Comply or Explain: New CSR Mandate Becomes Law
Until now, India was the prime example of a country where large companies are legally subject to mandated CSR. Now Belgium has stepped up with a new bill that requires large companies to disclose non-financial information. And, according to Lexology, if these companies are found to have not adopted any policies re. those matters, they will have to explain the reasons why. Subjects to be addressed include social, environmental, and employee factors, diversity statistics, and policies relating to human rights, anti-bribery policies, and anti-corruption. This development follows the 1976 non-binding guidelines adopted by the OECD for multinational companies, and the 2000 launch of the UN Global Compact that promotes sustainable and socially responsible policies and reporting. Compliance (reporting is required for this year) will determine whether the legislative approach is a productive route to further the purpose of CSR.
John Howell, Editorial Director
ReportAlert: TransCanada releases 2016 Corporate Social Responsibility Report
Special Announcement: Ethical Corp presents free webinar on Oct 10th re. "Transforming Business and Industries to Deliver Long-Term Impacts"