Country-by-country reporting: first step in achieving transparency

On 8 July, the European Parliament voted in favour of measures to increase the transparency of the finances of multinational corporations, requiring EU-based multinational companies (MNCs) to reveal details of tax payments to governments around the world. The measures were voted through as part of the Shareholders’ Rights Directive (SRD), which amends two existing directives on long-term shareholder engagement and corporate governance.