Here you will find the full framework of the obligation to disclose non-financial information, and which companies are required in Portugal under Decree-Law 89/2017 of 28 July.
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The origin of the Decree Law
This decree-law transposes into the domestic legal system Directive No 2014/95 / EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34 /EU.
As regards the disclosure of non-financial information and diversity information by certain large corporations and groups and is applicable to annual periods beginning on or after 1 January 2017.
Companies required to disclose Non-Financial Info
The companies that have the obligation to present the non-financial information in their anual reports are:
1. Those who have more than 500 workers employed during the year.
2. Public interest entities, which for two consecutive years:
- Have a turnover of over (euro) 50M
- A total net asset exceeding (euro) 300M.
And those that meet for two consecutive years at least two of the following conditions:
- Have a total assets exceeding 20 Million Euros.
- Have a total amount of turnover at least of 40 Million Euros.
- Have more than 250 workers.
What should have my Non-Financial Report
1. A brief description of the business model;
2. Description of the policies followed by the company regarding these issues:
- Human rights.
- Environmental, social and HR.
- Anti-corruption and anti-bribery policies.
- Equality policies between men and women.
- Non-discrimination policies for people with disabilities and universal accessibility.
3. The results of these policies;
4. The main associated risks, linked to the company’s activities (including business relationships, products or services that may have negative impacts on these domains, and how those risks are managed by the company);
5. Key performance indicators relevant to your specific activity.
The importance of disclosing Non-Financial Info
Non-financial reporting is an important reporting and reporting tool as it enables shareholders and other stakeholders to have a more consistent and comprehensive view of corporate performance.
It is important to note that there are companies that are not yet bound by the law as stated above, if they are in the value chain of obligated companies (eg suppliers), they will increasingly be subject to due diligence and will be required to submit information not financial.
Moreover, in today’s context, customers and consumers themselves are increasingly demanding that companies be sustainable and socially responsible, so transparency and communication of this information is increasingly a priority for business livelihoods.
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