Sustainability Reporting in capital markets: A Black Box? (ZIFO nr. 30) 2022/1.1.2.1:1.1.2.1 The EU Green Paper (18th of July of 2001)

Sustainability Reporting in capital markets: A Black Box? (ZIFO nr. 30) 2022/1.1.2.1

1.1.2.1 The EU Green Paper (18th of July of 2001)

Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.

As a reaction to the Lisbon’s call on CSR and to support the development of CSR, in the Stockholm Summit of the 23rd and 24th of March of 2001, the European Commission announced it would publish a CSR Green Paper later that year in June. The Green Paper was issued on the 18th of July of 2001, after a CSR high-level meeting which took place on the 28th of March of 2001.1 The green paper provided more clarity on CSR. It states that CSR means “not only fulfilling legal expectations, but also going beyond compliance and investing more into human capital, the environment and the relations with stakeholders”. The point thereafter, explains that “corporate social responsibility should nevertheless not be seen as a substitute to regulation or legislation concerning social rights or environmental standards, including the development of new appropriate legislation. In countries where such regulations do not exist, efforts should focus on putting the proper regulatory or legislative framework in place in order to define a level playing field on the basis of which socially responsible practices can be developed.”2

The Green Paper presented by the European Commission was followed by a public consultation during the second half of 2001. All the stakeholders were invited to express their views “…on how to build a partnership for the development of a new framework for the promotion of corporate social responsibility, taking account of the interests of both business and stakeholders.”3 Amongst the 18 questions for discussion were the following:

About the role for the EU:

–

What could the European Union do to promote the development of corporate social responsibility at European and international level?

–

Developing an overall European framework, in partnership with the main corporate social responsibility actors, aiming at promoting transparency, coherence and best practice in corporate social responsibility practices?

About Companies and CSR:

–

What are the driving forces for companies to assume their social responsibility? What are the expectations behind such engagements? On which areas do these engagements focus? What is the benefit for companies?

About the Main Actors and Stakeholders:

–

How can the European Union promote greater application of corporate social responsibility principles through its policies both within European and internationally, including its political dialogue and partnership agreements, as well as its programmes, and its presence in international fora?

About the Evaluation and Effectiveness:

–

What are the best means to develop, evaluate and ensure the effectiveness and reliability of corporate social responsibility instruments such as codes of conduct, social reporting and auditing, social and eco-labels, socially responsible investing?

Points 19 and 93 of the Green paper (18th of July of 2001) state the aim of the EU to “launch a wide debate and seek views on corporate social responsibility at national, European and international level.” and “raise awareness and stimulate debate on new ways of promoting corporate social responsibility.” Besides, “At this stage the Commission does not wish to pre-judge the outcome of that debate by making concrete proposals for action.” This shows the EU clear intentions to only promote the debate and trigger a thinking process about CSR rather than initiate a legislative process.

Deze functie is alleen te gebruiken als je bent ingelogd.