In 2014, Directive 2014/95/EU (LAW 17408/2014) was published. This Directive, known as the Non-Financial Reporting Directive (NFRD), sets the rules on the disclosure of non-financial and diversified information by certain large companies. Basically, the instructions require large companies, both individual and mutual funds, to include the Information Non-Financial Information (EINF) into the management report.
The transposition of Directive 2014/95/EU (LA LAW 17408/2014) into Spanish law was made by Law 11/2018, of December 28 (LA LAW 21270/2018).
Considering that the framework established by the NFRD does not guarantee that the information needs of users regarding security are met, on December 12, 2022, Directive (EU) 2022/2464 (LAW 25932/2022) -Corporate Sustainability Reporting Directive (CSRD). These guidelines replace NFRD guidelines. As we see, we go from talking about “non-financial information” to talking about “sustainability information” and from “Non-Financial Information” to “Sustainability Report” . It will now also change the CSRD Guidelines for Spain. Thus, on May 5, 2023, the text of the Law governing the information system involved in environmental, social and regulatory issues was published.
In order to clarify the main keys of the description process, we have prepared a report answering the following questions:
- — The Responsibility to Report on Sustainability: From Non-Financial Statements (EINF) to Sustainability Reports
- — Who should prepare the “Sustainability Report”?
- — Since when “Sustainability Report” should be prepared?
- — What is the difference between the content of the NFRD’s Non-Financial Information (EINF) and the CSRD Sustainability Report?
- — Where is a sustainability report required?
- — What is the role of the auditor/auditor in the new Sustainability Report?
- — What standards should be used in preparing the contents of the Sustainability Report?
- — How will the provisions of the CSRD Guidelines be transferred to Spain?
Download these keys.