EU rules will force firms to report on environmental and social issues
An TÃ¡naiste and Minister for Business, Enterprise and Innovation, Frances Fitzgerald T.D., has announced that new EU regulations, which introduce new non-financial reporting requirements for some of Ireland’s largest companies, took effect from Monday, 21 August 2017.
Under the European Union (Disclosure of non-financial and diversity Information by certain large undertakings and groups) Regulations 2017, large companies will be required to publish non-financial information about their company policies.
The information will cover a range of topics, including environmental issues such as greenhouse gas emissions and energy consumption, as well as anti-corruption measures such as whistle blowing procedures. Large listed companies will also be required to disclose the diversity policy that applies to their boards of directors.
Speaking on the new requirements, the TÃ¡naiste explained: “These new regulations, which require some of Ireland’s biggest companies to publish information on the policies they adopt and apply on a variety of important matters. In addition, these regulations oblige large listed companies to disclose how they promote diversity, such as age, gender and educational background, on their boards of directors.
“I believe that public disclosure of this type will help to encourage sustainable growth in Irish enterprise. I expect that it will also be of interest to investors, consumers, non-governmental organisations and wider society.”