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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 3: Non-financial information requirements

Perspectives for Sustainable Corporate Governance

Catherine Malecki

Extract

Non-financial reporting will need to be made clearer using commitment and management standards (GRI – Global Reporting Initiative). Reports must be drawn up in line with national or international standards (SA8000 certification) to ensure that the information reported is comparable. The French financial markets regulator (Autorité des Marchés Financiers or AMF) has already published three reports on the non-financial information provided by listed companies. Such information must be checked and certified by an independent third-party body (ITB). This body plays an extremely important role, for example, in flagging up breaches of the “report or explain” rule and issuing reasoned “opinions” on the truthfulness of the information provided. The standardisation of non-financial reporting is one of the challenges facing sustainable corporate governance. Of the items listed in the Grenelle 2 Law, which are different for listed and unlisted companies, the criterion of the “nature of a company’s business activities or structure” will be decisive, particularly when it comes to implementing real sustainable compliance.

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