The new disclosure requirements for large companies support the international trend in corporate communication to publish financial and non-financial information jointly. The new EU-Directive 2014/95/EU needs to be implemented by national legislature until the end of 2016 and will be effective from 2017 onwards. From this point of time large companies need to publish non-financial information in the notes of the financial statements or in a separate report. The obliged companies may use for reporting purposes some of the existing guidelines (EMAS, UNGC, ILO, OECD, etc) and reporting frameworks:
The Global Reporting Initiative (GRI) provides the most comprehensive sustainability reporting guidelines available and is currently the international standard for corporate reporting of non-financial (or sustainability) information.
However the IIRC (International Integrated Reporting Council) becomes more and more important as companies see it beneficial to report all financial and non-financial data in one report and inform investors about the financial implications of their ESG-impacts. The integrated report according to IIRC is not a sustainability report and focuses on the investor.
If corporate communication is going to publish the non-financial information in the notes of the financial statements or if they are going to publish a separate report (e.g. integrated report) remains to be seen.
Please find here the Link to the published article in CFO-aktuell (in german).
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