El Informe de GESTIÓN: La relevancia de la información no financiera y las Medidas Alternativas de Rendimiento (MARs o APMs)? (II).

The article "The Management Report: The relevance of non-financial information and Alternative Performance Measures (APMs)?" talks about the importance of non-financial information and alternative performance measures in companies' management reports. It is mentioned that companies that prepare consolidated accounts must include a consolidated non-financial information statement in their management report. This obligation applies to groups of companies with more than 250 employees or that are public interest entities. The consolidated non-financial information statement must include information on environmental, social, human rights, anti-corruption, gender equality, and disability aspects. Additionally, it is mentioned that non-financial information must be verified by an independent verification service provider. The report presents the disclosure requirements applicable to the consolidated non-financial information statement according to Law 11/2018. It is established that this report must be freely available on the company's website within six months after the end of the financial year and for a period of five years. Additionally, the integration of climate change risk is regulated for entities whose securities are admitted to trading on regulated markets, credit institutions, insurance and reinsurance undertakings, and companies by reason of size. The disclosure requirements derived from the European Union regarding the disclosure of sustainability indicators in financial and non-financial entities are also mentioned. The article presents Regulation (EU) 2020/852, which establishes the technical screening criteria to determine the conditions under which an economic activity is considered environmentally sustainable. Environmental objectives are mentioned, such as climate change mitigation and adaptation, sustainable use of water and marine resources, transition to a circular economy, prevention and control of pollution, and protection and recovery of biodiversity and ecosystems. Disclosure requirements for non-financial companies, asset managers, credit institutions, investment firms, and insurance and reinsurance companies are established. The entry into force dates of the different aspects of the Regulation are specified. The CNMV highlights the importance of identifying and tracking the information required by the Taxonomy Regulation, and the ESMA reminds of the mandatory use of the specified templates. The article deals with the disclosure of sustainability information in the financial services sector. Transparency requirements are established for participants in financial markets offering financial products related to environmental or social characteristics and sustainable investments. The required disclosures in periodic reports are mentioned, such as the description of the degree of compliance with environmental or social characteristics, the overall impact of the financial product in relation to sustainability, and the information required by the Taxonomy Regulation. Transparency requirements for financial products promoting environmental characteristics or sustainable investments are mentioned, as well as the established environmental objectives and economically sustainable activities. The article presents information on the disclosure of financial information for financial products according to the SFDR Regulation. It is established that the location of the information depends on the type of entity participating in financial markets. Different types of funds are mentioned, and it is indicated that the information must be included in the annual management report. Other cases are also mentioned where the information must be included in periodic reports or communicated individually to policyholders. The CNMV document titled "Questions and answers on sustainability regulations applicable to financial products" establishes that sustainability information must be provided to clients at least once a year, without the need to include it in each periodic report. [Extracted from the article]