Summary report on the EC consultation on updating the non-binding guidelines on non-financial reporting

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Jun 12, 2019

On June 12, 2019, the European Com­mis­sion (EC) has published a report sum­mariz­ing the responses to the draft sup­ple­ment to its non-bind­ing guide­lines on non-fi­nan­cial reporting with specific reference to cli­mate-re­lated in­for­ma­tion.

In most cases the con­sul­ta­tion revealed a dif­fer­ence of opinion between on the one hand report preparers and on the other hand su­per­vi­sory and en­force­ment au­thor­i­ties and users of reported in­for­ma­tion. In general, preparers argued for fewer rec­om­mended dis­clo­sures, while non-gov­ern­men­tal or­gan­i­za­tions and su­per­vi­sory and en­force­ment au­thor­i­ties supported most of the proposals contained in the con­sul­ta­tion document and in some cases suggested that they be strength­ened in various ways. Investors and financial sector companies were generally sup­port­ive of the proposed dis­clo­sures as far as investee companies were concerned, but also argued that they them­selves would find it difficult to meet the ex­pec­ta­tions expressed in the con­sul­ta­tion document until dis­clo­sure by investee companies improved.

Please click to access the full report on the EC website.

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