WRITTEN QUESTION E-0482/01

by Herbert Bösch (PSE) to the Commission

(21 February 2001)

Subject: Directives on the publication of company accounts and fundamental rights

There is a debate in Austria about the directives on the publication of company accounts (Council Directive 68/151/EEC(1) of 9 March 1968, Council Directive 78/660/EEC(2) of 25 June 1978 and Council Directive 83/349/EEC(3) of 13 June 1983) and fundamental rights. The question at issue is whether these directives still comply with today's requirements in terms of data protection and public security.

When the directives were adopted, there was a need to ensure transparency. Since then, however, data protection considerations have become increasingly important and, consequently, the directives should be reviewed to see whether they reflect current needs.

What is the Commission's view of the relationship between the directives on the publication of company accounts and European fundamental rights?

(1) OJ L 65, 14.3.1968, p. 8.

(2) OJ L 222, 14.8.1978, p. 11.

(3) OJ L 193, 18.7.1983, p. 1.

Answer given by Mr Bolkestein on behalf of the Commission

(23 April 2001)

The Directives on the publication of company accounts(1) require companies to publish their annual accounts, but they do not require associates to disclose personal data. Only the emoluments of members of the various bodies must be published, as a total figure for each category. Moreover, Member States may authorise non-disclosure of this information if it enables the status an individual member of any of these bodies to be identified (see Article 43(1), subparagraphs (12) and (13), of Directive 78/660/EEC).

The capital of the company is the ultimate safeguard for creditors. The disclosure obligation thus strikes a balance between the legitimate interests of traders, who want to reduce their liability, and those of creditors, who do not want to take any unwarranted risks.

Neither the Data Protection Directive(2) nor European fundamental rights have done anything to alter this state of affairs or the legal situation. The Data Protection Directive does not apply to the processing of personal data of natural persons. In addition, the Charter protects only natural persons and not legal entities.

Consequently, the Commission takes the view that there is no conflict between the Directives on the publication of company accounts and European fundamental rights, particularly the fundamental right to data protection, and that there is therefore no need to revise the Directives on the publication of company accounts.

(1) First Council Directive 68/151/EEC of 9 March 1968 on co-ordination of safeguards which, for the protection of the interests of members and others, are required by Member States of companies within the meaning of the second paragraph of Article 58 of the Treaty, with a view to making such safeguards equivalent throughout the Community, Fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies, and Seventh Council Directive 83/349/EEC of 13 June 1983 based on the Article 54(3)(g) of the Treaty on consolidated accounts.

(2) Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of individuals with regard to the processing of personal data and on the free movement of such data (OJ L 281, 23.11.1995).