Press Release: Commission moves to enhance business transparency on social and environmental matters

The European Commission proposed an amendment on 16 April 2013 to existing accounting legislation in order to improve the transparency of certain large companies on social and environmental matters.

Companies concerned will need to disclose information on policies, risks and results as regards environmental matters, social and employee-related aspects, respect for human rights, anti-corruption and bribery issues, and diversity on the boards of directors.

Under the proposal, large companies with more than 500 employees would be required to disclose relevant and material environmental and social information in their annual reports.

• Primary Source

EUObserver, 17.04.13: EU seeks corporate transparency on financial, social issues http://euobserver.com/economic/119827

European Commission: Rapid: MEMO/13/336: Disclosure of non-financial and diversity information by certain large companies and groups (proposal to amend Accounting Directives) - Frequently asked questions http://europa.eu/rapid/press-release_MEMO-13-336_en.htm

Blog: Social Europe Journal, 22.04.13: A Step But Not A Leap: The Commission’s New Proposal For Non-Fianancial And Diversity Reporting http://www.social-europe.eu/2013/04/a-step-but-not-a-leap-the-commissions-new-proposal-for-non-fianancial-and-diversity-reporting/

European Commission: DG Internal Market and Services: EU Single Market: Accounting: Non-Financial Reporting http://ec.europa.eu/internal_market/accounting/non-financial_reporting/index_en.htm

ETUI: Working Paper, No.2, 2013: Non-financial reporting beyond the strict minimum: is the workforce a well-informed stakeholder? http://www.etui.org/Publications2/Working-Papers/Non-financial-reporting-beyond-the-strict-minimum-is-the-workforce-a-well-informed-stakeholder

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