On 5 December 2014 the Directive on disclosure of non-financial information and diversity information in the annual report entered into force. Large undertakings that are Oobs[1] with more than 500 employees will have to disclose certain non-financial information in their annual report. Large listed entities also have to disclose their policy on diversity for the managing board and the supervisory board in their annual report. 

Large undertakings[2] classed as Oobs, if they have more than 500 employees, will have to include a non-financial statement in their annual report. This will contain information relating to environmental, social and employee matters, respect for human rights, and anti-corruption and bribery matters. The annual report should provide a description of the policies pursued by the undertaking with respect to these matters, the outcome of those policies, the risks related thereto, and the way that these risks are managed. If the undertaking does not pursue policies in relation to one or more of those matters, the non-financial statement shall provide a clear and reasoned explanation for not doing so.

In addition, large[3] listed entities will have to include a statement on diversity in the corporate governance statement in the annual report. This statement should be a description of the diversity policy applied in relation to the undertaking's management board (in cases of a one tier board) or management board and supervisory board (in cases of a two tier board) with regard to aspects such as age, gender, or educational and professional backgrounds, the objectives of that diversity policy, how it has been implemented and the results in the reporting period. If no such policy is applied, the statement shall contain an explanation as to why this is the case.

Member states have to implement this Directive in their national laws by 6 December 2016. These national provisions will apply to the financial year starting on 1 January 2017 or during that same calendar year.