Brussels, 29/09/2014 (Agence Europe) - Almost 6,000 large European companies will be obliged annually to disclose the measures they have taken to ensure that they are socially responsible. At the General Affairs Council on Monday 29 September, European ministers (with the exception of the Estonian delegation) gave the go-ahead for a new European directive that will be applicable from 2017.
The new rules will apply to public interest companies, such as banks and insurance companies quoted on the stock exchange, employing a workforce of more than 500. 6,000 European companies will therefore have to declare non-financial information every year on, for example, their environmental policy, social policy, commitment to human rights and the fight against corruption, etc. Any company that refuses to comply with this measure will be obliged to provide a justification for failure to do so.
It is also planned that the European Commission will present a report in 2018, exploring the possibility of requiring an annual statement from these big companies relating to each of the countries in which they operate containing information on profits made, taxes paid and public subsidies received. (MD)