EU Directive on Non-Financial Reporting signed into Irish law
Business in the Community Ireland has been informed by the Department of Jobs, Enterprise & Innovation that the EU Directive on Non-Financial Reporting was signed into Irish law on July 30, 2017.
The new legislation is applicable to public-interest entities with more than 500 employees. These organisations must now disclose in their management report, information on their policies, risks and outcomes relating to Environmental Matters; Social & Employee Aspects; Respect for Human Rights; Anti-Corruption & Bribery; and Diversity in the Board of Directors.
The legislation will apply to 2018 Reports featuring 2017 data from financial years beginning on, or after, 1 August 2017.
Viewed as an opportunity, Non-Financial Reporting can be an effective way for business to integrate sustainability into decision-making processes and help companies identify critical sustainability risks and opportunities.
Non-Financial Reporting can also act as a catalyst to companies to engage stakeholders and encourage constructive dialogue on the impact of the business.
Further Reading
See the detail of the Irish legislation here: European Union (Disclosure of Non-Financial and Diversity Information by certain large undertakings and groups) Regulations 2017
A summary of the Regulatory Impact Analysis is available here: Regulatory Impact Analysis
The EU Commission has issued Guidelines on Non-Financial Reporting and these are available here: http://europa.eu/!NH38bQ
BITCI Support
If you would like to discuss the Non-Financial Reporting Legislation, you can contact BITCI Senior Adviser Darina Eades at deades@bitc.ie
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