Members of the European Parliament have today cast their final votes in favour of new legislation that received overwhelming support in the Legal Affairs Committee earlier this year. The new rules will apply to public interest entities with more than 500 employees and will require them to report on their social and environmental performance, respect for human rights, anti-corruption and bribery matters. Certain large undertakings will have to disclose their diversity policy, including information on the age, gender and educational and professional backgrounds of their directors.
Richard Martin, head of corporate reporting at ACCA, says: 'The Directive is mandating disclosures by these companies on specific issues that are important to the society in which they operate. However it will create a legal environment that is consistent and will provide no obstacle to the more extensive reporting under national initiatives such as the Strategic Report in the UK or Integrated Reporting internationally. ACCA research Understanding Investors, based on a survey of 300 investors, showed strong belief in the importance of non-financial reporting and the value of companies combining financial and non-financial information into an integrated reporting model.'
'About 6,000 large undertakings will join companies across the European Union that have already voluntarily chosen to publish their businesses’ impact on society. ACCA strongly welcomes the legislation on non-financial information reporting that underlines the focus on greater corporate transparency and contributes to inclusive and sustainable recovery' concludes Richard Martin.
For more information, please contact:
Vikte Andrijauskaite, ACCA Brussels - email@example.com
Direct: +32 (0) 2 286 11 37
Notes to Editors
- ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.
- We support our 162,000 members and 428,000 students in 173 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of 91 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.
- Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.