Factor

Factor incorporates into its services the development of statements of Non-Financial Information and CSR Reports

18 July 2019 | Markets

Factor supports companies in the development of Non-Financial Reporting Statements and Sustainability and Corporate Social Responsibility Reports, in order to facilitate compliance with this regulation and to assist them in the transition to a sustainable and competitive business model.

With the entry into force of Law 11/2018 on non-financial information, Spanish companies with more than 500 employees and which, either are public interest entities, have more than 20 million euros of balance sheet or a net turnover of more than 40 million , have to publish a Non-Financial Reporting Statement (EINF) and submit it to the same approval, deposit and publication criteria as the annual management report.

Some key obligations of the law:

  • The law requires to explain the business activities carried out and respond to environmental, social and personnel-related issues, human rights and anti-corruption and bribery - including money laundering -, as well as other information related to commitments to sustainable development, outsourcing and suppliers, consumers and tax information.
  • The information presented must be accurate, comparable and verifiable for which key non-financial indicators based on generally accepted benchmarks, such as the GRI standards, the United Nations Global Compact or the United Nations Sustainable Development Goals.
  • The EINF must be part of the documents developed by the Board of Directors and approved by the General Shareholders' Meeting.
  • The EINF must be verified by an independent service provider.

Non-financial information was already present in the Corporate Social Responsibility and Sustainability Reports of many companies, but Law 11/2018 aims to generalize it and thus transform it in another tool to assess the competitiveness of Companies. As of 2021, the obligation extends to companies with more than 250 employees.

 

For more information you can contact Alma Pérez, Head of Corporate Social Responsibility, aperez@iamfactor.com or call (+34) 91536 30 45.

 

 

Source: Factor