EU Update
March/April 2007
European Parliament releases CSR report
The European Parliament has recently published a report on “Corporate Social Responsibility: a new partnership”. The Report calls on the Commission to implement a more pragmatic approach to CSR in ensuring that measures work, either voluntary or mandatory, to address specific issues. According to EP rapporteur Richard Howitt, ‘There should be no artificial divide between CSR and issues of corporate accountability and governance’.
Eurosif Member Affiliates received a detailed overview from Eurosif outlining the key recommendations impacting SRI related issues.
For more information please see the europa web site.
Financial services: Commission adopts supplementary measures on company transparency
The European Commission has adopted measures supplementing the EU legal framework established by the Directive on transparency obligations of listed companies (2004/109/EC). This follows a positive vote of the European Securities Committee and a strong endorsement from the European Parliament on 24 October 2006. The Transparency Directive and its implementing measures will improve the quality of information available to investors on companies’ performance and financial position as well as on changes in major shareholdings.
For more information please see the europa web site.
Corporate governance: Member States reluctant to give a greater say to shareholders in the context of takeover bids, says Commission report
The European Commission has published a report on Member States' implementation into national law of the Directive on takeover bids (2004/25/EC). The Directive allows Member States to opt out of certain key provisions and to exempt companies from those provisions if the bidder is not subject to the same obligations. The Commission's report shows that in many cases Member States have made use of these options and exemptions. The report concludes that this could bring about new barriers in the EU takeover market, rather than eliminate existing ones.
For more information please see the europa web site.
EU moves to improve market for investment funds
The Commission adopted a raft of measures on 19 March 2007, to enhance the EU single market for retail investment funds, the most common types of investment products, in order to make them more consumer-friendly and allow increased cross-border activity. EU member states are to translate the measures into national laws within the next 12 months.
For more information please see the euractive web site
