Consultation response

In our response to the European Commission (EC) consultation on revising the Non-Financial Reporting Directive, we support corporate reporting that connects financial and non-financial information. We advocate for strengthening NFI assurance requirements, building a common comprehensive NFI standard and tackling the substantial issues in NFI reporting. In particular, the EU should consider that:

  • standard setting requires a multi-stakeholder approach with robust, independent governance and sufficient resources
  • a voluntary, simplified reporting standard for SMEs could reduce administrative burden and effectively support delivering information on demand
  • the materiality definition should be clarified to encompass wider impacts on society and the environment
  • assurance should be mandated at EU level
  • the scope should encompass all companies that significantly impact the environment and society
  • NFI should be disclosed as part of the management report, and needs to cover what is material to the company

 

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