EC seeks views of profession on new directive
Efforts to boost transparency and financial disclosure have prompted the European Commission to seek the views of accountants on the latest European Union directive.
Brussels wants to carefully define the responsibility held by all board members on ensuring correct company information is released. It wants views on whether it should guarantee the authenticity of non-financial information, and whether the duties of supervisory and management boards should be differentiated, for instance.
The public consultation document also tables options on the amount in data that should be released about business groups, for example about their links with offshore companies or special purpose vehicles.
Another suggestion is the highlighting of any decision that could be linked to a board member’s financial interests. With comments required by June 4, proposals could be drawn up before a new commission takes office.