EU Passes Historic Law Requiring Large Companies to Report on Sustainability

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EU Passes Historic Law Requiring Large Companies to Report on Sustainability

by Vikas Vij
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#EU passes historic law requiring large companies to report on #sustainability http://bit.ly/QttKEL @Justmeans via @3BLMedia #CSR

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Friday, April 18, 2014 - 2:00pm

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(3BL Media/Justmeans) – The European Parliament has passed a historic law that makes it mandatory for the largest companies in Europe to include sustainability factors as an integral part of their annual financial reporting. The law, which was passed with a thumping majority vote of 599-55, will apply to publicly traded companies employing more than 500 workers.

This momentous law will require these companies to report on policies, risks and results with regard to social, environmental and human rights impact, diversity and anti-corruption policies in their annual reports. The law was first proposed in 1999 by Richard Howitt, European Parliament Rapporteur on Corporate Social Responsibility. Howitt has welcomed the vote as a major step towards “integrated reporting” by businesses across the world.

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Vikas Vij - Vikas is a staff writer for the Sustainable Development news and editorial section on Justmeans. He is an MBA with 20 years of managerial and entrepreneurial experience and global travel. He is the author of "The Power of Money" (Scholars, 2003), a book that presents a revolutionary monetary economic theory on poverty alleviation in the developing world. Vikas is also the official writer for an international social project for developing nations "Decisions for Life" run in collaboration between the ILO, the University of Amsterdam and the Indian Institute of Management.

 

Keywords: Research, Reports & Publications | EU | European Union | Justmeans | Teresa Fogelberg | sustainability | sustainability reporting

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