Thursday, February 07, 2013

France votes for country by country reporting: world first

From Paris, courtesy of Christian Chavagneux and Mathilde Dupré:
"Last night the Finance Commission of the French Assembly voted to force French banks to publish their turnover and the number of people employed on a country by country basis. MPs couldn’t get an agreement to add profits and tax.

The plenary vote will start on Feb 12 and I guess the banks will mobilize. But if it holds I guess it will be a world première for the banking sector.
That is very good news. This link (in French) provides more details. Christian Chavagneux has more here. It is disappointing that profits and taxes are not included in the reporting requirements, but there is scope for this to be beefed up. But it is a serious foot in the door.


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