“The new Corporate Sustainability Reporting Directive (CSRD) proposal for reporting corporate sustainability information will change the way companies report this non-financial sustainability information. By the end of this year, we should have a final form of this proposal and the approval of the European Commission.
Another important piece of legislation that has come into force this year is Regulation 852 of 2020 on sustainable financing. There are several normative acts that have already entered into force or are being prepared by the European Commission. One such project is sustainable governance,“ Gaetano Casale, Sustainability Consultant, Founder & Managing Partner, INNOVA Project Consulting said during Sustainability Forum 2022 organized by The Diplomat-Bucharest.
“The two normative acts I mentioned will have a big impact on both companies and society.
The new CSRD directive will set new standards for non-financial reporting, which will become mandatory at EU level. The structure of these standards is complete. From my point of view, these new standards deserve the attention of companies that want to prepare in advance for future non-financial reports, given their complexity.
Companies that have already made sustainability reports using these standards will benefit, provided they prepare effective systems for collecting, verifying and reporting sustainability information.
However, the new standards come with some additional challenges, a much higher level of complexity. It is very good for companies to conduct an impact study and see what kind of information can be reported in a first stage and what they should do so that they are prepared to be able to report the information as it will be required in these stages. new sustainability reporting standards. This information on sustainability will be published together with the financial information in the annual report of the companies. In addition, information on sustainability will be audited.“
Full recording of the event: https://www.youtube.com/watch?v=g5TZ1M3tQnY