{"id":1798,"date":"2021-01-20T11:33:35","date_gmt":"2021-01-20T10:33:35","guid":{"rendered":"https:\/\/way2global.sviluppo.host\/rendicontazione-non-finanziaria-cose-e-perche-tradurla\/"},"modified":"2024-08-05T10:31:53","modified_gmt":"2024-08-05T08:31:53","slug":"non-financial-reporting-why-translate-it","status":"publish","type":"post","link":"https:\/\/way2global.com\/en\/news-from-way2global\/non-financial-reporting-why-translate-it\/","title":{"rendered":"Non-financial reporting: Why translate it?"},"content":{"rendered":"

Non-financial reporting has seen many significant developments over the years.<\/p>\n

While in the past, companies were free to choose whether they wanted to publish information on those of their activities that affected sustainability, this became a legal requirement on 25 January 2017 \u2013 at least for some types of companies, decided based on their size.<\/p>\n

With the introduction of Legislative Decree No.254 of 30 December 2016, Italy aligned itself with European Directive 95\/2014, which requires companies to publish a non-financial declaration in addition to their financial statement.<\/p>\n

Let\u2019s take a look at what non-financial reporting is all about.<\/p>\n

 <\/p>\n

What is non-financial reporting?<\/strong><\/h2>\n

 <\/p>\n

Non-financial reporting came about to ensure\u00a0transparency<\/strong>\u00a0and corporate\u00a0responsibility<\/strong>\u00a0in companies\u2019 impact on social and environmental sustainability.<\/p>\n

The initial documents designed for non-financial reporting were the Social Report and the Environmental Report.<\/p>\n

Over time, though, these two documents have been replaced by what we now know as the\u00a0Sustainability <\/strong>Report<\/strong>.<\/p>\n

According to the definition of the Italian Stock Exchange, the Sustainability Report is \u201ca report produced by a company or a public organization to provide its stakeholders with information on the economic, environmental and social impacts caused by its activities\u201d.<\/p>\n

To produce a Sustainability Report, many companies refer to the\u00a0GRI <\/strong>reporting <\/strong>standards<\/strong>, published by the Global Reporting Initiative.<\/p>\n

The need to have a broader picture of companies\u2019 impact on the environment and the community in which they operate has recently caused the Sustainability Report to evolve into something called the\u00a0Integrated <\/strong>Report<\/strong>.<\/p>\n

According to the framework published by the International Integrated Reporting Council (IIRC), an entity comprising regulatory bodies, investors, companies, legislative bodies, accounting professionals and NGOs working to improve corporate reporting, the Integrated Report highlights the way a company\u00a0generates <\/strong>value<\/strong>\u00a0in the short, medium and long term through a mix of strategy, governance, performance and prospects. Here too, the criteria used are designed to analyze three types of impacts: environmental, social and governance, known commonly as ESG in the English-speaking world.<\/p>\n

Despite the fact that many companies were already using effective non-financial reporting tools, it’s become apparent in recent times that it is necessary to standardize this new form of reporting and make it more coherent.<\/p>\n

Legislative Decree No. 254\/16 therefore introduced a requirement to produce a\u00a0non-financial declaration<\/strong>, a document in which companies set out all the activities they have undertaken in the fields of\u00a0environmental protection, HR management, respect for human rights and the fight against corruption<\/strong>.<\/p>\n

The importance a company gives to the various areas examined is often shown through a graph based on something known as a \u201cmateriality matrix\u201d, commonly used in international best practices.<\/p>\n

 <\/p>\n

Why translate non-financial reporting?<\/strong><\/h2>\n

 <\/p>\n

Non-financial reporting is a strategic document because it sets out in\u00a0granular detail<\/strong>\u00a0the actions taken by a company far beyond its mere financial results.<\/p>\n

It’s widely accepted now that businesses are a key stakeholder when it comes to the world\u2019s chances of achieving the Sustainable Development Goals set out in the UN’s 2030 Agenda.<\/p>\n

This is a new frontier of corporate social responsibility \u2013 one that was mitigated 20 years ago in Italy through Legislative Decree No. 231\/2001 and the introduction of the\u00a0231 Organizational Model<\/strong>, a collection of organizational procedures and provisions that exclude or limit the criminal responsibility of companies in the event that their employees commit crimes.<\/p>\n

More and more companies are launching various ESG-related projects as they look to respond to the global challenges that we must all tackle together.<\/p>\n

However, this positive action can sometimes linger below the surface \u2013 at least, this was the case, until non-financial reporting was given the prominence it deserves.<\/p>\n

Publishing this document sets out all the measures implemented and\u00a0commitments<\/strong>\u00a0made by companies in the field of sustainability.<\/p>\n

Making the triple bottom line public allows people to understand the efforts being made every day by companies to guarantee financial prosperity, protect the environment and contribute to the growth and development of society.<\/p>\n

Non-financial reporting isn\u2019t some technical tool that can only be understood by a select group of regulatory experts. Instead, it\u2019s an\u00a0explanatory <\/strong>document<\/strong>\u00a0that communicates to all stakeholders, in a transparent, accessible way, the innovative activities undertaken by companies. A business\u2019s reputation is often enhanced by this.<\/p>\n

Promoting sustainable initiatives increases the\u00a0credibility of a company in the eyes of its shareholders and investors<\/strong>, as well as\u00a0boosting <\/strong>consumer <\/strong>confidence<\/strong>.<\/p>\n

To summarize, far from just being a box that needs to be ticked to ensure regulatory compliance, the non-financial declaration has become a strategic governance lever.<\/p>\n

 <\/p>\n

Translating<\/strong>\u00a0non-financial reporting enables companies to communicate with a wider audience, outside their country of origin, thus allowing more people to become aware of and understand their activities.<\/p>\n

This significantly boosts the reputation of a company, as their efforts are\u00a0recognized and appreciated all over the world<\/strong>.<\/p>\n

 <\/p>\n

At Way2Global, our mission is to use our translations not only to facilitate communication, but to\u00a0overcome cultural barriers<\/strong>\u00a0and allow people all over the world to\u00a0learn about progressive companies<\/strong>\u00a0striving to be more sustainable.<\/p>\n

 <\/p>\n

Need to translate your company\u2019s Sustainability Report or non-financial declaration?\u00a0Get in touch!<\/p>\n

 <\/p>\n

\"Non-financial<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

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