Sigurt Vitols
Today the European Commission publishes a proposal for a directive on sustainability reporting, which would massively overhaul the current European Union framework for corporate disclosures on environmental and social issues. This is a long overdue step, essential to improve stakeholders’ ability to monitor companies’ contribution to the European Green Deal and ‘social Europe’. The draft however contains shortcomings, which will need to be remedied if genuine progress is to be made.
The proposal is designed to respond to widespread dissatisfaction with the quality, relevance, comparability and reliability of information provided by companies under the current disclosure regime, regulated by the 2014 Non-financial Reporting Directive (NFRD). As demonstrated by the Alliance for Corporate Transparency, most companies do not provide the information that trade unions, non-governmental organisations and other stakeholders need, to understand their impacts on the
By the end of March, the European Commission wants to present a revised version of the so-called non-financial reporting directive (NFRD). A coalition of European NGOs is calling for greater transparency and stricter reporting requirements for companies in sustainability matters. EURACTIV Germany reports.
Based on several studies, the Alliance for Corporate Transparency (ACT) is calling on the EU to increase and more precisely define the reporting requirements for companies.
Under the the NFRD, European companies with more than 500 employees are currently required not only to give an account of their financial situation, but also to provide public information on certain non-financial matters.
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Alliance for Corporate Transparency publishes position paper on key priorities for reform of EU Non-Financial Reporting Directive ahead of EU Parliament vote Story Timeline
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To contribute to a meaningful EU process for the standardisation of reporting requirements in favour of comparable, concise and relevant disclosure, the members of the Alliance for Corporate Transparency have combined their expertise and aligned on key priorities for reform of the EU NFR Directive and development of possible future standards. Story activity
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