Einde inhoudsopgave
Sustainability Reporting in capital markets: A Black Box? (ZIFO nr. 30) 2022/1.1.4.0
1.1.4.0 Introductie
A. Duarte Correia, datum 20-11-2019
- Datum
20-11-2019
- Auteur
A. Duarte Correia
- JCDI
JCDI:ADS169156:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Ondernemingsrecht / Jaarrekeningenrecht
Voetnoten
Voetnoten
See, Kok, 2004, pp. 39.
“Facing the challenge. The Lisbon strategy for growth and employment.”, November 2004. Report from the High Level Group chaired by Wim Kok, available at: http://ec.europa.eu/research/evaluations/pdf/archive/fp6evidence-base/evaluation_studies_and_reports/evaluation_studies_and_reports_2004/the_lisbon_strategy_for_ growth_and_employment__report_from_the_high_level_group.pdf.
More information on the National Reform Programmes is provided below in section 4.1.
The Presidency Conclusions of the Brussels European Council meeting in March 2005 are available at: http://ue.eu.int/cms3_fo/showPage.asp?lang=en&id=432&mode=g&name.
Experimental Governance: The Open Method of Coordination Erika Szyszczak, European Law Journal, Vol. 12, No. 4, July 2006, pp. 486–502.
See more information about the Open Method of Coordination above in section 1.1.
To stimulate the Lisbon strategy and aiming for the delivery of the targets set in the year 2000, a mid-term review took place in 2005. It was meant to help the evaluation of the Lisbon Strategy and was carried-out by a high-level group on the Lisbon strategy chaired by Mr. Wim Kok - former Prime Minister of the Netherlands, which was appointed by the Council. Referring to the general progress of the Lisbon strategy, the review acknowledges that “Unfortunately progress to date has been inadequate, largely due to a lack of commitment and political will.”1 Most of the goals of the Lisbon strategy were then not achieved, among which were the achievement of a greener economy, energy efficiency and clean (environmental- friendly) technologies, and a sustainable environment.2
The mid-term review introduced a novelty in the governance procedure, the National Reform Programs. The targets of the Lisbon Strategy were to be individually implemented by each member state. Each member state would set- up a National Reform Programme tailored to the own exact situation and these were to be monitored by the EU.3 The National Reform Programmes were meant to be coordinated by the Integrated Guidelines for Growth and Jobs (2005-2008) adopted by the European Council.
In March 2005, the European Council agreed to re-launch the Lisbon Strategy. It focused mostly on economic growth and employment in Europe.
“… it is essential to relaunch the Lisbon Strategy without delay and re-focus priorities on growth and employment. Europe must renew the basis of its competitiveness, increase its growth potential and its productivity and strengthen social cohesion, placing the main emphasis on knowledge, innovation and the optimisation of human capital.”
The Presidency Conclusions of the Brussels European Council meeting in March 2005
Although not considered a priority, CSR was addressed following the EU’s concerns with sustainable development. In June 2005 the EU had intentions of adopting a declaration of guiding principles to serve as a basis for renewing the sustainable development strategy adopted at the European Council meeting in Gothenburg in 2001. The European Council also addressed its concerns with climate change and emphasized “the EU’s determination to reinvigorate the international negotiations…” for promoting and ensuring cooperation between the member states for developing a long-term strategy to avert the dire consequences of climate change.4 However “…The general perception is that the environment remains a peripheral concern of the EU, with economic and employment policies continuing to dominate the Lisbon Strategy.”5
The re-launched Lisbon strategy comprised a single EU Annual Progress Report as part of the simplification package. Accordingly to the simplified reporting model, member states were required to publish their National Reform Programmes outlining their priority areas for economic reform. The 2005 refocused Lisbon Strategy also updated the Open Method of Coordination for growth and jobs and social inclusion policies.6