•  Pushing the regulatory track will lead to a host of diverse national NFR regimes, thereby making international comparisons of non-financial reports difficult (if not impossible) and adding significant regulatory burdens on companies that operate across national borders.
•  The approach would not allow for the continuous updating and improvement of NFR frameworks since the practice of NFR is still relatively young and requirement of a legislative process to effect changes would result in long delays. •  Innovation in the area of NFR will be reduced.