The obligation for companies to report on the social impact of their activities along with their annual results is very useful for stakeholders to make informed decisions about the organisation.
Kronospan, a world leader in the manufacture of wood-based panels, chose Gesvalt to develop the Non-Financial Information Statement, a document that reports on its environmental, social and labour policies.
The document has provided information on environmental, social and economic performance, and on the measures and controls in place to ensure that the company respects human rights, as well as the prevention of corruption.
It is an annex to the management report and is one of the main objectives of the European Green Pact.
The EINF allows Kronospan to strengthen its commitment to move towards an increasingly sustainable and transparent management model. It also demonstrates the company's main impacts along its entire value chain..
How the EINF report was developed for Kronospan
In the drafting of an NFIA, all departments of the company are analysed.
Gesvalt has had access to all the information requested from Kronospan, has had the technical and human resources necessary for its verification, has held interviews with the main managers of each of the areas of the multinational timber company and has carried out all the sampling considered necessary for the performance of our work.
It was prepared in accordance with the core option of the GRI (Global Reporting Initiative) standards, complying with each of the GRI principles.
MethodologyIn order to carry out the requested process, the methodology and verification mechanisms in accordance with the G4 Guidelines of the Global Reporting Initiative have been used, which includes:
- Review of documents.
- Data verification.
What does an NFS include?
Since January 2021, companies with a workforce of more than 250 employees are required by law to file the EINF. The next criterion is that either (1) they are considered public interest entities, or (2) for two consecutive financial years they meet at least one of the following conditions:
- Assets in excess of EUR 20 million.
- Annual turnover in excess of EUR 40 million.
In Spain, the obligation to submit the EINF is established in Law 11/2018.
In general terms, an NFS includes:
- General information about the companyBusiness model, organisational structure, production process, the markets where it operates and its objectives and strategies.
- Information related to environmental issuesEnvironmental management model, sustainability policy, current and foreseeable effects of the impact of the company's activities on the environment.
- Ethics and corruptionprinciples, values and norms of behaviour that govern the organisation.
- Social and staff issuesDetails about the workforce (gender, age, education, pay gap, disability, maternity, paternity, skills).
- Information on other matters such as supplier and consumer relations.
That is, the Non-Financial Reporting Statements contain all the information necessary to understand the impact of the company's activities in social matters, as well as its evolution, results and situation..
Gesvalt advises its clients on the preparation of the Non-Financial Information Statement (NFS)., The European taxonomy of taxonomy is a tool for companies with eligible activities, as well as for complying with disclosure obligations for those companies with eligible activities according to the European taxonomy.