Cos face EU law on disclosure of non-financial info

Michel Barnier, the European Union's financial services chief, will next week propose a law bolstering the transparency of "certain large companies on social and environmental matters."

"Companies concerned will need to disclose information on policies, risks and results as regards environmental matters, social and employee-related aspects, respect for human rights, anti-corruption and bribery issues, and diversity on the boards of directors," the European Commission said on its website today.

Currently, fewer than 10 percent of the largest EU companies disclose such information regularly, the commission said.

The requirements of existing legislation "have proved to be unclear and ineffective and applied in different ways in different member states," the Brussels-based regulator said.