The European Commission has published a questionnaire seeking views on country-by-country reporting by multinational companies. The matters on which the Commission seeks views include:

  • Whether it would be useful to have common EU rules on the disclosure of financial information on a country-by-country basis.
  • Whether such disclosure would be meaningful to investors in the companies concerned.
  • Whether such disclosure would be useful for improving tax governance at a global level.
  • Whether such disclosure by companies in the extractive sector (eg minerals, oil, natural gas) would be useful in order to improve domestic accountability and governance in natural resource-rich third countries.
  • Whether such country-by-country financial information should be presented according to predefined standards or formats.
  • Which kinds of multinational companies should be targeted. The consultation closes on 22 December 2010.