Luxembourg, 27/05/2002 (Agence Europe) - Two Austrian managers of a number of companies, Manfred and Hannelore Danzer, have initiated proceedings before the European Court of First Instance in a bid to strike down the obligation to publish the annual accounts of companies with share capital (and partnerships treated as such) laid down in European directives, arguing that it runs counter to their fundamental rights and to case law of the European Court of Justice. Having consistently refused to publish annual accounts for these reasons, the managers have had to pay penalties, for which they are demanding reimbursement from the Council. The applicants argue that the publication of annual accounts required by the European directives of 1968 and 1978, applicable in Austria since its accession to the Union, obliges them to reveal business secrets, in violation of the general principle of protection of such secrets. They also allege that the obligation to publish important confidential information on the firms they manage is disproportionate to the goals of transparency being sought, and consequently illegal.
In support of their case, Mr and Mrs Danzer put forward the Austrian law on data protection (Datenschutzgesetz), the fundamental right to practice an economic activity and the protection of privacy in the realm of taxation.