Decree-Law no. 89/2017 of 28 July (“DecreeLaw 89/2017”) transposes into Portuguese law Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014, amending the Portuguese Companies Code and the Portuguese Securities Code.
This new legal framework lays down the obligation of disclosure of nonfinancial information together with the company’s directors’ report, the annual financial statements and other accounting documentation, by large companies and parent companies of large groups.
According to DL 89/2017, large companies that are general-interest entities, in excess of an average number of 500 employees at financial year-end, must include in the directors’ report (or as a separate report) a non-financial statement containing information regarding the company’s evolution, performance, position and business impact on, as a minimum, environmental, social and employee matters, gender equality, non-discrimination, respect for human rights, anti-corruption and bribery matters.
Compliance with this obligation must be certified by the company’s auditor.
Decree-Law 89/2017 shall apply to the financial years starting on or after 1 January 2017.