Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-03-29-Speech-1-040"
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"en.20040329.6.1-040"2
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"Madam President, it was very useful to hear that statement from the Commissioner. It will go quite a long way in sending the right signals in addition to many already issued in the bond markets and the markets in general. Commissioner, you are right to say that today's report on transparency obligations is a central plank of the financial services action plan. It brings certainty to the financial markets and underlines the process by which companies must inform investors. There was much debate amongst the various stakeholders, sometimes leaving us quite confused and with the outcome looking slightly opaque, but I believe we have here the correct blend and a very useful piece of legislation we can push ahead with.
Finally, I would like to thank all the services involved in this report, particularly Margaret Cazalet in the Committee on Economic and Monetary Affairs, my own Group secretariat, Annabel Garner-Boulay, the presidency, the Commission, along with my colleagues both in the Committee on Economic and Monetary Affairs and the Committee on Legal Affairs and the Internal Market for the great help they have given in drawing up a very balanced report.
There are some issues which ought to be underlined. The first is that despite the original plan we will no longer have a mandatory approach to quarterly reporting. That is clear. Parliament was absolutely right in rejecting it and also clearly right in supporting a compromise which regularises and standardises detailed explanations, but does not allow for the mandatory approach already foreseen.
The reason for this approach is that we wish to forestall any short-termism and we wish to balance this against the need for any costs. I particularly hope that this will settle a lot of issues and that we will not see a repeat in German courtrooms of what we are seeing at the moment in discussions between certain companies and certain bourses.
Furthermore, the type of accounting methodology we need and the necessary reconciliation with third country issuers is dealt here as well. The agreement reached between Parliament, presidency and the Commission to pursue a reconciliation mechanism is absolutely vital. We must therefore not drag our feet on this issue.
I also mention the ten-year grandfather clause contained in Article 26 which refers to half-annual reporting. This too, Commissioner, is contentious, and that is why Article 29 contains another reference to a review of this legislation within five years of its full entry into force. Hard facts have been difficult to ascertain in this short period. We need to watch this very closely and I am glad you used the words 'watch very closely' as well.
Parliament welcomes a decision to bring forward urgently legislation in the company law action plan forcing all senior managers to reveal their compensation packages to investors at some time in the very near future. We will be pressing this cause very much. We regard it as something which could have been here, but we let it pass since you are going to bring it in later. We will, however, be watching very closely indeed.
Furthermore, there is a great expectation that the Council will be as good as its word – as will the Commission – in supporting the voluntary initiative to make transparent all payments made by companies in the extractive industries to all governments. In Angola, 25% of the state's income – some USD 1.7 billion – disappears every year. The majority of this money derives from the extraction of oil, and because of the way the money is paid and reported, little is truly known of the corruption. Frankly, it is hidden because it is illicit and it goes to the very top of government.
The oil companies meeting in Canada next week and the governments of the European Union and the institutions dealing with good financial governance need to force the pace on this issue. They need to change what is going on. Investors need to know and companies should not gamble with their reputations. Moreover, those who steal from their own countrymen should be stopped. For example, post-war Angola's need for money is tragic for thousands of poverty-stricken families. Infant mortality, health in general and education are still priorities in this region, and yet basic greed still thwarts solid progress.
Calling on these companies to be transparent now would be a cornerstone in good governance and openness. In five years' time Parliament will judge progress made in this legislation and it will be looking to see that it is balanced by the approach of the Commission and other institutions in encouraging this progress."@en1
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