In this report, we will explain what the Non Financial Information Statement is, which companies require it and all the necessary requirements. Many responsibilities must be fulfilled by companies to comply with current laws.
The obligation to report non financial information has been in effect since 2021, for entities with more than 250 workers, including larger companies exceeding 500 workers.
As ESG & sustainability consultants, at UHY Fay & co, we are aware of the fact of all the questions and the complexity of the regulations.
What is the Non financial Information State (EINF)?
Since the enactment of Law 11/2018, adapting to the European Directive 2014/95/EU, the Non Financial Information Statement has become a mandatory document for companies. It arises from the market’s need for increased transparency and enhanced management of ESG (Environmental, Social, and Governance) risks in non financial matters.
What information should we include in the Non Financial Information Statement?
- Business Model
- Environmental Impact of the company and its management
- Rules to ensure Labor Rights and Gender Equality.
- Human Rights
- Tools for fighting against Corruption, Bribery, and Money Laundering.
- Procedures of Supervising and control on the supply chain and suppliers
- Key indicators of non financial results according to European Union standards & Global reporting initiative
How is the Non Financial Information Statement introduced?
Regulations allow organizations to submit the Non Financial Information Statement built into the management report or separated. Regardless, the annual accounts and the management report must form a unified whole that includes the Non Financial Information Statement.
The Non Financial Information Statement must be signed by the administrators of the company, presented to the advisory board of directors and administration, and approved by the shareholder meeting. The administrators have the final verdict of the document.
Should it be validated?
The 11/2018 normative requires that the information in the Non Financial Information Statement be reviewed by an independent service provider, therefore, the independent verification of the Non Financial Information Statement is essential and mandatory.
If you have any doubt about the Non Financial Information Statement, don´t hesitate to contact our consultant experts in sustainability at UHY Fay & Co. We can help you navigate current regulations transparently and with confidence.
How can we help you?
Rely on us to streamline the preparation of your Non Financial Information Statement documentation, optimizing your time and ensuring quality.
If you already have a report prepared by another supplier, we can independently verify it, ensuring reliability and quality.
At UHY FAY & CO, we not only help you comply with regulations but also highlight our company’s efforts in Environmental, Social, and Governance issues.
Marta Casasola- UHY FAY & CO
Socia – Partner
Sustainabilty | ESG | Climate Change
mcga@uhyfay-cointegra.com
Tel. +34 91 117 54 00
