European Union – Directive. The Court of Justice of the European Union dismissed the action brought by Estonia for annulment of certain provisions of Directive 2013/34/EU of the European Parliament and of the Council (on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings). The Court decided that the European Parliament and the Council had not infringed, respectively: (i) the principle of proportionality; (ii) the principle of subsidiarity; and (iii) the obligation to state reasons.