Years ago, when we wanted to know what a company was like, we looked at its turnover. Based on these numbers, we assessed whether a company was very solid or not. However, the years have shown that a purely financial indicator does not give us all the information about a company either. Times require other types of indicators and in this context the Non-financial Information Statement (EINF) is born. For this reason, these reports are established apart from those of a financial nature in companies.
In order to give weight to other types of information and assess the actions within a company that have a positive impact on our society, the Non-financial Information Law, 11/2018 appears. As of December 29, 2021, companies with more than 250 workers must submit this report. In it, a certain type of information must appear in which they not only say how much they earn but also explain how they do it.
This type of information, in addition to being mandatory, is important for investors in these companies. Taking into account this element of “how do they earn money” allows them to assess whether a company is profitable, sustainable and responds to society’s need for information and transparency.
So the preparation of the report on Non-Financial Information (EINF) is another way to contribute to the sustainable world economy, something that is imperative in the current context of climate change and to achieve the Sustainable Development Goals set by the Nations. United by 2030.
Is your company prepared for this change?
You should be aware that the EINF report asks for information related to environmental, social and personnel issues. It also asks for information related to human rights and the fight against bribery and corruption. This report may also have information on supply chains and may even contain actions taken to promote good practices. The most frequent tool used by companies to follow when preparing their EINF report is the GRI Global Reporting Initiative, as it is the one with the highest international recognition and acceptance.
Once you are clear about what the Non-Financial Information Statement (EINF) should reflect, you should know that this report must be approved at the shareholders’ meeting and must be validated by conformity assessment companies that comply with the principles of impartiality with the company that prepare the report and be an expert assessor of conformity in matters of sustainability (sustainability verifiers and with experience in verifications and certifications in the areas of environment, equality, compliance as well as the SDGs.
In this case, ICDQ can help you as we are a conformity assessment verification and certification body. In addition, we are a company without conflict of interest in other activities in client companies such as consulting, legal management, accounting actions, training services. This element is important since a company considered as “of conflict of interest” in conformity assessments, can call into question the verification of the information.
And how does it benefit companies?
Beyond the obligation to prepare this report, working with this type of information improves the image of our company. In addition, the EINF forces us to make a series of internal reflections that will be beneficial for the entire organization. This report also allows us to have key indicators in the areas of sustainability increasingly considered by stakeholders and investors.
If you need information or verification assistance, please do not hesitate to contact ICDQ, Your Reference Conformity Assessor