Ethical Performance
inside intelligence for responsible business


EC lobbied on share issues

March 2003

The European Commission has been urged to require that company share prospectuses include information on corporate social responsibility issues.

Fifty organizations have formally petitioned the EC to include this requirement in its forthcoming directive on prospectus obligations.

They say the EC should require prospectus issuers ‘to explain in the document to what extent they take non-financial risks into account’. Their account of this type of liability should include ‘social, ecological and ethical risks’.

The intention is to encourage companies and investors to consider CSR matters at the point when a company is formed or has a share issue.

The EC is still considering the content of the prospectus directive, which should be completed by the end of 2003. The directive will seek to impose uniform requirements on companies issuing prospectuses.

The 50 signatories include the European Sustainable and Responsible Investment Forum (Eurosif) and Dutch-based SNS Asset Management.


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