Proposed amendments to 4th and 7th Directives

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29 Oct 2004

The European Commission has proposed certain corporate governance amendments to Council Directives 78/660/EEC and 83/349/EEC (the Fourth and Seventh Directives) concerning the annual accounts of certain types of companies and consolidated accounts.

Objectives of the revisions are to establish the collective responsibility of board members for a company's financial statements and annual reports; enhance transparency about related party transactions (companies' transaction with their managers, managers' family members, and others); expand disclosures about off-balance arrangements (including commitments and special purpose entities); and introduce a corporate governance statement. Click to download: Other language versions can be found on the EC Website.

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