BIS Consultation on the UK implementation of EU Non-Financial Reporting Directive

CORE and our partner organisations are preparing a response to the Department for Business Innovation and Skills (BIS) consultation on the UK implementation of the EU Non-Financial Reporting Directive.

The directive aims to improve the transparency of EU companies in terms of non-financial and diversity information, requiring large public-interest companies with more than 500 employees to disclose relevant environmental and social information in their annual report.

UK quoted companies are already required to disclose specific information on the company’s business model, strategy, gender diversity and human rights in their strategic report and publish information on greenhouse gas emissions in their directors’ report.

Depending on how it is implemented, the NFR Directive has the potential to extend the amount of disclosures required on due diligence processes, business relationships, diversity (for example policies on age, gender, educational and professional background and professional background) and will precisely require reporting on corruption and bribery matters for the first time.

The BIS consultation is asking for views on the following:

  • The format and presentation of the non-financial report.
  • The different options that should be considered or removed regarding implementation.
  • Whether companies should be obliged to validate the non-financial information in their annual reports by an independent body.

The deadline for responses is 15 April.