The European model for non-financial reporting is discussed in Madrid - Liderando la reputación corporativa de las empresas - Corporate
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The European model for non-financial reporting is discussed in Madrid

Sustainability

The European model for non-financial reporting is discussed in Madrid

24/10/2011. More than a hundred experts and professionals on matters of corporate transparency are meeting tomorrow in Madrid in order to discuss the future European model for non-financial reporting. The session was organised by Corporate Excellence – Centre for Reputation Leadership with the objective to “promote corporate transparency as one of the main tools to restore trust”. According the CEO of Corporate Excellence – Centre for Reputation Leadership Ángel Alloza, the event will bring together Spain’s major enterprises: BBVA, La Caixa, Iberdrola, Repsol, Santander, Telefónica, Adif, Agbar, Bankinter, Correos, Danone, El Corte Inglés, Gas Natural Fenosa, Meliá Hotels International and Renfe.

The meeting will feature a presentation of European Commission’s Enterprise and Industry Directorate General Director Pedro Ortún, the top European official for Corporate Social Responsibility. Other speakers include Germán Granda, Director of Forética and Spain’s representative in the CSR Europe initiative; Joaquín Garralda, Secretary General of the Global Compact in Spain and Roberto Suárez, Secretary of the CSR Commission at CEOE (Spanish Confederation of Corporate Entities) and Spain’s representative in Business Europe working group.

Sustainability Report Will Remain Voluntary

The meeting will discuss an analytical report titled Non-Financial Reporting in Europe and Spain, prepared by Garrigues.

The document analyses implementation of the recently adopted Law on Sustainable Economy (LES), which regulates transparency issues, and its practical implications for Spanish companies. Among other conclusions the document points to the fact that the submission of the sustainability report will remain voluntary for joint stock companies with more than 1,000 employees (there are 780 such companies in Spain) as stipulated by Article 39 of LES. The report emphasizes that the Law sets out obligations of the authorities as well as the Government and the State Council for Corporate Social Responsibility (CERSE). This regulation is of a “pragmatic character”, setting out “non-binding norms, which have no legal power”.