The future of reporting
Most of the Spanish large companies report their non-financial data.
The Directive 2014/95/UE of the European Parliament and the Council of the European Union requires 600 Spanish companies to inform about their non-financial data starting in 2017. This means that companies will have to report their environmental performance, social action programmes, human rights, job policies or practices against corruption and bribery, among others.
84% of Spanish large companies are already reporting some kind of non-financial information through reports, documents or web pages. Small and medium companies will shortly have to join them. Moreover, this information will have to be included in the financial report, through what is known as Integrated Reporting.
The private sector is answering to these new market demands. However, there is still much to do regarding quality and verifiability of information.
The future of reporting goes beyond making an annual PDF document. Currently, shareholders and consumers want to access information in an easy and fast way. They want to interact with companies almost in real time.
In order to reach every stakeholder, motivated companies are already evaluating the use of several channels and formats such as score cards or mobile apps. Conveying this kind of information allows businesses to talk about their management in a first-person narrative.