Is it mandatory to generate and submit your company's EINF?

EINF

obligation and presentation of your company's EINF

For those of us who work daily with the compliance of the Capital Companies legislation, several questions arise in relation to the Statement of Non-Financial Information (EINF), but the main one today is am I obliged to generate and present the EINF of my company?

Well, on the verge of 3 years since the publication of the rule that regulates the EINF, Law 11/2018, we are on the verge of a significant change in relation to the scope.

Said change refers to the fact that the obligation to present the consolidated non-financial information statement will be applicable to all those companies with more than 250 employees that, either are Public Interest Entities, or during two consecutive fiscal years meet, at the closing date of each of them, at least one of the following circumstances:

that the total of the asset items exceeds 20,000,000 euros;
that the annual net turnover exceeds 40,000,000 euros.

In other words, for fiscal years starting from 1-1-2021, all those companies that are part of the scope of application of the Capital Companies Act (SRL, SA and limited partnerships by shares), with more than 250 employees and that, either have the consideration of Public Interest Companies, or, for two consecutive fiscal years, meet at least one of the two circumstances set out above in relation to the volume of assets or turnover, are required to submit the statement of non-financial information at individual level during 2022.

KEYS TO PREPARE YOUR COMPANY'S EINF

In recent years, due to a vague initial experience and associated only with listed companies, it has generated a large number of doubts about:

  • Should I make my EINF public?
  • Will I have to audit it?
  • How do I collect and calculate the data required by law?

Did you know that the law covers areas such as the fight against corruption and bribery, social criteria in your purchasing policy, human rights or the impact the company has on local development and goes far beyond areas that are the order of the day such as climate change, circular economy or biodiversity?

In our experience it is important to get advice for companies to optimize their resources and to be able to verify their reports without bumps in the road. Mainly:

  • Know in detail and point by point the information that the law 11/2018 requests. Diagnose which of that documentation is easy to collect or is already being collected and which will have to be collected.
  • This stage is crucial and represents a primordial added effort for the start-up of the project.
  • The next point is to collect all the information/documentation for the entire reporting period, both what we already know and have at hand, as well as new and more complex information. Here it is important to incorporate in the project the positions involved by areas and provide the corporate tools available.
  • Once the information-documentation has been obtained, we have to generate an agile and friendly report, since it will be a report that must be published and reviewed by different stakeholders.
  • Last but not least, the report will be audited by an independent third party, so we must coordinate in time with the selected entity the necessary dates for a correct formulation and approval of accounts.
Would you like to know more about this topic?

LATEST BLOG NEWS

News

Keys to accessing European projects funding

Keys to accessing European projects funding Marta MartínSettings The Horizon Europe programme is the European Union’s Research and Innovation (R&I) Framework for the period 2021–2027,

Leer más
Marta Martín Ruíz 18 December, 2024

subscribe to our monthly newsletter

I want to join