Corporate Sustainability Reporting Directive (CSRD)
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Disclosing sustainability-related information
The Corporate Sustainability Reporting Directive (CSRD) is a key dimension of the Sustainable Finance Package developed by the European Commission requiring large companies operating in the EU to report on environmental and social sustainability performance. The CSRD was developed from the pre-existing requirements of the Non-Financial Reporting Directive (NFRD), focusing on:
- Double materiality
- Sustainability risks
- Environmental protections
- Corporate social responsibility
- Diversity and inclusion
- Human rights
The CSRD is aligned with the Sustainable Finance Disclosure Regulation (SFDR), EU Green Taxonomy, UN Guiding Principles on Business and Human Rights, and the OECD Guidelines for Multinational Enterprises and due diligence guidance. The rapidly increasing attention given to ESG-related issues demonstrates the importance of increasing transparency and standardisation in sustainability reporting. The CSRD aims to address this by establishing a universal framework for sustainability reporting across the EU and industries.
The CSRD regulations will apply to:
- Large companies operating in Europe with over 250 employees and/or €40 million annual turnover, and/or €20 million total assets; OR:
- Listed companies operating in the EU in regulated markets, except companies with less than 10 employees or below €20 million turnover.
The CSRD is one of the most detailed and meticulous sustainability reporting standards to date. It will require reporting on:
Efforts for environmental protection
- Employee treatment
- Adherence and prioritisation of human rights and due diligence
- Living wage and pay gaps
- Promotion of diversity and inclusion
- Overall societal and environmental impact
- Mandatory third-party audit/assurance
- Mechanisms to mitigate corruption and bribery
- Responsible business conduct
- Depiction of sustainability risk
- Financial partnership disclosure
- Social and environmental target setting
- Alignment with other EU directives
- Necessary to accommodate digital reporting
This offering is part of the wide DNV sustainability services portfolio that includes validation of environmental performance, carbon footprint assessment and supply-chain traceability services.
Reach out to our team of experts to know if your company will be subject to this regulation and see how we can support in your overall Sustainability and EU Green Deal strategy and compliance needs.