Commissioner Barnier calls for swift action at GRI event - 23, May 2013
Addressing an audience of 1,600 at today’s Global Reporting Initiative 2013 Global Conference, Michel Barnier, European Commissioner for Internal Market and Services, reaffirmed the Commission’s commitment to bringing in the directive on non-financial reporting. Its proposal is currently waiting to be adopted by the European Parliament and the European Council.
"The EU proposal on non-financial corporate reporting can be part of Europe’s economic recovery, as well as a source of inspiration for other jurisdictions. Experience shows that transparent companies have lower financing costs, attract and retain talented employees, and are more successful in the long term,” said Mr Barnier at the event.
The proposal adopted by the Commission would require companies to provide detailed information on the environmental and social impact of their business as part of their reporting cycle. The ‘report or explain’ approach in the proposal would mean that if companies opted out of this, they would need to provide an explanation for the decision.
Thousands of firms are already working in line with the Global Reporting Initiative’s (GRI) guidelines and presenting their non-financial data in a transparent form. Legislatures from countries such as Sweden, Denmark and Norway have also enacted laws to this end, with positive results. The GRI encourages a worldwide approach to the issue, ensuring a uniform basis on which companies can operate globally.
23, May 2013