Recap of our Q&A Webinar
On November 22, Rachel Madan and Thomas Dodd, European Commission, engaged in a dynamic Q&A session, covering various aspects of CSRD compliance. The discussion delved into who needs to report, practical tips, and tools for adherence to the new requirements.
A key focus of the conversation was understanding the differences in compliance between CSRD and the non-financial reporting directive, as well as navigating the future of sustainability reporting and communications within the context of the new frameworks. You can watch the full webinar, here.
CSRD Scope and Reporting Requirements
The CSRD applies a mandatory common sustainability reporting standard to over 49,000 companies that operate within the EU. It requires:
- double materiality
- assurance
- digital tagging
We receive many questions relating to scope of application and phasing in of reporting requirements, with the most common questions arising about when companies that are operating in the EU but not listed on an EU exchange need to report. To help companies better understand the reporting format, we have created a summarised CSRD guide.
Download a copy of the Summarised CSRD Reporting Guidance
Opportunities Presented by CSRD
The CSRD represents a significant shift from treating sustainability as a box-ticking exercise to recognising it as a strategic imperative. Companies that have already established a solid foundation in sustainability practices – defined strategies, targets and strong programmes to deliver on them – will find complying with CSRD reporting requirements to be a smoother process. And for companies that are earlier on in their sustainability journey, the CSRD can act as a guide for thinking and planning, to help them demonstrate their intent to adopt a long-term approach to sustainability and position themselves for long-standing success in an increasingly sustainability-focused world.
The most common query revolves around the format of CSRD disclosures. Beyond mandating sustainability disclosures in the management report, a tailored approach is recommended. Explore our top 4 tips here.
How can companies best prepare for CSRD?
Rachel Madan and Stephen Butler discuss CSRD readiness in a recent podcast episode, delving into the overarching goals, the significance of double materiality assessments, key changes for reporters, and how to align with multiple ESG requirements. Listen here.
What's next?
Whether you are a first-time reporter or have been producing a sustainability report for years, the new frameworks and regulations are changing the way companies need to think about and report on sustainability. If you need help thinking about how you can prepare for CSRD, please get in touch with rachel.madan@luminous.co.uk.
If you would like to access the slides from our event, please get in touch.
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