The European Commission is seeking feedback on a proposed initiative to revise the EU Non-Financial Reporting Directive (NFRD) (EU Directive 2014/95/EU), with submissions due by 27 February 2020.
The NFRD requires certain large companies to annually disclose a range of non-financial information, including in relation to the environment, social and employee matters, human rights, and anti-corruption and bribery matters.
The demand for (and expectation of) companies to disclose substantial and accurate non-financial information is growing within the EU. Aware of this development and in accordance with its support for sustainable investment, the European Commission is proposing a review of the NFRD in 2020.
The European Commission has, in particular, identified the need to improve access to publicly available information about non-financial issues and to reduce any unnecessary burden on companies. Policy options proposed for consideration by the Commission include the continued use of non-binding guidelines, the use of standards or revising and amending the NFRD itself.
For more information on the context, objectives, policy options and potential impacts, please refer to the European Commission’s Inception Impact Assessment, available here.
Feedback must be submitted by 27 February 2020 through the European Commission’s online portal, available here.
Please refer to our separate blog posts on the corporate reporting requirements under the Streamlined Energy and Carbon Reporting regime, here; or under the Energy Savings Opportunity Scheme, here.