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The European Commision is addressing corporate behaviour through its Sustainable Finance agenda. Non-EU companies will be affected by the proposed ESG reporting regulation if they have subsidiaries in Europe. This is not by mistake but by design. It's time to get ready.
Stakeholders around the world are calling for management to be transparent about strategies to build a sustainable future for individual companies and the planet. Companies are evaluating the many different environmental, social and governance (ESG) disclosure proposals . But non-European Union (EU) companies, focused on local regulations, will find themselves unprepared if, as many will be, they are within the scope of global ESG reporting requirements.
In Europe, a proposed corporate sustainability reporting regulation is expected to impact nearly 50,000 entities - more than four times as many entities as are reporting under the current EU requirements. By requiring more entities to include mandatory sustainability disclosures, including information about targets and progress towards achieving them, the Corporate Sustainability Reporting Directive (CSRD) aims to drive changes in companies’ behaviour and bring sustainability reporting on a par with financial reporting over time.
While this might sound to be of little consequence to non-EU companies, the far-reaching scope of the CSRD will have a more significant impact than one might expect at first glance. EU subsidiaries of non-EU companies might be required to provide substantial incremental ESG disclosures that will shed more light on a company’s ESG strategy, targets and progress, as well as its products and services, business relationships and supply chain. It’s a lot more than just a simple compliance exercise.
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