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Transposition of EU NFR Directive: Amendments to Accounting Act 3/2006

Iceland Current 2016

Transposition is in line with the directive, but the scope is somewhat broader (does not seem to restrict PIE's to 500+, not fully clear if all PIE's have to report though) see notes

Issuer name

Ministry of National Economy, accounting and supervision

More information

Article 42 non financial disclosures: "A company falling under point 9. and d 11 para. Article 2. and parent companies of large groups shall attach to the summary report by the Board with the information necessary to assess the development, scale, position and influence of the company in relation to environmental, social, and human resources. Shall also explain the company's policy on human rights and how the company counter the spillingar- bribery and aluminium"

Comply or explain

True

Organizations covered by the instrument

Large private and listed companies

Target organization notes

point 11. D. Cap company undertaking which is not a small company and that a settlement does not exceed the limit of at least two of the three following criteria: 1. total assets: 3,000,000,000 kr. 2. net turnover: 6,000,000,000 kr. 3. the average number of full-time equivalents during the financial year: 250, Point 9. Public interest entity.

Industry scope

All/none specified

ESG coverage - E (Environment)

All

ESG coverage- S (Social)

Human Rights, Employment Conditions, Policies and Practices

ESG coverage- G (Governance)

Accountability, Anti-Corruption and Anti-Competitive Behaviour

Status

Current

Country

Iceland

Region

Europe

Date of publication

2016

Issuer type

Governments (governmental department, agency)

Reporting requirements

Public law and regulation

Mandatory or voluntary

Mandatory

The geographical scope

National/federal

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