Call for mandatory non-financial reporting in EU — built on GRI

By Peter Paul van de Wijs, GRI Chief External Affairs Officer

This week there has been an insightful contribution to the debate about sustainability disclosure in the EU, provided by Carol Adams, Professor of Accounting at Durham University Business School.

Writing for EURACTIV on 13 May (Europe needs mandatory non-financial reporting to underpin COVID recovery) she sets out why, as part of the review of the EU’s Non-Financial Reporting (NFR) Directive, enforceable requirements are needed to ensure companies prioritize environmental and social impacts.

As an academic in this field, and a former chair of GRI’s Stakeholder Council, Carol is well informed about the landscape of corporate transparency and sustainability reporting. To summarize the key points she raises in her article:

At Global Reporting Initiative, we are engaging with the European Commission on their plans to review the NFR Directive, as part of the EU Green Deal. While the directive has supported improvements in the transparency shown by corporations on their impacts, it is clear we need them to go further — and to get there faster.

Mandating for comprehensive disclosure that is built on robust and multi-stakeholder standards — as provided by GRI — can be a catalyst for meaningful change. The kind of change we need to see if we are to ensure that the post-COVID Europe is a fairer and more sustainable one.

GRI is the independent international organization that helps businesses and other organizations communicate and understand their sustainability impacts.

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