UK Govt. consultation on implementation of EU Non-Financial Reporting Directive
The UK Govt. invited industry views on how the EU Non-Financial Reporting Directive (2014/95/EU) should be implemented into UK law. This amends Directive 2013/34/EU and requires certain companies, with more than 500 employees, to disclose information in their management reports about their:
- environmental risks
- social and employee situation
- respect for human rights
- anti-corruption and bribery issues
- diversity in their board of directors
The deadline for submissions was 16 April 2016.
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Author: UN Global Compact UK
"Consultation: Non-Financial Reporting Directive: Consultation" 15 Apr 2016
...We have read the consultation document –The Non-Financial Reporting Directive with great interest and wish to submit our views on how we think the UK government should transpose the Directive...While we recognise the importance of focussing on larger enterprises to ensure that 'leaders' are pursuing higher standards which can be replicated by smaller companies, in order to be consistent with our UN Global Compact position, our preferred option would be (c) Extend the EU non-financial reporting (NFR) requirements to all companies listed in an EU regulated market...with the caveat that this should not apply to micro enterprises...In our view, all companies should be mindful of how their business impacts society, and should put in place proportionate measures, based on their size and capacity, to assess and monitor how they are impacting their stakeholders and the environment...
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