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Corporate Social Responsibility

Perspectives for Sustainable Corporate Governance

Catherine Malecki

Corporate social responsibility (CSR) is setting new missions for companies and shining a welcome light on issues such as the behaviour of board members, shared value, the well-being of stakeholders, the protection of vulnerable individuals and the roles played by public opinion and shareholders. This timely book seeks to lay the foundations for a sustainable corporate governance based on the European Commission definition of CSR as ‘the responsibility of enterprises for their impacts on society’. More generally, this sustainable corporate governance responds to some of the pressing challenges of the 21st century, from sustainable finance and climate change to carbon reduction and population growth.
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Chapter 2: Developments in non-financial reporting

Perspectives for Sustainable Corporate Governance

Catherine Malecki

Extract

Non-financial reporting has undergone changes since the introduction in France of the NRE (new economic regulations) Law of 10 May 2001. Initially, such information had to be provided by listed companies in their annual reports, but this requirement was subsequently extended to unlisted companies under the Grenelle 2 Law of 12 July 2010 and its implementing decree. This type of reporting covers social, environmental and societal issues. Societal commitments (such as the fight to promote diversity) can bring with them reputational risks; stakeholders will be waiting for information on such issues. Non-financial reporting must fulfil the objective of being transparent, an objective that has since become a requirement thanks to the influence of the European Commission. Sustainable compliance has been enshrined in French law (Article R. 225-105-1-II of the French Commercial Code). Air, water, soil and waste management issues are all key elements of environmental reporting, while children’s rights, human rights and the role of multinational companies are important factors in social reporting. The notion of a “carbon audit” has also been enshrined in law.

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