Companies with more than 300 employees will now have to produce sustainability reports, the city of Buenos Aires has just announced. From this month onwards companies affected will have to make annual sustainability reports based on their social, economic, and financial sustainability.
At minimum the companies are mandated to report in line with the Ethos principles. In addition, they have been encouraged to draw on the Global Reporting Initiative G3 indicators in the preparation of these reports.
Companies of less than 300 employees will also be persuaded to voluntarily adhere to the upcoming reporting guidelines. In return for their transparency they will be eligible for financial benefits, such as promotional soft loans and technological investment incentives.
The Production Ministry of the City of Buenos Aires has been tasked with implementing the new CSR law and monitoring progress with help from other ministries including environment, urban planning, and finance.
This development follows in the footsteps of the recent announcements by both the Swedish and Chinese governments, who have both mandated sustainability reporting for state owned companies.