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Responses to the EU consultation on country-by-country reporting

04 Apr 2011

In October 2010, the European Commission started a public consultation in order to gather stakeholders' views on country-by-country reporting by multinational companies. Country-by-country reporting is a concept that would require multinational companies to disclose financial information on their operations in third countries in their annual financial statements.

The Commission has now posted to its website the responses received and a summary report of the consultation. The report states:

The overall result of the consultation shows a rather diverse pattern of opinions (especially on questions 1 to 3), reflecting the opinions of several categories of respondents: where preparers, accountants and auditors were in general opposed to requirements to report on a country-by-country basis, users and other respondents were in favour.

[...]

However, a detailed analysis shows that the industry most directly concerned – the extractive industry, in particular oil and gas – expressed in general a constructive view as they consider this to be conducive to improving domestic accountability and governance in resource-rich countries.

In March 2011, the Competitiveness (Internal Market, Industry, Research and Space) Council of the European Union had also come to the conclusion that country-by-country reporting by mining and oil and gas companies will help tackling the challenges on raw materials and in commodity markets.
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