European Parliament Requires Sustainability Reporting
A 599-55 vote applies toÂ publicly-traded with more than 500 employees that must addressÂ “policies, risks and results” in relation to “social, environmental and human rights impact, diversity and anti-corruption policies” in theirÂ annual report.
Currently, 2,500 companies voluntarily produce sustainability reports and that will rise to nearly 7,000 by 2017, when the law goes into effect.
These “public interest companies” must:
- ReportÂ on environmental, social and employee-related, human rights,Â anti-corruption and bribery matters
- DescribeÂ their business model, outcomes and risks of their policies regardingÂ these topics, as well as theirÂ diversity policy for management andÂ supervisors.
Companies will be encouraged to use standardized,Â recognized frameworks, such asÂ the Global Reporting Initiative,Â Sustainability ReportingÂ Guidelines and theÂ UN Guiding PrinciplesÂ on Business and Human Rights.
Small businesses are exempt, but the large companiesÂ are required toÂ report information on theirÂ supply chains, which is expected to have an effect on smaller companies.
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