Local view for "http://purl.org/linkedpolitics/eu/plenary/2004-03-29-Speech-1-055"
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"en.20040329.6.1-055"2
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"Madam President, there is not much more I can say, since only a few questions have been addressed to the Commission.
Firstly, I should like to reassure Mrs Villiers on one point: I can confirm that the new Article 19 will allow the execution-only business to go on under conditions that will now be harmonised at Community level.
Mrs van den Berg mentioned two points. In agreement with her, I should like to say that the compromise acknowledges that investors must be provided with better information on executive remuneration. The topic is currently under review, as Mrs van den Berg quite rightly said, in the context of the action plan on modernising company law and enhancing corporate governance, an action plan dated 21 May 2003. I think Mrs van den Berg would agree with that. In addition, a push will be given to the movement that favours more transparency on what the extractive industries pay to governments. Whilst maintaining a voluntary approach, the compromise gives a clear signal to Member States to encourage more transparency from issuers in their annual reports and within the framework of current international initiatives, such as those taken by the World Bank.
I now come to a point raised by Mr Mann and Mr Skinner concerning the way in which information should be disseminated in Europe. A reasonable compromise has been found. The compromise is neutral as regards the use of any technology, thus neither excluding newspapers nor electronic means. Furthermore, it would be made clear in a recital that a home Member State may always request publication of regulated information via newspapers, in addition to other measures of dissemination.
I now come back to a matter raised again by Mrs Villiers, and also Mrs Berès who, unfortunately, has left the Chamber. In reply I should like to say that, obviously, during the implementation of the ISD the Commission will make every effort to find a balanced solution. To that end, CESR, the Member States and parliaments will be fully associated.
Finally, the whole process of adopting implementing rules will be fully transparent. All market participants will have the opportunity to make known their views.
Lastly, I would regret it very much if Mrs Lulling were to vote in favour
After all, we cannot really allow that, so I hope that she will reconsider and will vote
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"avec la mort dans l'âme."1
"avec une certaine joie dans l'âme"1
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