Is corporate reporting fit for purpose? Is it time to embrace the digital revolution? And are we moving towards sustainability disclosure? These are some of the questions that will be addressed on 30 November 2018 at a one-day conference on the future of corporate reporting in a digital & sustainable economy, held by the European Commission. The event, hosted by Commission vice president Valdis Dombrovskis, will address the issue of whether EU legislative framework for corporate reporting can be adapted to better serve the capital markets and the EU economy. The conference's key themes will be discussed in panel sessions on:
- Is corporate reporting still fit for purpose and for upcoming challenges?
- Are accounting rules for EU capital markets coherent with the EU policy objectives of promoting long-term and sustainable investments?
- Towards relevant sustainability disclosure?
- Corporate reporting: time to embrace the digital revolution?
The event's webpage notes that technology developments and a growing interest in corporate social responsibility are changing the way companies create long-term value. Investors are increasingly demanding data above and beyond backward-looking financial data, including data that links companies’ strategy, governance, environmental performance and social responsibility to their long-term financial performance and value creation. It says: “These rapid changes in the business environment and in investors' information needs have given rise to a wide-ranging public debate about whether corporate reporting continues to fulfil its objectives and is keeping pace with social, economic and technological developments.”
The Commission says it is currently carrying out a fitness check to assess whether the EU's legislative framework for corporate reporting is still fit for purpose and for new challenges. It states: “Timely and high-quality corporate reports are fundamental for many investment decisions and play a vital role in promoting market efficiency, investor protection and financial stability... Should we miss this momentum, corporate reporting could become a mere compliance-driven exercise rather than achieving its purpose of promoting efficient capital markets.”
The event will be of interest to leading figures from the finance, civil society sectors and recognised international organisations. While it can accommodate up to 400 participants, interested parties can also watch the discussions live by registering on the event's webpage.
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