As of January 1st 2017, a “non-financial information disclosure” will be mandatory for large organisations and entities of public interest* in Italy.
The Sustainability Report is an ideal tool for meeting this legal obligation by leveraging opportunities in the voluntary market.
The reference standard for non-financial information is, in fact, flexible and various options are possible. The topics to cover with such communication are the use of energy resources, GHG emissions and pollutant emissions in the atmosphere, impacts on the environment, health and safety, social aspects and the fight against corruption.
The report must be drawn up with the presentation of the consolidated financial statement for the financial year 2017.
The first obligation will therefore be by 30th April or 30th June 2018. This communication will be published on the business register. It is important to recall the existence of a sanctioning proceeding with CONSOB in the event of non-compliance with the obligation or false declarations.
*these are joint stock companies, banks, insurance companies, etc. The obligation is due to the publication of the Italian Legislative Decree no. 254 of 30th December 2016 implementing the Directive 2014/95/EU.