EU Asks Big Companies to Be More Transparent

EU Asks Big Companies to Be More Transparent

On 15 April this year, the European Parliament adopted a new directive that requires large companies to disclose non-financial and other relevant information. The disclosure of relevant, non-financial information by large companies and groups will mean increased transparency, which is beneficial for investors according to Michel Bernier, the Commissioner for Internal Market and Services.

On 15 April this year, the European Parliament adopted a new directive that requires large companies to disclose non-financial and other relevant information. The disclosure of relevant, non-financial information by large companies and groups will mean increased transparency, which is beneficial for investors according to Michel Bernier, the Commissioner for Internal Market and Services.

The companies concerned will need to disclose information on environmental matters, social and employee-related aspects, respect for human rights, anti-corruption issues, and diversity on boards of directors. The new directive will be applicable to all companies with more than 500 employees, which comes to around 6000 companies across the EU.

The new directive aims at promoting competitiveness and creating jobs across the region through disclosure of relevant information by large companies. The directive is flexible in that it allows companies to disclose what they consider to be the most important information in a separate document and also allows them to adhere to international, European or national guidelines as they deem appropriate.

European Corporate Counsel is the author of this article on European union law.

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