Brussels briefing
President Michael D Higgins dazzled the European Parliamentarians with his address during the week, getting them on side by repeatedly underlining their institution’s democratic credentials.
Even the admittedly sparse members of the austerity-prone centre right EPP present rose to their feet at the end of his address where he warned of the threat posed to democracy by their dancing to the tune of credit rating agencies rather than acting for the good of the voters.
His was a powerful voice in the still soft echo of those pointing out the limits of the prevailing orthodoxy in the EU, more so since he represents a people carrying the worst burden of the flawed economic model and which is being so assiduously pursued by its government.
Companies that already publish information on their non-financial performances such as on social, environmental, anti-corruption, human rights and bribery issues tend to be more successful, attract and retain valuable employees, and have lower financing costs, according to Internal Market Commissioner Michel Barnier.
He is updating the current legislation on disclosure given that less than 10% comply with the existing law.
However, despite proving open corporate social responsibility is good for workers and shareholders, the proposals will apply to just 15,500 large companies.
According to a study by the NGO, Corporate Europe Observatory, German lobbying has exempted all companies with less than 500 employees, all subcontractors, and offers a choice in what and how they disclose it, choosing from a number of methods. They say a mere 0.3% of all European firms will be covered.
Largely the policy suggests a “comply or explain” approach with boards that do not have a diversity policy — for instance any women included — being required to explain why in their annual report.
Labour MEP Nessa Childers wants the Government to have an information campaign to let the public know they can force the EU to change or adopt new legislation.
She points out that the European Citizen’s Initiative, where a million EU citizens’ signatures can instigate changes in the law, has had a very poor response among the Irish and she says that few seem to know about it.
Her idea is that an informed public could support her campaign for tax reform through the initiative which is to have a fair and balanced wealth tax, a new top tax rate, an increase in the universal social charge for high income earners, a financial transaction tax on banks not paying their fair share and an absolute floor of 10% of effective corporation tax rate.
Gifts worth more than €150 will be out for MEPs under a new Code of Conduct. The revised code covers a range of issues from conflict of interests to additional income. They will have to declare events they attend that are paid for by others, with the exception of those funded by political parties or religious communities.
Each MEP is potentially worth more than any member of a national parliament to businesses, including NGOs, given the amount of heavy-duty legislation they are now responsible for negotiating, amending and passing.
Stories abound of how MEPs make themselves useful to big business in particular, from pushing through amendments frequently written by the vested interests to having assistants and experts paid to help them.
The number of scary substances in our water appears to be growing rapidly, and keeping up with it is putting law-makers to the pin of their collar.
The latest development, finally agreed under the aegis of the Irish Presidency of the EU during the week, is to add 15 substances to a list of 33 hazardous substances that must be phased out from our water supply over the next two decades. They include three pharmaceuticals for which companies and doctors must now find alternatives, and 12 new substances including metals, plant protection products and dioxins.
It must be sad when you spend months of your life drawing up a report, and in the end have to vote against it yourself. That is what happened Portuguese MEP Marisa Matias who belongs to the left-leaning GUE group in the Parliament.
Conservative MEPs rushed to the defence of the ECB in her report and insisted on removing provisions relating to the accountability of the ECB as a member of the troika and to its gains from the adjustment programmes.
“The choice is simple — do we want an ECB at the service of the economy and society or at the service of financial speculation? The amendments adopted made clear the path chosen by the majority of MEPs,” she said.
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