EU Corporate Sustainability Reporting Directive: The countdown has started
Gauthier van Thuyne
Axel de Backer
Samuel Garcia Nelen
Professional Support Lawyer
24 January 2023
Following complex negotiations in Brussels, the EU has finally approved the long-awaited Corporate Sustainability Reporting Directive (the CSRD).
The CSRD is the cornerstone of the EU Green Deal, and will shed unprecedented light on more than 40,000 new companies, including non–EU companies for the first time, by imposing more than 100 new specific non-financial disclosure requirements. These will oblige companies to collect, consolidate and publish information on their business, as well as their impact on their supply chain, on society and the environment, worldwide.
These broader disclosure requirements will also be a source of new legal risks, given their future enforcement and the potential for litigation triggered by NGOs and other stakeholders.
Businesses will need to anticipate and adapt quickly to this new environment. Initial reporting for the first wave of in-scope companies will start as soon as 2025, covering financial year 2024.
Teams from across our ESG network have compiled a guide to help you assess initial steps and prepare for the CSRD’s implementation. Feel free to contact our experts to start the conversation.