Mandatory Non-Financial Information Disclosure under European Directive 95/2014/EU: Evidence from Portuguese Listed Companies

This paper investigates the effects of Directive 95/2014/EU on quality non-financial information (NFI) disclosed by Portuguese listed companies and explains reporting practices adopted in this context. For purpose, a content analysis disclosures made year before (2016) first second years implementation (2017 2018) was performed. A self-constructed index that covers disclosure matters required used to measure NFI. The findings showed major were observed implementation. Furthermore, it had high-quality voluntary practices, such as presentation sustainability report, use GRI Standards certification NFI, maintained these after Directive. After two implementation, there still did not mention framework or disclose sensitive human rights anti-corruption bribery. evidence found supports existence ‘routine’ effect has influenced adopted. results obtained have implications for policymakers helping them identify aspects Directive’s requirements need be improved.