Regulatory Alerts2017-11-25
Royal Decree-Law 18/2017 of 24 November amending the Commercial Code, the Consolidated Companies Act, and the Audit Act regarding non-financial information and diversity
The Spanish State issued Royal Decree-Law 18/2017 to transpose EU Directive 2014/95/EU, requiring large public-interest entities with over 500 employees to disclose non-financial and diversity information. The decree mandates that these companies include a non-financial statement in their management report covering environmental, social, employee, human rights, and anti-corruption matters, while limiting auditor verification to the mere provision of this information. This legislative change was enacted via urgent decree due to the expiration of the transposition deadline and the existence of infringement proceedings against Spain.
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