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İÇİNDEKİLER
ACKNOWLEDGEMENTS III
TABLE OF CONTENTS V
LIST OF ABBREVIATIONS XIII
INTRODUCTION
A. Setting the Scene 1
B. Research Questions 3
CHAPTER 1
FOUNDATIONS
A. Terminology 7
I. Information 7
II. Disclosure 10
III. Reporting 11
IV. Transparency 13
B. Historical Developments 15
I. United Kingdom 15
1. Financial Reporting 15
2. Non–Financial Reporting 20
II. USA 21
1. Financial Reporting 21
2. Non–Financial Reporting 27
III. International Developments 29
1. Financial Reporting 29
2. Non–Financial Reporting 31
IV. European Union 37
1. Financial Reporting 37
2. Non–Financial Reporting 50
V. Türkiye 56
1. Financial Reporting 56
2. Non–Financial Reporting 59
C. Rationale for Transparency ments 63
D. Limits to Transparency 72
I. Fundamental Rights 73
II. Trade Secrets 87
III. Competition 92
IV. Data Protection 97
CHAPTER 2
DISCLOSURE UNDER COMPANY LAW AND DISCLOSURE OF FINANCIAL INFORMATION
A. International Financial Reporting Standards 107
I. Content of Disclosure and In–Scope Companies 107
II. Form and Period 110
III. Addressee and Aim of Information 111
B. European Union 111
I. Disclosure Under Company Law 112
1. Company Law Directive 112
a. In–Scope Companies 112
b. Content of Disclosure 114
aa. General Rules for Companies 114
aaa. Article 14 CLD 114
bbb. Provisions on Capital Maintenance and Alteration 119
ccc. Other Provisions 121
bb. Branches 122
cc. Merger, Conversion and Division 124
c. Form and Period 126
d. Addressee of Information 130
e. Aim of Disclosure 133
f. Assessment 139
2. Accounting Directive 142
a. Content of Disclosure 143
aa. Annual Financial Statements 143
bb. Management Report 146
cc. Auditor’s Statement 148
dd. Payments to Governments 148
b. Form and Period 149
c. In–Scope Companies 152
d. Aim of Disclosure 155
e. Addressee of Information 157
f. Assessment 157
II. Disclosure Under Capital Markets Law 160
1. Prospectus Regulation 160
a. Content of Disclosure 161
aa. In General 161
bb. Summary 167
cc. Risk Factors 168
dd. Future Performance 169
ee. Simplified Prospectus 169
b. Form and Period 172
c. In–Scope Companies 174
d. Addressee of Information 180
e. Aim of Disclosure 188
f. Assessment 190
2. Transparency Directive 191
a. Content of Reporting 191
aa. Annual Financial Reports 194
bb. Half–Yearly Financial Reports 196
cc. Payments to Governments 198
dd. Major Holdings 198
ee. Additional Information for Security Holders 201
b. Form and Period 202
c. In–Scope Companies 213
d. Aim of Reporting 216
e. Addressee of Information 222
3. Shareholder Rights Directive 224
a. Content of Disclosure 224
aa. Information Prior to the General Meeting 225
bb. Remuneration 226
cc. Related Party Transactions 228
dd. Voting Results of the General Meeting 233
b. Form and Period 233
aa. Information Prior to the General Meeting 234
bb. Remuneration 236
cc. Related Party Transactions 237
dd. Voting Results of the General Meeting 237
c. In–Scope Companies 238
d. Addressee of Information 239
e. Aim of Disclosure 241
4. Market Abuse Regulation 243
a. Content of Disclosure 244
aa. Inside Information 245
aaa. In General 245
bbb. Precise Information 247
ccc. Price Effect 249
ddd. Protracted Processes 253
bb. Selective Disclosure 256
cc. Disclosure Obligation 257
dd. Managers’ Transactions 261
b. In–Scope Companies 263
c. Form and Period 266
d. Grounds for Delay 270
e. Aim of Disclosure 272
f. Addressee of Information 279
g. The Interaction of the Market Abuse Regulation with Other Disclosure Rules 286
C. Corporate Disclosure as a Successful Regulatory Instrument? 289
I. Need for Information 290
II. Which Investors? 294
III. Need for Standardisation 297
CHAPTER 3
DISCLOSURE OF NON–FINANCIAL INFORMATION
A. International Standards 303
I. Global Reporting Initiative Standards 303
1. Content of Disclosure and In–Scope Companies 304
2. Form and Period 305
3. Addressee and Aim of Information 306
II. Task Force on Climate–Related Financial Disclosures 308
1. Content of Disclosure and In–Scope Companies 308
2. Form and Period 309
3. Addressee and Aim of Information 309
III. IFRS Sustainability Disclosure Standards 311
1. Content of Disclosure and In–Scope Companies 311
2. Form and Period 317
3. Addressee and Aim of Information 318
B. European Union 319
I. Corporate Sustainability Reporting Directive 319
1. Content of Reporting 321
a. In General 321
b. Information About the Value Chain 329
c. Assurance Report 332
d. Information d by the Taxonomy Regulation 334
e. Remuneration of the Board of Directors 335
2. Form and Period of Reporting 336
a. Form 336
b. Period 340
3. In–Scope Companies 341
4. Aim of Reporting 344
5. Addressee of Information 347
II. Substantive Legislative Acts Mandating Disclosure 350
1. Corporate Sustainability Due Diligence Directive 351
a. Content of Disclosure and In–Scope Companies 351
b. Form and Period 353
c. Addressee and Aim of Information 353
d. Assessment 356
2. Regulation on Deforestation 357
a. Content of Disclosure and In–Scope Companies 357
b. Form and Period 359
c. Addressee and Aim of Information 360
3. Conflict Minerals Regulation 363
a. Content of Disclosure and In–Scope Companies 363
b. Form and Period 367
c. Addressee and Aim of Information 367
d. Critique 368
4. Batteries Regulation 371
a. Content of Disclosure and In–Scope Companies 371
b. Form and Period 375
c. Addressee and Aim of Information 375
III. Disclosure of Non–Financial Information under the Capital Markets Law 377
1. Prospectus Regulation 377
a. Content of Disclosure and In–Scope Companies 377
aa. In General 377
bb. Incorporation by Reference 383
b. Form and Period 384
c. Addressee and Aim of Information 385
2. Transparency Directive 386
a. Content of Disclosure and In–Scope Companies 386
b. Form and Period 389
c. Addressee and Aim of Information 390
3. Market Abuse Regulation 390
a. Content of Disclosure and In–Scope Companies 390
b. Form and Period 393
c. Addressee and Aim of Information 393
IV. Disclosure of Non–Financial Information as a Successful Regulatory Instrument? 394
1. Is the Due Diligence Framework Coherent? 394
2. Is Mandatory Disclosure Fit for Purpose? 397
3. Is the CSRD Coherent? 398
CONCLUSION 403
BIBLIOGRAPHY 409 |
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