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What is the CSRD Directive?
The CSRD, or "Corporate Sustainability Reporting Directive," is a groundbreaking European directive that mandates certain companies to provide annual non-financial reporting. Its primary goal is to enhance transparency by disclosing comprehensive and reliable information on companies' environmental and social impacts
Does It Apply to My Company?
The CSRD applies to more than 50,000 companies, both based in the EU and outside. The following companies will be eligible:
- Companies previously subject to the NFRD (Non-Financial Reporting Directive), large listed companies, large banks, and large insurance undertakings (all with more than 500 employees):
- Other large companies, including large non-EU listed companies
- Listed SMEs, including non-EU listed SMEs
What is the timeline of application?
The Corporate Sustainability Reporting Directive (CSRD) will be applicable to certain companies starting from 2025, for companies previously subject to the NFRD (Non-Financial Reporting Directive), large listed companies, large banks, and large insurance undertakings (all with more than 500 employees). The specific timelines will vary based on the type and size of companies.
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Who is subject to the CSRD?
The CSRD targets financial and non-financial companies covered by the Accounting Directive and the Transparency Directive, and falling into the following categories:
- companies listed on European regulated markets, including listed SMEs (micro-enterprises identified by the Accounting Directive are excluded);
- other large European companies, listed or not, exceeding two of the three defined thresholds (250 employees, 40 million euros in revenue, and/or 20 million euros in total assets);
- non-European companies whose subsidiaries or branches have revenues exceeding 150 million euros within the European Union.
What disclosures does the CSRD require?
According to Directive 2014/95/EU, the concerned companies must report:
- consideration of short, medium, and long-term environmental challenges;
- treatment of employees and social responsibility;
- respect for human rights; combating corruption and bribery; diversity within boards of directors.
The CSRD adds several requirements applicable from 2023:
- risks related to sustainability issues for the company itself;
- the impact of the company on the environment;
- the announcement of sustainable development goals and measures put in place to achieve them.
What is the CSRD timeline ?
The application of this directive will occur on four dates:
- January 1, 2025 (for the 2024 fiscal year) for both European and non-European companies already subject to NFRD reporting;
- January 1, 2026 (for the 2025 fiscal year) for large European companies and non-European companies listed on a European regulated market not subject to NFRD;
- January 1, 2027 (for the 2026 fiscal year) for listed European and non-European SMEs. A small nuance: these SMEs will benefit from an additional two-year extension subject to justification;
- January 1, 2028 (for the 2027 fiscal year) for non-European companies whose European revenue exceeds 150 million euros through a subsidiary or branch.
What does “double materiality” refer to in the CSRD?
The CSRD directive is based on the principle of double materiality, which considers both:
- the effects of activity on the climate;
- the impact of climate change on the activity.
Environmental and financial performance become inseparable.
What are the mandatory disclosure requirements ?
The main changes to note are:
- the digital format becomes mandatory (publication in the unique European electronic format xHTML);
- the scope expands (the number of companies subject to reporting increases from 11,600 to nearly 50,000); the information will be verified by an auditor or an independent organization;
- CSRD reporting now relies on the principle of double materiality (environmental and financial performance become inseparable);
- the information will be communicated in a newly dedicated section of the management report.