EU proposes more public company tax reporting

The European Parliament's Legal Affairs Committee on 7 May approved a draft directive enabling shareholders to vote on directors’ remuneration to ensure greater transparency and accountability. Some larger companies are also required to disclose information on tax rulings, payments and public subsidies on a country by country basis. Provisions were also inserted that would require member states to introduce specific mechanisms to reward long-term shareholders, including additional voting rights, tax incentives, loyalty dividends or loyalty shares.