Commission to propose mandatory company reporting of environmental and social performance
The European Commission is considering putting forward a legislative proposal requiring companies to publish information on their management of environmental and social issues. The move follows publication in October 2011 of the Commission’s 2011-14 Strategy for Corporate Social Responsibility (CSR). The reporting requirements will apply to large companies but not to small and medium-sized enterprises. Read more…
The focus on improving companies’ disclosure of social and environmental information is designed to show that long-term value and enhanced reputation can be gained by incorporating sustainability plans into business strategies and communicating them to investors and customers. The move is expected to help establish a more robust European economy, enabling European companies to gain a competitive advantage. It’s believed that sustainability reporting will help markets function more efficiently and drive European organisations towards government-agreed sustainable development goals.
A new report, The SMI-Wizness Social Media Sustainability Index 2012, suggests that some of the largest global companies are already placing greater emphasis on communicating their social and environmental responsibilities. While the new reporting requirement will only apply to large companies, many businesses of all sizes are already reporting their performance on a voluntary basis. Social networking sites such as Twitter and Facebook are currently popular methods, with companies also exploring the use of apps and games to inform investors and customers of their sustainability values and achievements.
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