Get ready, folks. The sustainability confirming revolution has just warmed up. Congratulations to the European Parliament when planning on taking this major step towards transparency and accountability of European business. PIEs). This Directive should come into power, when ratified by the EU Member States in the European Council which is expected to formally adopt the proposal in the approaching weeks.
For those of you who want to see all the comprehensive released by the EU Commission, you will get them here. For those of you who want the news that I picked out from the EU communication docs, like the Q&A, read on (red highlights are mine). Where in fact the group does not go after procedures with regards to one or more of those matters, the consolidated non-financial declaration shall provide a reasoned and clear description for not doing so. Companies will retain flexibility to disclose relevant information in the real way that they consider most useful, whether this is as part of their annual report or in another report.
References to suitable international frameworks are the UN Global Compact, the German Sustainability code, ISO26000, OECD Guidelines for Multinational Businesses and undoubtedly, GRI. Currently, around 2,500 large European union companies disclose social and environmental information regularly. This Directive, deciding on PIEs with more than 500 employees, will affect around 6,000 large groups and companies across the EU. The Directive will not require comprehensive reporting on environmental and social aspects (even though the Commission certainly encourages it). The Directive requires only the disclosure of certain information on plans, outcomes, and risks.
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This is estimated to result in an additional, immediate cost for large companies of less than €5,per years 000. Though who knows how this was calculated! Several measures have been taken to limit the administrative burden for bigger companies. For example, the disclosure requirements may be satisfied once at group level, then by each affiliate marketer in the group rather, and auditing aspects are limited to an annual check.
The Directive targets environmental and interpersonal disclosures. Integrated reporting ahead is a step, and is about the integration by companies of financial, environmental, social, and other information in a comprehensive and coherent manner. To be clear, this Directive will not require companies to comply with integrated reporting. The Commission shall prepare non-binding suggestions on technique for reporting non-financial information, including non-financial key performance indicators, sector and general, with a view to facilitating relevant, useful, and comparable disclosure of non-financial information by Union undertakings.
In doing this, the Commission shall seek advice from relevant stakeholders. The Commission shall publish the rules no later than 24 months after the admittance into force of this Directive. This is a great leap forward for business transparency. I am sure many many people have been instrumental in working towards this achievement, but I’d like to highlight a few that Personally, I know have been behind this great news. At the GRI: Ernst Ligteringen, Teresa Fogelberg and Pietro Bertazzi, and all of those other GRI team.
This legislation is a fabulous validation of the tireless work of GRI over a long time. “This directive is the essential catalyst had a need to usher in a fresh era of transparency in the biggest financial region in the world. That is also a fabulous conclusion to a time at GRI which includes been led by the formidable Ernst Ligteringen. This month Ernst announced his intention to step down from 11 many years of GRI command previously, and he continues as LEADER while the business seeks its next leader. It’s very fitting that this culmination of so a long time of work should be just with time to constitute a tribute to his management and contribution to lasting and transparent business.