On Tuesday, April 16, the European Commission suggested enhancing the transparency obligation for large businesses as regards their social and diversity policies. It adopted a draft directive amending the Accounting Directives of 1978 and 1983 and introducing the obligation for businesses with 500+ employees and which exceed either a balance sheet total of €20 million or a net turnover of €40 million to disclose non-financial information related to their business. (Ref. 130257)
Obligation. This obligation concerns “at least environmental, social, and employee-related matters, respect of human rights, anti-corruption and bribery aspects” the Commission’s text reads. Businesses will have to disclose the policies pursued and their results, as well as the risks related to these matters and how the company manages those risks. Where a company does not pursue policies in relation to one or more of these matters, it will have to explain why. Born from intense...
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