The European Parliament plans to vote on whether to implement policy recommendations made in two corporate and social responsibility (CSR) reports.
The first, Corporate Social Responsibility: promoting society’s interests and a route to sustainable and inclusive recovery, recognises the need to embed CSR in EU policy and action as well as encouraging companies to demonstrate their own CSR commitments.
It recommends the EU to apply CSR and aims to support the uptake and use of Global Reporting Initiative (GRI) sustainability reporting guidelines.
The second report, Corporate Social Responsibility: accountable, transparent and responsible business behaviour and sustainable growth, welcomes measures taken by the European Commission (EC) to promote its CSR strategy.
It highlights that CSR disclosure, while voluntary, should also where possible be accompanied by regulatory measures. GRI said it thinks "such measures should take reporting into account".
The initiative added that the report also attempts to "strike the right balance" between business interests and those of society, using a business driven CSR approach supported by public authorities.
GRI policy and government affairs senior manager Pietro Bertazzi said the activities "complement the efforts being made by the EC on the EU CSR strategy," and looks forward to "a regulation proposal to improve the transparency of non-financial disclosure by companies" which is expected soon.
"A policy approach based on a report or explain principle for sustainability reporting would allow the EU to better pursue its 2020 strategy of ‘Smart, sustainable and inclusive growth’, and create conditions that help shape a more transparent and better functioning economy," Bertazzi added.