Just as all companies have always submitted an annual report, now some European companies will have to produce a sustainability report.
So, what does this mean? The law (which is based on an EU directive from 2014) exposes companies, which must now transparently report what they are doing in terms of the environment, sustainability and social issues, amongst others.
In other words, it's no longer enough simply to include an environmental logo on your website – this kind of Green Washing won't do the job. Companies are now being forced to take responsibility for the footprint they are leaving on society.
In Sweden the law is due to come into force on 1 July, and other EU member states will follow our lead. Three criteria govern which companies are covered by the law: turnover, number of employees and whether there is a significant public interest. As a rule of thumb, you could say that the law applies to all companies with more than 500 employees (in Sweden and Denmark it's 250). Since environmental work can't be hidden away in an Excel spreadsheet, the hardest change for many business leaders is likely to be psychological: getting used to a totally different world where initially you won't earn any money but you'll earn a great deal of goodwill and customer confidence.
If you would like a copy of our NEW 2016 Sustainability Report, please click here