Directive 2014/95/EU on disclosure of non-financial information and diversity information (the non-financial reporting Directive) requires around 6.000 large companies with more than 500 employees listed on EU regulated markets or operating in the banking or insurance sectors to disclose certain non-financial information in their management report or in a separate report. Companies affected by the Directive are required to meet the new reporting requirements for the first time in 2018, regarding financial year 2017.
As required by the directive, the Commission has also published non-binding guidelines (June 2017) to help companies disclose relevant non-financial information in a more consistent and more comparable manner.
In its action plan on sustainable finance, the Commission announced that by the second quarter of 2019 it will revise the non-binding guidelines that accompany the directive, with regard to the disclosure of climate-related information. The update should take account of the recommendations of the financial stability board's taskforce on climate-related financial disclosures and the forthcoming taxonomy on sustainable activities that is under development. The Commission has appointed a technical expert group on sustainable finance to assist with, amongst other things, the update of the non-binding guidelines.
The Commission is currently undertaking a fitness check of EU legislation on public corporate reporting that will be published by the second quarter of 2019. To help with this fitness check, the Commission organised a 4-month online public consultation between March and July this year. The fitness check will encompass the non-financial reporting Directive and its conclusions will inform any possible future legislative proposals that the Commission may adopt in this area.
The meeting was divided into two distinct sessions.
You can download the detailed agenda here:
Video of the meeting
You are still able to watch the video of the meeting.
- Presentation of the Task force on climate-related financial disclosures
- Presentation by TEG Sub-Group #4
- Presentation by Alliance for corporate transparency
- Presentation by Econsense & Global Compact Network Germany
- Presentation by CDSB & CDP
- Presentation by the Commission: Feedback on the public consultation
- 09.30 - 12.30 (Europe/Brussels)
The morning session focused on climate-related disclosures and the update of the non-binding guidelines. Members of the technical expert group on sustainable finance who are working in the update of the guidelines presented to share their initial thinking and to listen to stakeholder views. The aim of the meeting was to serve as an upstream consultation that will allow the technical expert group and the Commission to understand stakeholder expectations and concerns, and to seek their views and expertise on specific issues. Please note that outreach efforts by the TEG for its other tasks will take place separately. More information on that will be found online soon. This session only focused on climate related disclosures.
- 14.00 - 17.00
The afternoon session focused on the non-financial reporting Directive and the fitness check on the EU framework for corporate reporting. In light of the findings from the public consultation in the context of the fitness check on public corporate reporting, the Commission wanted to gather further feedback from stakeholders on the implementation of the non-financial information directive and its first implications.