Yesterday the European Parliament voted in favour of requiring large companies to provide greater information on their impact on society, such as the environmental and social impacts their operations have.
The new rules will require the largest companies in the EU (around 6,000 in total) to disclose this information with their management reports.
Liberal Democrat MEP for the South East, Catherine Bearder said:
"I am so pleased that we have made a start on banishing transparency issues to the past. It's something I have been calling for for many years.
"For those companies who already report on their impact on society, non-financial reporting has proven to contribute greatly to their long-term success. This presents a valuable opportunity for big business in Europe.
Mrs Bearder also agreed that more needed to be done to increase public understanding of the wider impact that corporations have across the world:
"The ONE campaign has been advocating for transparency in business for so long, and now we have made a start for companies operating in Europe.
"The next step is to make sure that those who are buying land in Africa, selling medicines to developing countries and mining in environmentally sensitive areas disclose what they pay, so we and the local communities can judge the real costs of doing business with big corporations."