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Why it is crucial to review the EU Non-Financial Reporting Directive
Author: Frank Bold, Published on: 19 November 2019
The EU Non-financial Reporting (NFR) Directive requires large companies and financial corporations operating in Europe to disclose information on environmental, social, human rights and anti-corruption matters. The problem is that the legal framework does not specify in sufficient detail what concrete information on which sustainability topics should be disclosed, therefore failing to render these reporting requirements effective. As a result, early data concerning the implementation of the NFR Directive shows that a vast majority of companies don’t report relevant information...
Governments and enforcement agencies can’t adequately monitor compliance with reporting requirements unless the legal framework is specified, as the European Securities and Markets Authorities has already publicly acknowledged...
The EU Commission must commit to reform the EU NFR Directive in order to develop the reporting framework for corporate disclosure on environmental and social sustainability.
A standardised reporting framework is a prerequisite to creating a sustainable and just economy and financial system.