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EU Modernisation Directive 2003/51/EC

EU Current 2003

The Directive amended the Accounting Directives and added that EU companies are required to also include non-financial information in their annual and consolidated reports, if it is necessary for an understanding of the company's development, performance or position.

Issuer name

EU

More information

Such reporting should include environmental and employee matters and key performance indicators, where appropriate (consistent with Commission Recommendation 2001/43/EC). Member States may choose to exempt small and medium-sized companies from those non-financial reporting obligations. Another amendment of the Accounting Directives (Directive 2006/46) introduced an obligation for listed companies to include a corporate governance statement in their annual report. By November 2009 all Member States transposed the Modernisation Directive and most of the Member States transposed Directive 2006/46 in national laws.

Organizations covered by the instrument

Large private and listed companies

Industry scope

All/none specified

Disclosure venue

Annual report,

ESG coverage - E (Environment)

All

ESG coverage- S (Social)

All, Employment Conditions, Policies and Practices

ESG coverage- Eco (Economic & General)

Economic performance

Status

Current

Country

EU

Region

Europe

Date of publication

2003

Issuer type

Governments (governmental department, agency)

Reporting requirements

Public law and regulation

Mandatory or voluntary

Mandatory

The geographical scope

International/regional (EU)

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