5 December 2008

Discussion Paper Sustainability Information in Annual Reports – Building on Implementation of the Modernisation Directive


Entities are increasingly including environmental and social issues within their business strategy and are therefore also embedding these issues in their management and performance. With the requirement defined in Article 46 of the Fourth Directive amended by the Modernisation Directive, transparency on sustainability is no longer just related to voluntary reporting. Such transparency is now more widely applicable and should be included, when relevant and necessary for the understanding of the business, in the annual report.

FEE has carried out a survey on the implementation of the amendments to Article 46 under the 2003 Modernisation Directive into national legislation and guidance. In addition, explanatory research was carried out on 76 companies known for their good practice in the sustainability domain.

 FEE Discussion Paper


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