That this House considers that the amended Commission proposal for a proposal for a Directive of the European Parliament and of the Council on improving the gender balance among non-executive directors of companies listed on stock exchanges and related measures (COM(2012)614, Council Document 16433/12) does not comply with the principle of subsidiarity, for the reasons set out in the 9th Report of the European Union Committee (HL Paper 97); and, in accordance with article 6 of the Protocol on the application of the principles of subsidiarity and proportionality, instructs the Clerk of the Parliaments to forward this reasoned opinion to the Presidents of the European institutions.