Non-financial disclosure has become increasingly popular, as it can satisfy the information
needs of a growing range of stakeholders. Because traditional financial reports cannot provide
comprehensive accountability, several frameworks and guidelines for facilitating non-financial
information disclosure have been developed. Recently, the European Union issued Directive
2014/95/EU (EU Directive) and subsequent guidelines (EU Guidelines 2017/C215/01 [EUG]) to
mandate European entities of public interest to convey non-financial information to improve such
organizations’ accountability toward their stakeholders. This paper studies the European stage of
non-financial reporting from a regulatory and practical point of view. To this end, the first research
objective is to analyze the elements that the EUG have in common with the IIRF and the GRI
4 guidelines. Second, the paper proposes a first analysis to assess the compliance to the EUG by
performing a content analysis on a sample of annual reports and integrated reports (IR) drafted by
the 50 biggest European companies. The results highlight that the content elements required by
the Directive exceed the requirements of the two frameworks and that there is already a high level
of compliance by European big companies with the EUG. More specifically, particular attention is
devoted to Social, Employee and Environmental Matters. Accordingly, the companies demonstrated a
common awareness of the necessity to provide an exhaustive amount of social and environmental
disclosure in order to maintain legitimacy. Also the disclosure on Principal Risks and Their Management
is widespread to meet investors’ and stakeholders’ requirements in recent years with respect to the
general level of risk disclosure provided by companies.