The Directive on disclosure of non-financial and diversity information (2014/95/EU) entered into force in December 2014. This ambitious legislation requires around 6,000 large companies listed on EU markets, or operating in the banking and insurance sectors, to disclose relevant environmental and social information in the management report, with the first reports to be published in 2018 (on financial year 2017). Member States had to finalise the transposition into national legislation by 6 December 2016.
The Directive requires the Commission to prepare non-binding guidelines on the methodology for reporting non-financial information by 6 December 2016. The Commission is making its best efforts to make the guidelines useful for companies.
The Commission services conducted a public consultation in the spring 2016. The consultation process also included 16 bilateral expert interviews, and two workshops with more than 80 stakeholders held in September 2016.
Taking account of recent international developments, including at G20 and FSB level, the planning of this initiative has been adjusted. In particular, this will enable us to consider as far as possible the work of the industry-led Task Force on climate-related financial disclosures established by the Financial Stability Board (FSB). The non-binding guidelines will be published as soon as possible in the spring 2017.
- The European Commission has launched a public consultation on the non-binding guidelines on methodology for reporting non-financial information following article 2 of Directive 2014/95/EU on disclosure of non-financial and diversity information by certain large undertakings and groups. The purpose of this public consultation is to collect views from stakeholders. The consultation is part of the Commission work related to preparing non-binding guidelines on methodology for reporting non-financial information by December 2016.
EU Member States should transpose the rules on non-financial reporting into national legislation by 06.12.2016. In this context, the European Commission is organizing transposition workshops to assist national authorities. The European Commission prepares non-binding guidelines on the methodology for reporting non-financial information by end-2016.
- An amendment to the Accounting Directive was adopted by the European Parliament and the Council as regards disclosure of non-financial and diversity information by certain large undertakings and groups:
- Amending directive (Directive 2014/95/EU)
- The Council of the European Union adopted the draft amendment to the Accounting Directive.
- Press release (13625/14)
- The plenary of the European Parliament adopted the draft amendment to the Accounting Directive.
- Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (Directive 2013/34/EU) as amended by Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups (Directive 2014/95/EU)
- Currently, there are no other legal acts yet.