On April 16, the European Commission proposed changes to European Union accounting laws requiring disclosure of non-financial information such as environmental and social policies, risks, and results. The amendments would apply to companies with 500 or more employees, or about 18,000 total companies in the European Union; they were not applied to small- and medium-sized companies because they were deemed too costly for those businesses. Opposition to the proposal includes those saying it would demotivate the market or if is too weak to create any real change. The proposals must be approved by the European Parliament and the Council of Members.