Corporate Sustainability Reporting Directive Proposal
The EU Commission published a proposal for a Corporate Sustainability Reporting Directive (CSDR 2021/0104 on April 2021), introducing much stronger reporting standards as did the Non-Financial Reporting Directive.
The CSRD will apply to all large companies, whether listed or not (large means Balance sheet total of € 20 million, Turnover of € 40 million, and the number of employees 250). Companies concerned (49.000 in the EU) will have to report according to mandatory sustainability standards. The information to be published must undergo an EU-wide audit requirement specifically for sustainability information. This information must appear in the company’s management reports and be digitized into the planned European Single Access Point.
Can we help?
If the CSRD is adopted, large companies will have to apply these standards as of January 1, 2023. SME’s will have lighter requirements.
MAQIT will follow up on CSRD and assist you in preparing for this new directive, which will put the sustainability reporting requirements at the same level as the legal, financial reporting.