Non-financial reporting offers companies an opportunity to disclose information beyond traditional financial metrics, providing stakeholders with insights into key areas of value creation that are not reflected in financial statements. 

 

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Towards the end of 2024, HM Treasury published a consultation on the value case for a UK Green Taxonomy, aimed at driving investment in sustainable activities and combating greenwashing. With input from the CIA Sustainability Strategy Group, CIA submitted a response and has now developed a position paper on non-financial reporting. This position paper advocates for the following: 

  • Streamline non-financial reporting: Simplify reporting processes to reduce duplication and administrative burdens, ensuring that reporting requirements are efficient, effective, and less costly for companies.
  • Ensure consistency across jurisdictions: Work with international counterparts to establish uniform reporting standards across all jurisdictions. This includes clear exclusion clauses to prevent companies from having to report the same data under different or overlapping regulations.
  • Pause mandatory reporting requirements: Suspend mandatory reporting requirements until legislative frameworks are fully defined. This pause would prevent rushed timelines and undue pressure on companies, ensuring they have the necessary resources to comply effectively.

These recommendations are particularly relevant in light of the EU Commission’s ‘Omnibus’ proposals to reopen negotiations on the already approved Corporate Sustainability Reporting Directive (CSRD).

non financial reporting ps cover

CIA Non-Financial Reporting

Read full position statement to find out more about the CIA’s position as well as benefits, challenges of Non-Financial Reporting and recommendations.

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