
The European Green Deal and the Review of the Non-Financial Reporting Directive
One of the 50 initiatives announced in the Commission’s Communication on the European Green Deal of 11 December 2019, is the review of the Non-Financial Reporting Directive (NFRD) (Directive 2014/95/EU) planned for Q4 2020. The NFRD requires large companies, including banks and insurers, to report information regarding the environment, social and employee issues, human rights, and bribery and corruption, on an annual basis. Companies have been required to include non-financial statements in their annual reports for the first time in 2018, for information covering the 2017 financial year. The NFRD covers approximately 6,000 large companies and groups across the EU. The NFRD amends the accounting directive 2013/34/EU. The NFRD should ensure that investors are better informed about the sustainability of their investments. It should also ensure that civil society and other interested parties have access to the information they need to hold companies to account for their impacts on society and the environment, avoiding an accountability deficit. At the same time the NFRD should not impose excessive reporting obligations on companies but encourage companies to develop a responsible approach to business.
This book provides a comprehensive analysis of the remedies practice the European Commission has adopted on the basis of articles 7 and 9 of regulation …
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