Pink Floyd - Pink Floyd, Radiohead Express Anger Over Potential New Royalties Law

Members of the European Union have crafted a new bill that would allow companies to keep funds owed to copyright holders if he or she cannot be identified or tracked down within five years after the use of a piece of music.

The plan was unveiled to the public on Wednesday (11Jul12) and drummers Nick Mason and Phil Selway, together with Robbie Williams and Annie Lennox have voiced their disappointment.

They insist the legislation would only promote laziness and give greedy firms incentive to stall in cutting cheques to performers, composers and producers.

The quartet is among a group of 6,000 artists who have signed a petition urging European Commission officials to shut down the bill.

An excerpt of the document reads, "You thus legitimise one of the most problematic forms of embezzlement adopted by some collecting societies in Europe. You have broken your promises and encourage the management of collecting societies to keep the fruits of our creativity. You stole our hopes."

The draft must still be approved by the European Parliament and the European Union's 27 member countries before it can be passed into law.