On April 21st, 2021, the European Commission issued a draft Corporate Sustainability Reporting Directive (CSRD) proposal, which amends the current Non-Financial Reporting Directive (NFRD).
It enables investors, customers, legislators, and other stakeholders to assess the non-financial performance of major organisations.
As a result, it aims at pushing these enterprises to adopt more responsible business practices.
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While the Directive has been subjected to several delays and modifications, and further clarification is required for its future dates, the following are the major milestones, including gradual implementation over several years, for CSRD:
While most actors supported the CSRD proposal, some expressed their concerns around the potential for exacerbating the scope and time mismatch between some reporting requirements that financial institutions may be expected to comply with and the reporting obligations placed on the SME borrowers and investee enterprises of financial institutions.
Moving forward, sustainability should be a top priority for major corporations’ boards of directors. The challenge ahead of businesses in fulfilling this commitment should not be underestimated and requires prompt and cautious attention.
If your company must comply with the CSRD, you should begin immediately!
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