ESG Litigation (Environment, Social and Governance)
A more restrictive framework
At international and European level, whereas at the beginning of 2000, UN, OECD and EU rec- ommendations merely encouraged companies to publish non-financial reports, the Non-Finan- cial Reporting Directive (NFRD), which is to be renewed by the end of 2021, requires companies above a certain size to publish an annual report on their non-financial performance, failing which they may be forced to do so by a judge. Howev- er, as things stand, no substantial civil penalties are incurred for failing to take into consideration the non-financial factors of a company’s busi- ness, despite a Paris Court of Appeal judgment of 19 December 2013 (which has not been reaf- firmed since) suggesting otherwise.
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