Recommendation 2001/453 - Recognition, measurement and disclosure of environmental issues in the annual accounts and annual reports of companies (notified under document number C(2001) 1495) - Main contents

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Commission Recommendation of 30 May 2001 on the recognition, measurement and disclosure of environmental issues in the annual accounts and annual reports of companies (notified under document number C(2001) 1495)

Official Journal L 156 , 13/06/2001 P. 0033 - 0042

Commission Recommendation

of 30 May 2001

on the recognition, measurement and disclosure of environmental issues in the annual accounts and annual reports of companies

(notified under document number C(2001) 1495)

(2001/453/EC)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European Community and in particular Article 211 EC,

Having regard to the fourth Council Directive 78/660/EEC of 25 July 1978 based on Article 54(3)(g) of the Treaty on the annual accounts of certain types of companies(1), as last amended by Directive 1999/60/EC(2),

Having regard to the seventh Council Directive 83/349/EEC of 13 June 1983 based on Article 54(3)(g) of the Treaty on consolidated accounts(3), as last amended by Directive 90/605/EEC(4),

Whereas:

• (1) 

  In 1992 the Commission published its fifth action programme on the environment "Towards sustainability" (COM(92)23)(5). Among a range of proposals in the area of environmental protection, it provides for a Community initiative in the area of accounting. This initiative should relate primarily to the ways and means used by companies to report on financial aspects relating to the environment. An enhanced attention to financial aspects could contribute to achieving the goals of the programme; ensuring that environmental expenditures and risks are taken into account could increase the company's awareness of environmental issues. In 2001 the Commission has adopted a communication concerning the sixth action plan for the environment (COM(2001)31 final of 24 January 2001).

• (2) 

  The Amsterdam Treaty recognised that a key element for promoting sustainable development (Article 6 of the EC Treaty) is the principle of the integration of environmental requirements into other policies. In view of this objective, the Cardiff European Council endorsed a strategy for the integration of environmental objectives into all Community policies and actions. This strategy was confirmed and further developed by the Vienna European Council that invited the Internal Market Council to consider how such integration could be achieved in this particular domain.

• (3) 

  In 1999 the Commission adopted a communication on the single market and the environment (COM(99)263 of 8 June 1999) which is intended to contribute to making environmental and single market policies mutually. supportive and reinforcing, whilst at the same time developing synergies between them. This Communication identifies specific single market policy areas in which the Commission will strive for a closer integration with environmental policy, and lays down a series of further measures, among which to issue a recommendation on environmental issues in financial reporting. Such recommendation is also a direct follow-up of the November 1995 Accounting advisory forum paper on environmental issues in financial reporting (Document XV/6004/94).

• (4) 

  The lack of explicit rules has contributed to a situation where different stakeholders, including regulatory authorities, investors, financial analysts and the public in general may consider the environmental information disclosed by companies to be either inadequate or unreliable. Investors need to know how companies deal with environmental issues. Regulatory authorities have an interest in monitoring the application of environmental regulations and the associated costs. Nonetheless, voluntary disclosure of environmental data in the annual accounts and annual reports of companies is still running at low levels, even though it is often perceived that enterprises face increasing environmental costs for...

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