Identify with that lot?
Hardly. They represent me not one bit.
However yes, it is our sovereignty as a nation that is being reduced by transfer to a foreign government. This is not a contradiction. Sovereignty is a zero-sum game; either you have it or you do not. When it's transferred, one party loses and another gains. The fact that some of this foreign government's actions appear at first glance to benefit us as individuals doesn't mean much when the majority of its actions cost us both individually and as a collective. And yes, the same could be said of our own numpties but we can change our numpties, engage in the bloodless revolution of an election and have a new set of numpties who might be more tractable. We still have the right to do that, but those numpties we choose no longer have the power to do much because so much of that power - our authority, that they mere wield on our behalf - was handed over to a foreign government that we did not choose to represent us, and over which we have no control. That is a reduction of *personal* sovereignty.
We can't change the numpties higher up the food chain - they are immune from our collective will. And the EU, because it is immune from our will, is used by our own numpties as a means to bypass that same will in cases where it cannot convince us to go along with it, through quiet words with the ministers of other countries, reaching a consensus amongst themselves about the way to go, without ever consulting the people they claim to represent and always acting to further their own interests at our expense.
You seem to think that my argument is in favour of our lot against that lot, when it's neither. I'm against both, because they are all in it together when it's all said and done, regardless of the colour tie they have or what accent they speak with. They don't act for us, they don't represent us, they do not do a damn thing to benefit us except by accident.
You think this directive favours the little guy? It just gives multinationals another stick to beat SMEs and sole traders with, because a multinational can absorb the costs of non-compliance with the law (which carries no criminal penalty), whilst an SME can't afford to bring them to justice, and an SME can't afford to fend off a multinational bringing the full weight of this new law against it. The same as with every regulation, it favours the large over the small. Any benefit we as individuals might glean from this is mere accident.
(And yes, I do like saying numptie. Can you tell?)