On 22 October 2014 the directive 2014/95/EU of the European Parliament and of the Council amending the directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertaking and groups has been adopted.
The Directive introduces significant changes related to the extension of the scope of the non-financial information with respect to which a statement needs to be included in the management report.
From 1 January 2017 this obligation will concern environmental issues, but also social and employee matters, respect for human rights, anti-corruption and bribery matters.
The information to be disclosed will include:
- a description of the policies pursued by the undertaking in this respect,
- the outcome of those policies,
- the principal risks related to those matters and
- non-financial key performance indicators relevant to the particular business.
It shows that the expectations are very precise. Thus, in order to comply with this new obligation it is necessary to start preparation well ahead.
New rules will concern large undertakings which are public interest entities exceeding on their balance sheet dates the criterion of the average number of 500 employees during the financial year.
The new obligation will be implemented to the Polish law through respective change of the Accountancy act dated 29 September 1994. The works on the implementing law are currently underway. The draft amendment will most probably be published by the end of March 2016.
However, even right now it is possible to say that non-compliance in the above scope will be associated with risk of criminal penalty for the management.