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Corporate Sustainability Reporting Directive

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The EU's Corporate Sustainability Reporting Directive (CSRD) will create ESG reporting requirements for thousands of companies. Is your company one of them and are you ready?

The CSRD will transform how companies report on sustainability; it will apply to many companies not previously subject to mandatory sustainability reporting and will require companies to go far beyond what they report today.

Beyond regulatory compliance, CSRD is an opportunity for companies to future-proof their business. It's a chance for companies to deepen their understanding of their sustainability risks and opportunities, integrate them into their business strategy and drive long term growth.

 

Deloitte’s step-by-step approach to CSRD

 

With Deloitte you’ll experience a practical, step-by-step approach to CSRD implementation:

  • Approximately 50,000 companies are expected to be caught by CSRD, and the first companies will have to apply the new rules as early as 2024.
  • Companies listed on an EU regulated market will be subject to these new sustainability reporting requirements. CSRD will also extend to undertakings that are not listed on an EU regulated market but have significant activity in the EU.
  • Companies will need to report on a broad range of sustainability topics, not just climate. The ‘double materiality’ approach will also mean companies will need to identify their material sustainability impacts, their risks and opportunities, and how these affect their performance, position and development from both a financial and impact perspective.
  • CSRD includes mandatory assurance requirements that are wide-ranging and cover sustainability reporting, digital tagging and EU taxonomy disclosure.

The CSRD directive means that sustainability reporting requirements will be more stringent than ever. With limited time to prepare, early preparation is key as some disclosure requirements will require significant time and resources.

CSRD represents a significant step-up in sustainability reporting as companies will now be required to obtain independent assurance over a broad set of sustainability disclosures. CSRD requires assurance over three areas:

  1. European Sustainability Reporting Standards (ESRS) – including both the double materiality process, and metrics and disclosures required by the ESRS.
  2. EU Taxonomy - Non-financial entities must disclose “green” turnover, capex and opex indicators and financial entities need to disclose ratios relevant to their industry.
  3. Digital Tagging– entities must mark up their sustainability reporting, using XBRL, in accordance with a prescribed electronic format.

Our thinking

CSRD – A simple step-by-step guide | Deloitte UK

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Get in touch

Stephen Farrell

Head of ESG Assurance
+44 (0) 20 7303 7491

Emily Cromwell

Partner, Climate Change and Sustainability
+44 (0)20 7007 0825

James Wright

Partner
+44 (0)20 7007 3979

Katherine Lampen

Partner
+44 (0)20 7303 8380

Matthew Guest

+44 (0)20 7007 8073

Anne-Marie Malley

Vice Chair and Partner, UK Sustainability and Climate Leader
+44 (0)20 7007 8075