The European Commission seeking to collect views on non-binding guidance on methodology for reporting of non-financial information by large companies launched in January a public consultation so as to be able to provide further guidance and help companies implement provisions laid out in several EU, OECD and UN-based frameworks.
Eurosif, the leading European association for the promotion and advancement of sustainable and responsible investment across Europe, representing long-term investors that bring together expertise in reporting of non-financial information, has provided its feedback to the regulator stressing in particular:
- Non-financial information should focus on the material aspects for a company, representing a true and fair account of the way it does business and interacts with different stakeholders.
- The guidelines should determine the main issues that are material for companies and investors, and set specific minimum reporting requirements based on reporting standards that companies are already using.
- Company KPIs and other reporting requirements should be accompanied by disclosure of metrics, targets and objectives both quantitative and qualitative and they should be directly correlated to the triple bottom line.
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