Corporate Social Responsibility (IVOR nr. 77) 2010/4.2.3:4.2.3 Information on worldwide activities

Corporate Social Responsibility (IVOR nr. 77) 2010/4.2.3

4.2.3 Information on worldwide activities

Documentgegevens:

Mr. T.E. Lambooy, datum 17-11-2010

Datum: 17-11-2010
Auteur: Mr. T.E. Lambooy
JCDI: JCDI:ADS365791:1
Vakgebied(en): Ondernemingsrecht (V)

Since annual accounts and annual reports reflect the developments of a company and its branches worldwide, the environmental and employee matters to be dealt with in the annual report, also relate to the company's activities abroad. This is even clearer in the case of a consolidated annual report. Article 2.10 of the Modernisation Directive specifies that the consolidated annual report should provide information on all companies the results of which are included in the consolidated annual accounts.

This is in line with the developments in the field of CSR (Planet, People, Profit), which promotes that a company is transparent on the environmental and employee aspects of its activities, worldwide. This is what consumers want, what banks increasingly require when considering providing a loan and what pension funds and other capital market players are increasingly demanding before deciding on investments.1

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See: the Equator Principles, adopted by many large banks (http://www.equator-principles.com) and the Principles for Responsible Investment, signed by many of the world's largest pension funds (www.unpri.org). See also M. Jeucken, Sustainability in Finance. A Retroductive Exploration (Eburon Academic Publishers: Delft 2004), and C. de Groot, 'Can Corporate Governance Contribute to Sustainable Development?', pp. 195-214 and T.E. Lambooy, 'Sustainability Reporting by Companies is Necessary for Sustainable Globalisation', pp. 215-237, both in E. Nieuwenhuys (ed.), Neo-Liberal Globalism and Social Sustainable Globalisation (Brill: Leiden/Boston 2006). Furthermore, R. Mullerat, 'Corporate Social Responsibility. The Corporate Governance of the 21st Century', International Bar Association, (The Hague: Kluwer Law 2005). Also interesting: M. Vander Stichele, Critical Issues in the Financial Industry. SOMO Financial Sector Report (Stichting Onderzoek Multinationale Ondernemingen: Amsterdam 2005).