A PDF version of this publication is attached here: Worldwide impact of CSRD - are you ready? (PDF 618kb)
The transformation of ESG reporting accelerated in 2022 with the release of major proposals in the European Union (EU) and the United States (US), as well as globally by the International Sustainability Standards Board (ISSB). Although all of these proposals have the potential to impact multinational companies, the Corporate Sustainability Reporting Directive (CSRD) perhaps requires the most immediate attention. Even as companies wait for the other proposals to be finalized, the final reporting directive was published in December 2022 setting forth sustainability reporting requirements that are expected to affect companies worldwide.
The scope of companies directly impacted by the new requirements is expansive, including US and other non-EU headquartered companies. Determining whether a company or its subsidiary is captured by the scope of the proposed rules, however, has some complexity and merits priority focus by companies operating in the EU. And even once the scope determination is complete, the standards required and the effective date differ depending on the particular circumstances. What is clear, though, is that reporting will begin as early as fiscal year 2024 for some companies, and the reporting requirements are extensive.
Companies that fail to appreciate the impact of the new requirements will find themselves scrambling to comply. Further, although this may appear to be “just” a compliance exercise, it is also an opportunity for forward-thinking companies to share their sustainability stories with investors and other stakeholders.
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