European directive aimed at standardising the non-financial disclosure obligations of EU countries and to define a set of new, common rules for the reporting on sustainability by European companies and those listed on the EU market.

  • Why has the European Union decided to adopt a new directive on corporate non-financial reporting?

    • To increase the reporting transparency (overcoming the greenwashing)
    • To increase the comparability of sustainability reports (making them more schematic, similarly to financial statements)
    • To extend the reporting obligation to a larger number of companies, thus accelerating the process for achieving the targets of the Green Deal, the Global Compact and the 2030 Agenda.

    Those companies identified by this directive will have to draw up their sustainability report according to new European rules. All the other companies are invited to do that on a voluntary basis.

  • Which companies are involved?

    • Companies already subject to the NFRD (Non-Financial Reporting Directive)
    • SMEs listed on the European market
    • Unlisted SMEs, with over 250 employees and a turnover of at least € 40 million
    • Non-European companies that generate a net turnover of € 150 million in the EU, having at least one subsidiary or branch within it.

  • What is expected in terms of the Sustainability Report?

    It shall be prepared according to common European standards (ESRS), currently being defined by the European Financial Reporting Advisory Group (EFRAG), which will be inspired by the NFRD and other standards in use, such as GRI and SASB.

    It shall also be integrated into the management report and certified by an accredited body.

  • When will it become effective?

    CSRD will come into effect gradually:

    • January 1, 2024: companies already subject to the NFRD;
    • January 1, 2025: companies with over 250 employees and a turnover of minimum € 40 million;
    • January 1, 2026: small and medium-sized listed companies, small credit institutions and captive insurances.

    It is expected a postponement of the reporting obligation for SMEs to 2028 in order to give them more time to organise themselves.

Next Steps

Why is it important to report although there is no legal obligation?

Having a Sustainability Report will in fact become a requirement to work with those companies that are subject to non-financial reporting obligations (so-called cascade effect), to meet the growing market demand and to have access to credit, as it is increasingly based on sustainability criteria.

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Le tre ragioni di business alla base della scelta di sostenibilità.

Strategia

La gestione responsabile delle tematiche ambientali, sociali ed economiche permette di ridurre una pluralità di rischi e di cogliere numerose opportunità per migliorare le performance della propria impresa, aumentandone la produttività e rafforzandone la stabilità e la resilienza.

Mercato

Le scelte dei consumatori sono sempre più orientate a soluzioni sostenibili e nei rapporti B2B alle imprese viene chiesto di dare crescente evidenza delle proprie performance ESG a garanzia della stabilità e del successo della catena del valore. Anche gli istituti di credito includono criteri ESG nei propri sistemi di valutazione, in linea con l’obiettivo della Tassonomia UE di orientare i flussi di capitale verso investimenti sostenibili.

Conformità legislativa

I Paesi dell’Unione Europea stanno progressivamente recependo con leggi di carattere nazionale una serie di direttive applicabili ai diversi ambiti della sostenibilità, aventi l’obiettivo di raggiungere un modello di sviluppo pienamente sostenibile in linea con il Green Deal europeo, il Global Compact e l’Agenda 2030 dell’ONU. Inoltre, è appena stato raggiunto un accordo sulla nuova direttiva CSRD per il reporting non finanziario delle imprese, che estenderà l’obbligo di rendicontazione sulla sostenibilità ad una platea più ampia di soggetti, tra cui alcune categorie di PMI.

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