For financial years beginning 1 Jan 2018, Spanish companies with more than 250 workers must report on their nonfinancial and diversity information and put the findings to a shareholders’ vote as a separate point at the annual general meeting. The requirements, which implement a 2016 EU directive, feature in a law (Spanish) effective 30 Dec 2018, giving companies little time to comply. Smaller firms will have to publish their nonfinancial information from 2022.
The Government Corporate Social Responsibility Commission (CERSE) (Spanish) will submit an annual report to parliament that assesses the companies’ reported nonfinancial information.
Features of the law include the following: