Mandatory quarterly reporting rejected
EU finance ministers have backed UK objections to mandatory reporting for EU plcs and instead opted for a deal which will require companies to provide material information on a quarterly basis.
The deal places the emphasis on ‘quality of information’ instead, which means companies will have to provide information on such things as mergers, closures, debt and equity issues.
Known as the ‘transparency directive’ it still needs to be approved by the European parliament.
‘We are happy with the way the transparency directive has moved in the way we wanted,’ chancellor Gordon Brown said, according to reports.