporting, Green legal affairs spokesperson Gerald Häfner continued:

Today’s vote for transparent country-by-country reporting is of utmost importance for the worldwide fight against corruption, bribery and tax evasion. Clear and detailed information is essential for companies‘ reporting both on projects but also at country level. They help citizens, NGOs parliaments and judges to control what multinational companies do, own and pay to governments. The EP’s decision strengthens the draft legislation in this regard. In particular, the Greens welcome the provisions on payments to governments, which will hopefully narrow the window for bribery and corruption. While we would have preferred a lower threshold, the declaration of all payments above €80,000 is nonetheless an important improvement on the current situation.

(1) The EP’s legal affairs committee, the lead legislative committee, voted on the draft accounting directive (Lehne report) and the draft transparency directive (McCarthy report).

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Kategorie: Europäisches Parlament, Pressemitteilungen, Thema, Transparenz und Lobbykontrolle

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