Europe: country by country reporting for large companies and groups

Earlier this week the European Council agreed, as part of discussion concerning taxation, that the European Commission's current proposal to improve non-financial reporting by companies should be reviewed with a view to requiring country by country reporting by large companies and groups: see here (pdf). Yesterday, Michel Barnier, the internal market commissioner, referred to the Council's conclusion in a speech on sustainability and reporting: see here. He stated that large companies and groups would be subject to country by country reporting obligations of the kind to which banks will be subject under CRD IV as approved by the European Parliament last month.