After the European Parliament’s decision to postpone the joint vote of the ECON and ENVI committees on the EU Commission’s proposal for a sustainable finance taxonomy, Deutsches Aktieninstitut has again hinted the Committee-members at the concerns of listed companies. While Deutsches Aktieninstitut generally welcomes the EU Commission’s legislative proposal, it opposes the parliamentary position of extending the taxonomy’s scope of application as well as the promotion of a “green” ...

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Deutsches Aktieninstitut supports the overarching aims of Commission’s Action Plan on Sustainable Finance. However, we do see some legislative plans and practical transposition-measures as problematic. Our concerns relate among others to the composition of the ‘Technical Expert Group on Sustainable Finance’ (TEG) in which industrial companies are clearly underrepresented. In addition, we see the absence of addressing conflicts of interests between different ESG-goals as well as a certain ...

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In its response to the questionnaire on the early recommendations of the High Level Expert Group on Sustainable Finance, Deutsches Aktieninstitut underlines its support for and the importance of a sustainable economic development, to which also the financial system has to contribute. The current debate should, however, be led more balanced and also taking into account the role of the legislator and its responsibility for policy actions, e.g. as regards the environment, in the first place.

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The Deutsche Aktieninstitutwelcomes the opportunity to comment the issue finches for the non-binding guidelines on non-financial reporting. The Commission is supposed to present the guidelines in order to facilitate the disclosure of non-financial information for undertakings. Therefore it is important that the guidelines will be finalized as soon as possible so companies, especially those that will report non-financial information for the first time, can get the necessary ...

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In its comments on the ministerial draft statute for transposing the CSR-directive into German law, Deutsches Aktieninstitut welcomes the freedom of choice for companies to prepare a separate non-financial report instead of the non-financial statement. However, the plan to add consumer issues to the non-financial reporting obligations, should not be pursued. Also the concept that all non-financial information have to be submitted within the non-financial statement creates problems. 

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Regarding the implementation of the CSR-Directive Deutsches Aktieninstitut pleads not to include small and medium sized enterprises or additional reporting aspects but to implement the directive one-to-one. Clarifications regarding the rules set out in the directive should be left to the European legislator, who can enact the non binding guidelines mentioned in the directive if considered appropriate.

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In its comments Deutsches Aktieninstitut supports the European Commission’s initiative on building a Capital Markets Union. Further to the steps proposed by the Commission the demand-side of capital markets should, however, be addressed more precisely. This applies especially to the aspect of corporate finance. In addition, a cumulative impact-assessment of the regulatory initiatives launched in the aftermath of the financial crisis is necessary in order to identify and remove barriers for ...

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In the political guidelines for the next EU Commission Jean-Claude Juncker pledges to create a European Capital Markets Union in order to improve the financing of the European economy and in order to further integrate capital markets. This paper lays down Deutsches Aktieninstitut’s perspective on what should be the guiding principles of a proper functioning Capital Markets Union. Our key message is that the perspective on capital markets regulation has to be changed: capital markets, if ...

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In its answer to the Commission´s Online Consultation Deutsches Aktieninstitut emphasizes that after having adopted the Directive on disclosure of non-financial information no more legal steps by the Commission are necessary. Insteadthe EU should raise the awareness for the importance of CSR by enhancing market reward for CSR. From the point of view of Deutsches Aktieninstitut the main challenge to-be for the EU policy on CSR is to create an International Fair Level Playing Field in order to ...

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At the traditional Brussels reception of Deutsches Aktieninstitut the new EU Commissioner for Financial Stability, Lord Hill, and Markus Ferber, MEP, delivered speeches to more than 200 guests. Werner Baumann, President of Deutsches Aktieninstitut, outlined the expectations of the German economy on the European legislator and presented the latest positions paper of the institute „The Road to Growth: Setting Capital Markets Regulation Right”. 

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