通过欧盟法律中的强制性信息披露规则引导公司实现政策目标

IF 0.5 Q3 LAW
António Garcia Rolo
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引用次数: 0

摘要

适用于欧盟公司的强制性披露规则,如每家公司必须在公共登记册上披露的基本信息和定期财务信息,传统上一直试图调解管理者和股东、公司内部人和外部人之间的代理问题。然而,欧盟法律中规定的强制性披露已经超出了这一范围,尤其是在大公司、上市公司或从事某些活动的公司。一些最近的强制性披露规则,如《股东权利指令》、《非财务报告指令》和《可持续财务披露条例》中预见的环境和社会披露规则,已经超越了中介机构问题的传统终点(或者,就上市公司而言,提供价格信息),相反,他们一直在寻求利用它们对公司治理的影响,引导公司实现立法者制定的独特政策目标。通过为这些信息的潜在用户——股东和利益相关者——提供更多信息,立法者试图改变披露公司的行为,而不是过于强硬或强加。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Steering Companies Towards Policy Objectives Through Mandatory Disclosure Rules in EU Law
Mandatory disclosure rules applicable to EU companies, such as the basic information every company is required to disclose on a public register and periodical financial information, have traditionally sought to mediate agency problems between managers and shareholders and company insiders and outsiders. However, mandatory disclosure foreseen in EU law has since expanded beyond that, especially in large companies, listed companies or those carrying out certain activities. Some those more recent mandatory disclosure rules – such as the Shareholders Rights Directive and the environmental and social disclosure rules foreseen in the Non-Financial Reporting Directive and the Sustainable Finance Disclosure Regulation – have gone beyond the traditional end of mediating agency problems (or, in the case of listed companies, provide price informativeness) and have, instead, been seeking to use their effects on corporate governance to steer companies towards distinct policy objectives set out by the legislator. By equipping the potential users of that information – shareholders and stakeholders alike – with more information, the legislator seeks to change the behaviour of the disclosing company without being too forceful or imposing.
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33.30%
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