The ordinance which modifies non-financial reporting provisions in order to come in line with Directive 2013/34 on CSR non-financial reporting for large companies and other businesses as well as its implementing decree were published in the Official Journal on 21 July. In keeping with the spirit of the Directive this new legislative move switches from the requirement for companies to report social and environmental impacts of their business to an obligation for companies to inform on social and environmental risks, and human rights risks as well as any reasonable due diligence procedures they have implemented to anticipate and prevent these risks.
It is this shift within the European Directive (see our article n°8721) that underlies the ordinance. The obligation to report non-financial results applies to both stock market listed companies as well as credit, insurance, and life assurance institutions with balance sheets in excess of €20 million or business revenues in excess of €40 million and which employ on average 500 permanent staff and un-listed companies with balance sheets of more than €100 million net and which employ on average 5
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