On 21 June, the EU Council and European Parliament reached an interim political agreement on the corporate sustainability reporting directive (CSRD). The proposal expects to address issues in the present rules regarding disclosure of non-financial information. This comes following insufficient quality to allow it to be properly taken into account by investors, given such shortcomings
The European Parliament’s Committee on Legal Affairs (JURI) has elucidated its stance regarding the Corporate Sustainability Reporting Directive (CSRD) with 22 votes in favour and one against. This means that large companies will shortly be obliged to publicly disclose detailed findings on the way they operate and manage social and environmental risks. If EU governments concur,
Timeline of European corporate reporting policy: towards mandatory and standardised reporting requirements
Based on the review of the Non-Financial Reporting Directive (NFRD) by the Corporate Sustainability Reporting Directive (CSRD) and the development of European sustainability reporting standards, sustainability reporting policy in Europe is growing at an unprecedented pace. The timeline below outlines pivotal developments ahead connected to EU corporate reporting policy: Useful resources EU legislations and preparatory
EFRAG to work with existing standards-setters to develop collaborative framework. With European corporates subject to new disclosure rules from January 2024, it’s a race against the clock to develop European Sustainability Reporting Standards for use by the end of 2022, according to Patrick de Cambourg, Chair of the European Financial Reporting Advisory Group’s (EFRAG) Lab
New corporate sustainability legislation would expand disclosure GRI has welcomed that the European Commission is maintaining its ambition to achieve progress in corporate transparency on sustainability impacts, following publication of the proposed new Corporate Sustainability Reporting Directive (CSRD). The CSRD would have a significantly extended scope than the current Non-Financial Reporting Directive, applying to all large or
On 22 April, the European Commission adopted a proposal for a Corporate Sustainability Reporting Directive (CSRD), which would amend the existing reporting requirements of the NFRD. This will extend sustainability reporting requirements to all large & listed companies. About 50.000 companies (compared to 11.000 today) would have to report on sustainability pursuant to the CSRD.