This directive harmonises transparency requirements for all listed companies. It has already received significant press attention, largely due to the issue of country-by-country reporting for the extractive and forestry industries – which was dealt with as a package alongside the Accounting Directive.
Our Group has pushed hard for this legislation for many years. New rules will boost investor confidence and reduce short-termism after the financial crisis. They will also reduce administrative burdens on small- and medium-sized issuers. We have now ensured that sanctions remain effective, proportionate and dissuasive.