The Legislative Decree for the implementation of the European directive on non-financial information reporting has been published.
On 10 January 2017 has been published on the Official Gazette of the Italian Republic n.7, the Legislative Decree 30 December 2016, n.254, of directive 2014/95/EU implementation, established by European Council and Parliament on 22 October 2014, making changes to another European directive, the 2014/34/EU regarding non-financial reporting by some companies and/or big groups.
When we talk about non-financial reporting we refer to those environmental, social and governance information (also called with the acronym ESG information), which supplement the financial and economical ones provided in the Financial Statement.
According to GRI (Global Reporting Initiative), the international body supporting and defining guidelines for the writing of sustainability reports, non-financial reporting can affect on stakeholders’ decisions, supplying information about impacts of the corporate activity, not only about finance and economy but even about the social and environmental sphere.
The Legislative Decree came into force on 25 January 2017 and refers to public bodies which had more than 500 employees, over than 40.000.000€ of total revenues and 20.000.000€ balance sheet during the financial year, and parent companies of big groups.
The individual statement has to concern different corporate activity issues, themes on the respect of human rights, battle against corruption, on human and energy resources management and the control of polluting emissions.
In case of violation of the Legislative Decree, for the subjects listed below the penalties are defined by Consob, which has the responsibility to regulate transmission and reporting modalities:
- administrators of the body: in case of missing submission of the individual statement (from 20.000€ to 100.000€);
- member of Control body: in case of relevant data omission or forgery: (from 50.000€ to 150.000€);
- subject assigned to inspect: in case of missing verification (from 20.000€ to 50.000€).
Any subject we’ve not mentioned before, which wants to voluntarily present a non-financial individual statement can do it abiding by what the Legislative Decree establishes.