A group of Belgian stakeholders have put together guidelines to help business leaders implement a law introduced last year on non-financial reporting.
The VBO/FEB (Union of Belgian businesses), the Institute of Company Auditors, law firm Eubelius and the Belgian Association for Listed Companies, which published the guidelines, said their intention was to offer “a practical and hands-on guide for company directors”.
“The guide proposes a very complete and detailed analysis of the new reporting requirements in a Belgian context,” said Philippe Lambrecht, secretary general of the VBO/FEB.
Belgium introduced the law on non-financial reporting in September 2017. Listed companies and large public-interest entities such as banks and insurance firms must report on their policies on the environment, personnel, social issues, respect for human rights and the fight against corruption. They must also report on diversity.
Federal economy minister Kris Peeters urged companies to see the new law in a positive light as large investors are attaching increasing importance to how companies react to societal changes.
“The non-financial information can help companies to monitor and strengthen their social commitments,” he said. “Through clear reporting on this, they can also increase their attractiveness among investors.”
