Business view on new EU non-financial reporting proposals

London, 16 April – The European Commission has today set out proposals to amend existing EU accounting legislation related to social and environmental disclosures by large firms.

Following the proposals, Andrew Wilson, UK Director of Policy at the International Chamber of Commerce, said:

“Whilst it’s positive that the Commission has placed a firm emphasis on flexibility and materiality in its proposals, we are concerned about what appears to be an ever growing laundry list of specific reporting requirements".

“Legislators need to think carefully about the downside of increasingly prescriptive reporting requirements—potentially covering issues from bribery and corruption through to diversity. Any move towards a box-ticking approach would be a regressive step for corporate transparency”.

Emilie Boman, Senior Policy Advisor at ICC, added:

“Many recent advances in social and environmental reporting have been driven by business. It’s vital that the proposed framework supports this ongoing evolution, rather than embedding a lowest common dominator standard”.

“We need to understand how any new EU disclosure rules will intersect with the UK’s incoming narrative reporting regime. It would be a concern if UK business was required to adapt to differing rules in what would be a relatively short timeframe”.

Notes to editors:
1. The International Chamber of Commerce (ICC) is a cross-sectoral business organisation which works to promote international trade, proportionate regulation and the rule of law.
2. Members in the UK include the majority of FTSE 100 companies, many other multinational firms, business associations and SMEs.
3. For media enquiries, please contact Emilie Boman at ICC UK on 020 7838 7457.