In line with the newly launched European Green Deal, the European Commission is currently conducting a public consultation on the Non-Financial Reporting Directive (NFRD). The NFRD requires certain large companies to include a non-financial statement as part of their annual public reporting obligations.The directive applies to large public interest entities with more than 500 employees. In practice it includes large listed companies, large banks (whether listed or not), and large insurance companies (whether listed or not) – all provided they have more than 500 employees.
Companies and financial institutions are increasingly required to improve their disclosure of non-financial information as investors and the broader public are demanding more and better information about companies’ social and environmental performance. With the NFRD revision the EU aims to strengthen the foundations for sustainable investment.
The consultation is open until 14 May 2020. Member associations and member companies who are interested in participating in the consultation can access the questionnaire via this link.