3.3.3.0 Introductie

Although sustainability reporting in the Netherlands has a mandatory approach, given the European Commission’s sustainability reporting requirements, Dutch companies voluntarily disclose sustainability reporting information using different international guidelines. Among others, companies often report following guidelines and principles such as, the CDP (former Carbon Disclosure Project), the Global Reporting Initiative, the International Integrated Reporting Council, the United Nations Global Compact, the UN’s guiding principles on business and human rights, UN-backed Principles for Responsible Investment and the Organization for Economic Cooperation and Development’s (OECD) guidelines for multinational enterprises.1

The Dutch Government actively supports the Global Reporting Initiative, and since 24 April 2009, Dutch State Holdings are recommended by the Dutch Minister of Finance to use Global Reporting Initiative guidelines on a voluntary basis. Since 2010, the Dutch Accounting Standards Board issued the Guidelines for the integration of social and environmental activities in the financial reporting of companies.2 Given the lack of European regulation and advice regarding the disclosure of non-financial information, the Dutch Government and in particular the Social and Economic Council of the Netherlands (SER)3 suggested the Dutch Accounting Standards Board to review the “Guideline for Annual Reporting 400” to provide guidance to companies on how to integrate non-financial information into regular annual reports. It clarifies e.g. what kind of information can be disclosed in relation to an organization’s CSR, including supply chain and due diligence.4

On a national level, the Netherlands has been encouraging the corporate sector through developing sustainability initiatives and creating organizations specialized in providing sustainability information and advice, as the following.

The Ministry for Economic Affairs launched the Transparency Benchmark in 2004 to measure corporate Environmental, Social and Governance transparency amongst the largest 500 companies in the Netherlands.56The Government conducts an annual research on the qualitative and quantitative content and quality of CSR reports of the largest 500 companies in the Netherlands, which compete for The Crystal prize.78The Crystal prize is a joint initiative of the ministry of Economic Affairs and the Dutch Institute of Charted Accountants (NBA), and is yearly awarded to the company with the highest score on the transparency benchmark, and is the most transparent company on Environmental, Social and Governance.9 On a voluntary basis, Small and Medium Enterprises (SMEs) and other companies are encouraged to participate.

Euronext Amsterdam is a pan-European exchange, since 2000, the result of the merger of the Amsterdam, Brussels and Paris stock exchanges.1011Euronext Amsterdam does not require Environmental, Social and Governance reporting as a listing requirement.12 However, it provides sustainability-related indices as the Low Carbon 100 Europe Indices and eight indices in partnership with Vigeo Family Index.13 It also provides green bonds listings and organizes educative workshops and training for companies and investors, among others, on corporate governance, green bonds, CSR and integrated reporting. Euronext Amsterdam ranked in first on the Corporate Knights World’s Stock Exchanges ranking 2016.1415The 39 large companies part of the stock exchange ranked high (above 50%) in the disclosure of four out of the seven Environmental, Social and Governance metrics analyzed, energy, GHGs, water and waste.16 The ranking report, noted that the top 10 fast- growing exchanges in terms of the disclosure of seven Environmental, Social and Governance indicators were based in developed countries.17 Since 2012, more large companies are engaging in the disclosure of the seven indicators in result of a socio- economic and regulatory context favorable to corporate sustainability disclosure.18 The most sustainable and largest Dutch companies are also listed in the Dow Jones Sustainability Index (DJSI).

Amongst the most relevant organizations representing the Dutch industry and providing, among others, sustainability related information are i) the Dutch Association of Investors for Sustainable Development (Vereniging voor Beleggers in Duurzame Ontwikkeling – VBDO). Established in 1995, it represents both institutional and individual sustainable investors. It aims to create a sustainable capital market and to increase sustainability awareness among companies and investors;20 ii) the CSR Netherlands (MVO Nederland), established in 2004 by the Dutch Ministry of Economic Affairs, is a national knowledge center and network organization for CSR. It helps companies to add value to the three pillars of sustainability: People, Planet and Profit;21 iii) the Netherlands Enterprise Agency is part of the ministry of Economic Affairs and encourages companies, among others, in developing more sustainable businesses;22 iv) the Dutch Chamber of Commerce provides information and advice on CSR to companies in the Netherlands;23 v) the Sustainable Trade Initiative (IDH) is an organization with the objective of accelerating and up-scale sustainable trade, mobilizing the corporate sector, civil society organizations and Governments to impact the Sustainable Development Goals. It helps companies to develop more sustainable international production chains;24 and vi) Eumedion, is a corporate governance independent foundation managed by its participants. It represents the institutional investors’ interests in the field of corporate governance and sustainability, in the Netherlands. Eumedion counts with 70 institutional investor participants as of 2016, representing and managing more than 4000 billion euros in assets.25