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- To increase the reporting transparency (overcoming the greenwashing<\/em>)<\/li>\n
- To increase the comparability of sustainability reports (making them more schematic, similarly to financial statements)<\/li>\n
- 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.<\/li>\n<\/ul>\n
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.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Which companies are involved?” tab_id=”1599538563628-a9eba140-7f0744f5-57be”][vc_column_text]<\/p>\n
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- Companies already subject to the NFRD (Non-Financial Reporting Directive)<\/li>\n
- SMEs listed on the European market<\/li>\n
- Unlisted SMEs, with over 250 employees and a turnover of at least \u20ac 40 million<\/li>\n
- Non-European companies that generate a net turnover of \u20ac 150 million in the EU, having at least one subsidiary or branch within it.<\/li>\n<\/ul>\n
[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”What is expected in terms of the Sustainability Report?” tab_id=”1599538524117-e9ffb15a-b9b944f5-57be”][vc_column_text]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.<\/p>\n
It shall also be integrated into the management report and certified by an accredited body.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”When will it become effective?” tab_id=”1599538524134-414ca8f8-7bad44f5-57be”][vc_column_text]CSRD will come into effect gradually:<\/p>\n
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- January 1, 2024: companies already subject to the NFRD;<\/li>\n
- January 1, 2025: companies with over 250 employees and a turnover of minimum \u20ac 40 million;<\/li>\n
- January 1, 2026: small and medium-sized listed companies, small credit institutions and captive insurances.<\/li>\n<\/ul>\n
It is expected a postponement of the reporting obligation for SMEs to 2028 in order to give them more time to organise themselves.<\/p>\n
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<\/div>[\/vc_column][vc_column width=”1\/6″ tablet_sm_width=”hide”][\/vc_column][\/vc_row][vc_row padding_top_multiplier=”4x” padding_bottom_multiplier=”4x”][vc_column width=”1\/2″ content_width=”custom” mobile_content_width=”100″ custom_content_width=”470″]\r\n\t\r\n\t\t\r\n\r\n\r\n\t\t![\"\"](\"https:\/\/b-st.it\/en\/wp-content\/uploads\/2022\/08\/reporting.png\")
<\/div><\/div>\t<\/div>\r\n\t<\/div>\r\n<\/div>\r\n[\/vc_column][vc_column width=”1\/2″ vertical_content_position=”middle” animation=”fade-in” animation_delay=”100″]Next Steps<\/span><\/span><\/h3>
<\/div>Why is it important to report although there is no legal obligation?<\/span><\/h3>[vc_column_text text_style=”leader-text”]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.[\/vc_column_text]