EU company reporting, Exxon probe, German diesel ban and India's industrial shutdown
The European Commission has started a public consultation on how large companies should report social and environmental information, in compliance with a European Union law on non-financial disclosures that will take effect at the beginning of 2017. The law requires all listed and some unlisted companies with more than 500 employees to include in their annual reports statements on their policies and actions relating to environmental and social issues, human rights and the fight against corruption. The law allows companies to use existing frameworks to report non-financial information – such as the United Nations Global Compact – but the consultation aims to collect feedback so the Commission can provide “further guidance and help” in the form of “non-binding guidelines on methodology for reporting”. The consultation is open until 15 April
California could join New York in investigating whether fossil-fuel giant Exxon Mobil covered up what it knew about climate change, thereby misleading shareholders about the material risks it faced. According to the LA Times, the California attorney-general has started an investigation. New York's attorney-general confirmed late last year that a probe was under way. Under US Securities & Exchange Commission rules, companies must be transparent about risks...