On April 21, 2021, the EU Commission presented its proposal for a revision of the EU Directive on non-financial corporate reporting. The proposal expands the group of companies affected (instead of the current approx. 12 thousand companies, approx. 50 thousand companies are to be covered in the future).
Since 2017, capital market-oriented companies that meet certain criteria have been required by the CSR Directive Implementation Act in Germany to add a non-financial statement to the management report or to publish a separate non-financial report.
The draft of the new CSR Directive is intended to extend the scope of application to all large companies, regardless of whether they are capital-oriented or not. The new directive thus lays the foundation for the development of uniform reporting standards. In the future, the non-financial statement will always be part of the management report and must be published electronically. In addition, the EU Commission's proposal provides for an audit requirement for sustainability reports. Management is to bear responsibility for sustainability reporting.
The planned changes already affect the 2023 reporting period, so it makes sense for affected companies to deal with the issue in good time and prepare for it. The declaration in accordance with the German Sustainability Code (GSC) provides a good framework for establishing the necessary structures, conducting a materiality analysis and a risk analysis, as well as reviewing the existing data situation in the company, identifying the need for further required data and ensuring data quality.
As a recognized DNK training partner, Open Europe Consulting could support your company or organization in sustainability reporting. We accompany you step by step and qualify you and your employees to integrate the tasks in your company or act as your service provider if desired. We are happy to inform companies that already report on sustainability about the proposed new reporting areas such as Adaptation to Climate Change, Water and Oceans, Resources & Circular Economy and Biodiversity & Ecosystems.
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