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EU Passes Non-Financial Reporting Law, But Implementation in Flux

Roberta Holland | October 1, 2014

The European Union this week adopted its first law requiring disclosure of non-financial information by large companies, but guidelines to help companies implement the new directive are still in the offing.

The Council of the European Union approved the non-financial reporting directive without discussion this week. The council had previously agreed to the legislation with European Parliament, which adopted the measure in April.

About 6,000 large companies and groups will be affected by the new law, which requires the inclusion of environmental, human rights, diversity, anti-corruption, and anti-bribery information in annual reports. Dating back to 2011, the goal of the new requirement is to boost transparency and corporate social responsibility of large undertakings without placing an undue administrative burden on those affected.

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