Quality of non-financial information reported by financial institutions. The example of Poland and Greece

Abstract

This paper aims is to analyse and verify the applicable principles of Corporate Social Responsibility (CSR) reporting in light of the regulations of Directive 2014/95/EU, as well as to evaluate quality of non-financial information presented in CSR reports of financial institutions in the Polish and in the Greek market. Two research hypotheses have been postulated in connection with this aim: (H1) – The Directive 2014/95/EU contains regulations that will contribute to improved comparability and usefulness of information presented in financial statements. (H2) – financial institutions in the Polish and in the Greek market draft their CSR reports in different ways, which obstructs their comparability.
 In order to verify hypothesis (H1), regulations of the Directive 2014/95/EU and specialist literature have been reviewed. In order to verify hypothesis (H2), the author has conducted research into a group of financial institutions in the Polish and in the Greek financial market by examining and analysing CSR reports compiled in 2010–2015 with regard to quality of the information, in particular, its usefulness and comparability. This assessment involved reviewing of: principles of publication and verification of the reports, frequency of their drafting, volume, scope and structure.
 It must be concluded neither the existing regulations nor the reporting practices ensure the qualitative features in question. As a consequence, CSR reports are incomparable and unclear. Introduction of sectoral reporting standards in future should be considered, as it would help to improve clarity and comparability of the reports.