Corporate Sustainability Reporting Directive

The Next Big Challenge for EU Companies.

What is CSRD, who will it affect and how can we prepare for it?

The CSRD (Corporate sustainability reporting directive) has been approved by the EU,
and reporting obligations starts in 2024

The European Union has been actively working to shift the economy to a sustainable path. This includes creating a comprehensive legislative package, in which CSRD (Corporate Sustainability Reporting Directive) is a key element. The legislation aims to make companies transparent about their ESG performance and data. The regulation and related standards will affect a huge range of companies along with their supply chains.
The modifications will improve the sustainability information’s status and increase its financial information comparability. At the same time, it is an opportunity for the companies to use CSRD as a framework to develop themselves towards a sustainable direction. Collecting data, ESG performance by the near deadline (2024-2025) is a huge task, and it is essential to get digital support.

Let us help you with compliance and optimise your business benefits with our CSRD adaptation:

stage 1
Conduct some initial analyses

Assess double materiality of your sustainability topics, identify both on the impacts of your business on people and the environment, and on how sustainability matters affect your company.

Undertake gap analysis to determine which sustainability information are not currently covered by your existing data collecting processes.

Have an initial discussion with a third-party assurance provider. This helps prevent misalignment with the CSRD’s  (Corporate Sustainability Reporting Directive)assurance requirements.

stage 2
Strengthen your data collecting process

Find your data in your systems, assign responsibilities and tasks.  

Measure your KPIs to get a grip on all your relevant environmental, social and governance matters. Find a data collection method that makes the process effortless for your colleagues and creates the best quality data.

stage 3
Publish your sustainability report to the ESAP (CSRD reporting platform)

Appoint a statutory auditor or audit firm to express an opinion about the compliance of your sustainability report.

Disclose your dataset regarding environmental, social or governance matters in the electronic reporting format to the European Single Access Point (ESAP).

stage 4
Use CSRD as a framework to guide your business on a sustainable path

CSRD enables you to provide stakeholders with transparent reporting on ESG as well as supports communication with them.

Moreover, it helps your company to identify risks and opportunities on ESG topics. Adopting the CSRD, using its knowledge and structure, might provide helpful guidance in supporting the organization’s ESG strategy.

stage 5
Test & improve!

Check and improve your data collecting process for CSRD reporting. Use the most up-to-date tool to gain the best information from your systems.

Check and improve your ESG strategy and measures.

stage 6
Overall social and business benefits - enjoy the fruit of your hard work

CSRD (Corporate Sustainability Reporting Directive) will give companies more visibility towards investors, opening up more sources of financing.

It will reduce the unnecessary costs of sustainability reporting for your business, as it brings clarity and certainty on what sustainability information to report. It also makes it easier to get the right data from your business partners (suppliers) and provide information to others (civil society, clients and invested companies).

Through the sustainability reporting process you will reduce your sustainability risks and maximise the potential for sustainability innovation.