​Eurosif concerned over tax amendments to Shareholder Rights Directive

first_imgThe binding vote on executive remuneration was at the heart of the Commission’s initial legislative proposal and hailed as a step towards a greater focus on long-termism by then-commissioner Michel Barnier.In a position paper, Eurosif added that it was aware of the argument CBCR could be “burdensome and onerous” if imposed on all listed companies. “We therefore recommend policymakers think about ways to focus to alleviate such burden and make recommendations in that direction,” it said. It also argued that it would be preferable to amend accounting regulation, rather than the Shareholder Rights Directive, as a means of introducing CBCR.Eurosif said the rationale for institutional investors backing CBCR was one of managing reputational risk.It noted that the distinction between illegal tax evasion and legal tax avoidance had “dissolved in the eyes of governments, NGOs and citizens”.It added that aggressive tax practices risked undermining a company’s sustainability strategies, and that the short-term gains or profits achieved by such tactics could fall away as a result of the medium to long-term impact of reputational risk.,WebsitesWe are not responsible for the content of external sitesLink to Eurosif position paper on Shareholder Rights Directive Eurosif has questioned attempts by the European Parliament to introduce greater corporate tax transparency by amending the Shareholder Rights Directive.The sustainable investment association stressed that it was wholly supportive of the introduction of country-by-county reporting (CBCR) for all listed companies but said that agreeing an “ambitious” text for the Shareholder Rights Directive was a priority.European parliamentarians recently voted on an amended draft of the directive, which proposed the introduction of CBCR, currently only mandated for banks and extractive industries.But they watered down a pledge for a binding vote on pay by leaving it to individual member states to decide if shareholders should be granted one.last_img read more

Didier Drogba backs Kolo Toure over failed drugs test

first_imgChelsea striker Didier Drogba has backed his Ivory Coast colleague Kolo Toure by declaring his failed drugs test a “stupid mistake”.The Manchester City defender, 29, was suspended last week after testing positive for an unspecified substance.Drogba said: “Everyone knows how great he is [and] how stupid the mistake was. I don’t think he did it to improve his performance – it was just a mistake.”Drogba added Toure’s absence from this month’s game against Benin is a blow.The two sides face each other at the end of the month in an Africa Cup of Nations qualifier.“It will be a difficult situation for us because he is one of our most important players – one of the oldest and the most experienced,” Drogba continued. Drogba said he had spoken to Toure since the incident and that his long-time team-mate is troubled by the prospect of a potential two-year ban from football.“He was down but that’s normal,” the Elephants star added.“We feel sorry for him and he’ll have all our support and that’s the maximum we can do.”“He told me what happened and there’s not a big difference between has been said by Arsene Wenger and what Kolo says.”Last week, Arsenal coach Wenger said that Toure, a former player of his, had failed the drugs test after taking his wife’s dieting pills. The centre-back made his international debut in 2000 and has gone to make over 80 appearances since, winning caps at both the 2006 and 2010 World Cup finals.last_img read more

Stars focused on Lesotho game

first_imgCoach of the Black Stars, Ghana’s senior national football team, Kwasi Appiah, insists they are focused on victory over Lesotho in their World Cup qualifier on Sunday rather than the final group qualifier against Zambia in September.Both Ghana and Zambia are in stiff competition for the top spot in Group D, having won their games against Sudan and Lesotho respectively and talk is now rife that the clash between the two sides in September will decide the group winners.However, Coach Appiah says the Stars, who have been in Johannesburg, South Africa since last Saturday, to prepare for the trip to Maseru, are not overlooking the importance of the Lesotho game.“There are six matches to be played in the group and each one is equally important. We’ve cleared four hurdles and there is a fifth and sixth to be played. We can not worry our heads over the sixth if we have not cleared the fifth,” he said in an interview.“Talks about the Zambia game may have been generated by the fans because we are not dwelling on either what is past or what is far ahead of us. Immediately after the Sudan , I pointed it out to them that the Sudan was over and that we needed to start thinking about the Lesotho game,” Coach Appiah said.So far, the Stars have had a behind-closed-doors training session from the scrutinising eyes of the media. The 10 African group winners will be paired off for the final stage during October and November with the winners of the five home-and-away ties qualifying for Brazil 2014.last_img read more