Filip Gregor
Head of the Responsible Companies Team
We have analysed hundreds of pages of technical documents and prepared a comprehensive overview of the sustainability reporting requirements under the forthcoming EU legislation. We summarise what ESG data will be critical for companies, banks, and investors in sustainability strategy and management and in the areas of climate change, environment, sustainable activities, employees and supply chains, due diligence, and anti-corruption measures.
In the integrated overview, we present the requirements of the Sustainable Finance Disclosure Regulation (SFDR), Corporate Sustainability Reporting Directive (CSRD, the reform of the Non-Financial Reporting Directive), and the Regulation on Taxonomy of Sustainable Activities.
Currently, only large listed companies, banks, and insurance companies with more than 500 employees have to report sustainability data. The CSRD proposal, introduced in April 2021, extends the scope to all large companies and SMEs listed on stock exchanges, except for microenterprises. Investors and other financial market participants must also disclose sustainability data under the SFDR. The rules for companies and investors are complemented by regulation on a framework to facilitate sustainable investments - Taxonomy. Standards will be developed for both the SFRD and the Taxonomy to clarify specific technical details and criteria.
The final drafts of these standards are clearly summarised in the integrated overview by Frank Bold:
A proposal released today by the European Commission to require large European companies to report on environmental and social issues will not guarantee ethical corporate behaviour according to the European Coalition for Corporate Justice (ECCJ). [1]
We are at a moment in history when we need our corporate businesses more than ever to help us cope with the challenges ahead. We, as a society, though, need to be clear in our understanding of the basis upon which society grants the privileges that now accompany the modern corporate form.
The European Coalition for Corporate Justice represented by the Environmental Law Service, the International Corporate Accountability Roundtable, and the Corporate Responsibility Coalition are proud to announce the launch of the Access to Judicial Remedy Project.
