Responsible-Investor reported yesterday that the EU might legislate on corporate/environmental data, as well as the transparency of this data along with human rights data. Last week the EU issued 50 proposals to improve their internal market in a document titled: “Towards a Single Market Act: For a highly competitive social market economy”.

In particular, Proposal 38 focuses on the much anticipted green paper on corporate governance. The EU added that they would provide public consultation on ways to improve the transparency of information reported on by organizations on social, environmental and human rights issues. The EU also wants governance to improve with regard to the diversity of boards, representation of women, long-term shareholder commitment and employee shareholding schemes.

Finally, the EU will propose a Social Business Initiative in 2011 that will bring together finance professionals and entrepreneurs with socially innovative projects “by means of in particular social ratings, ethical and environmental labelling” (Responsible-Investor).

The notion of government-mandated non-financial reporting has been a hot button issue in the U.S. for the past year or so. Now that the EU is making a real push towards this, do you think the U.S. will climb aboard the train? Discuss!

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