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Labour MEP Marlene Mizzi appointed as S&D Rapporteur

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Labour MEP Marlene Mizzi appointed as S&D RapporteurLabour MEP Marlene Mizzi has been appointed as S&D Rapporteur on the Legislative initiative on disclosure of non-financial information by companies Labour MEP Marlene Mizzi was appointed by the Socialists and Democrats Group (S&D) as their main spokesperson on the upcoming legislative initiative on the disclosure of non-financial information by companies.

This is Marlene Mizzi’s second official appointment as an ECON rapporteur following her nomination as S&D spokesperson.

The report, to be penned by ECON chairperson Sharon Bowles, will focus on the proposal released by the European Commission on the 16th of April for a directive regarding the disclosure of non-financial and diversity information by certain large companies and groups.

The proposal sets a requirement for certain large companies to disclose relevant non-financial and diversity information while ensuring a level playing field in the EU.

A particular aim of the proposal is to increase diversity in the boards of these companies through enhanced transparency in order to facilitate an effective oversight of the management and robust governance of the company.

Marlene Mizzi said, “disclosure and transparency are two vital aspects for the good governance of any company. The aim of this report will be that of ensuring that the Directive will provide the citizens with the necessary information that will put their mind at ease on business transparency.”

The proposed directive would apply only for large companies with more than 500 employees. The proposal aims at increasing the disclosure of large companies on social and environmental matters. Companies will now be obliged to disclose information on politics, risks and results as regards environmental matters, social and employee-related aspects, respect for human rights, anti-corruption and bribery issues and diversity on the boards of directors.

Ms Mizzi said, “for many years, corporate boardrooms have been shrouded in mystery. Companies were allowed to act without any need to respond to their environmental and social obligations. Under the current rules, fewer than 10% of the EU largest companies choose to disclose such information. The proposed regulation will be a very good step forward in ensuring that companies start disclosing such information more frequently and uniformly for the benefit of everyone.”

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