The European Union is pushing a draft directive for the disclosure of non-financial and diversity information by certain large companies, reports the Governance & Accountability Institute.
A major hurdle has just been cleared to adopt this directive, it has cleared an important stage in the EU legislative process.
On February 26th, 2014 the Council of the European Union’s Committee of Permanent Representatives endorsed an agreement on the draft directive. The agreement still needs to be formalized by the European Parliament and the Council, this is expected to take place on April 15th, 2014 which is now less than a month away.
This regulation will apply to all companies with over 500 employees in any of the 28 European Union member countries – which represent the largest economic area in the world. It is estimated that some 6,000 companies will fall under the scope of the directive.