THE EUROPEAN REPORTING DIRECTIVE: IMPLEMENTING NEW TRANSPARENCY REGULATIONS
The European Union has obliged capital market-oriented companies, banks and insurance companies with over 500 employees to become more transparent. In Germany, this stipulation was established via the CSR Directive Implementation Act (CSR-RUG), which came into effect in early 2017. The affected companies — around 500 in total — were thus obliged to report on ecological and social concerns for the first time. In other words, concepts, goals and results had to be outlined, risks had to be described and performance indicators listed — with the results required to undergo a review by the supervisory boards.