The European Union (EU) has recently implemented new Environmental, Social, and Governance (ESG) disclosure requirements. Here’s a breakdown of the key points:
Main Regulation:
- Corporate Sustainability Reporting Directive (CSRD): This is the main piece of legislation requiring companies to report on their ESG performance. It applies to a wider range of companies compared to previous regulations.
Who Needs to Comply?
- Large EU-listed companies: All large companies listed on regulated markets in the EU are required to comply.
- Non-EU companies with subsidiaries in the EU: If a non-EU company has a subsidiary in the EU that meets certain size thresholds, the parent company may also need to comply.
What Needs to be Disclosed?
- Sustainability policies, risks, impacts, and performance: Companies need to disclose information on how they manage ESG risks and their impact on environmental, social, and governance aspects. This includes areas like climate change, resource use, employee well-being, diversity, and anti-corruption measures.
- Double materiality principle: Companies need to report on how sustainability issues affect their business (financial materiality) and how the business impacts people and the planet (environmental and social materiality).
Timeline:
- Phased implementation: The CSRD came into effect in December 2022 and applies for reporting periods starting on January 1, 2024.
- First reports due in 2025: Companies will need to include their first CSRD report alongside their annual financial statements for the 2024 financial year, typically due in 2025.
Impact:
- Increased transparency: The CSRD aims to increase transparency and comparability of ESG information for investors and other stakeholders.
- Sustainability focus: It encourages businesses to integrate sustainability considerations into their decision-making processes.
Additional Resources:
- Official Journal of the European Union: https://eur-lex.europa.eu/eli/dir/2022/2464/oj (Provides the legal text of the CSRD)
- European Commission – Finance: https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en (Provides information on the CSRD from the European Commission)
The EU’s new ESG requirements are a significant development in sustainable finance. They will likely have a major impact on how companies in the EU and beyond operate and report their activities.
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