For a long time the EU viewed corporate social responsibility as voluntary in nature. However, a policy focus on sustainability as a long-term driver of the social market economy within Europe has coincided with a shift in regulatory approach concerning corporate social responsibility. The introduction by the Non-Financial Reporting Directive of mandatory non-financial reporting for large companies heralds in a regulatory approach focusing on sustainability disclosures. However, given the considerable discretion afforded to companies in relation to the form of such disclosures, it remains to be seen how effective such disclosures will prove in practice in terms of achieving consistent transparency and sustainability gains.
© 2016 Walter de Gruyter GmbH, Berlin/Boston
