Country by country reporting gets EU Parliament backing

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On September 23rd, the European Parliament adopted a report on the follow-up of the Monterrey conference on Financing for Development. Amongst the resolutions adopted is one saying that the Parliament:

Regrets that the Commission does not place more emphasis on the mobilisation of internal resources to finance development, as these are sources of greater autonomy for developing countries; encourages Member States to be fully involved in the extractive industries transparency initiative and to call for it to be strengthened; calls on the Commission to ask the International Accounting Standards Board (IASB) to include among these international accounting standards a country-by-country reporting requirement on the activities of multinational companies in all sectors;

This is another step forward in our campaign: the EU Parliament has previosuly supported this call for the Extractive Industries. Now they are calling for it for all sectors.

It is an essential part of the regulatory reform that will resolve the credit crunch.

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