BusinessCompany NewsIoD slams call for compuslory green reporting

IoD slams call for compuslory green reporting

The Institute of Directors has heaped criticism on a proposal from the European Parliament to make environmental reporting compulsory in company accounts across Europe.

The IoD said excessive regulation on environmental reporting risked turning the procedure into a ‘box-ticking’ exercise. It added that it believes it is too early to implement any kind of regulation. It is understood that the UK’s Department of Trade and Industry is also strongly opposed to compulsory green reporting.

Dr Daniel Summerfield, corporate governance executive at the IoD said: ‘Environmental reporting is a new area that requires debate.’

He added that only minimum standards were needed and companies should be allowed to choose whether to report their environmental issues.

He said: ‘There is a lot of good practice already in terms of corporate social responsibility among UK companies.’ He added that the good practice exercised by these companies – including steel giant Corus – should be broadened by showing other companies what they have done.

The parliament moved to initiate ‘compulsory’ reporting last month, six months after the close of the consultation on the commission’s corporate social responsibility green paper, which said companies should ‘voluntarily take on board social and environmental concerns’.

European Commissioner Erkki Liikanen said: ‘More and more firms are realising the link between profitability and best ethical and environmental practice.

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