28 February 2019. AENOR, the benchmark entity for environmental verification, will verify the Non-Financial and Diversity report which requires that certain organisations present for the first time a non-financial report, in compliance with Law 11/2018. This report must be undertaken in the first months of 2019.
According to the new Law, in addition to the auditor checking that this information has been included in the management report, its contents must be verified by an independent verification service provider. AENOR is a benchmark entity in this field, carrying out 400 GRI sustainability and EMAS environmental verifications per year.
The new legislation requires that certain organisations are required to report information about the environment, social matters, personnel, human rights, combating corruption and bribery, diversity management, and the company's relationship with society, on an annual basis from 1 January 2018. The aim is to identify risks so as to improve sustainability and gain the trust of investors, consumers and society in general.
Organisations required to present the report are large companies: companies with over 500 employees, or who are deemed to be entities of public interest; or for two consecutive fiscal years they satisfy at least two or three of the following conditions: 1) have consolidated assets of over 20 million euros, 2) a net annual turnover of over 40 million, or 3) that the average headcount is over 250.
AENOR's differential advantages include being the most widely renowned verification body among businesses and consumers; its technical expertise and independence, backed by over 150 accreditations and authorisations for rendering conformity evaluation services; added to this is the fact that AENOR does not take part in the processes carried out prior to the verification of the report, such as its preparation.
The verification of the Non-Financial Information statement can be integrated within the Sustainability models set forth by law to help with reporting, such as the GRI Reports, EMAS verification or Carbon Footprints, among others. AENOR has extensive experience in all of these. For instance, AENOR has verified approximately 450 GRI Reports since 2001. This verification allows companies to provide transparent information on the results of commitments acquired from a three-fold environmental, economic and social perspective.
In addition, AENOR is the leading entity in Spain in EMAS environmental verification, having performed approximately 850 of these environmental verifications for organisations; this certifies that organisations comply with the European Union Eco-Management and Audit Scheme (EMAS), promoting better environmental behaviour by organisations in all sectors.
In the field of Environmental Footprints, AENOR has extensive experience in issuing Carbon Footprint Certificates, which certify the veracity of the Greenhouse Gas (GHG) emissions caused by an organisation's as a result of its activities. AENOR also issues Water Footprint certificates.
Moreover, the Transitional Provision of Law 11/2018 sets out that three years after it enters into effect, the requirement to file the non-financial information statement shall apply to all companies with over 250 employees that are either regarded as public interest entities (except for those entities that are classified as small and medium enterprises, as per Directive 34/2013); or that, for two consecutive fiscal years, on the closing date of each year, satisfy at least one of the following conditions: that their total assets are over 20 million euros or their total net turnover is over 40 million.