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Preparing a Non-Financial Reporting (NFRS) Statement

Corporate Advisory

As of 1 January 2022, more companies will be subject to the Non-Financial Reporting Directive (NFRD). Gesvalt advises its clients on the preparation of the Non-Financial Information Statement (NFRS).

What is an NFRS report?

The NFRS, or Non-Financial Information Status Report provides information on environmental, labour, personnel and human rights, corruption and bribery, and sustainability issues. These elements are a way of having companies communicate how they make their profits and how their activities impact society and the environment.

Why is it necessary?

Besides the need to comply with regulatory requirements, this report provides additional information on aspects that are not reflected in financial indicators, but which have a direct impact on the company’s value. This type of non-financial information provides a more comprehensive vision of risk, helping investors and consumers in their decision making.

Which companies are required to submit this report?

It must be filed by all companies with over 250 employees, those that are considered Public Interest Entities (PIE), with the exception of small and medium-sized companies, or those which have met one of the following conditions for two consecutive financial years:

  • Total Assets: greater than 20 million euros.
  • Net Turnover: greater than 40 million euros.

Should the management body fail to file the documents referred to in this Chapter within the statutory period, the company will face a fine of between 1,200 and 60,000 euros, imposed by the Instituto de Contabilidad y Auditoría de Cuentas (Accounting and Auditing Institute).

What does a company gain from submitting an NFRS?

Both for companies who are required to do so, as mentioned in the previous section, as well as for all other businesses, it is an opportunity to provide customers and investors with information on economic activities in relation to the sustainability criteria. The societal value of minimising the environmental impact of business activities, or even transforming these into a net positive, has become an objective for responsible companies.

Why choose Gesvalt to help?

Having a specialist consultant on hand to prepare the documents not only provides superior accuracy and greater focus on action plans to mitigate ESG risks and exploit opportunities, but also offers peace of mind and conveniences to the company’s auditing processes.

Gesvalt has a dedicated sustainability division that oversees services linked to green financing or certifications, sale of companies’ real estate assets, environmental studies or new regulatory requirements. It is focused on catering to the needs of companies and administrations which require sustainability accreditation.

Consultor Gesvalt
Diego Vilaró
Director of Advisory Services