inform other Member States about its decision to supervise the assurance of sustainability reporting carried out by independent assurance services providers established in other Member States. Undertakings themselves stand to benefit from carrying out high-quality reporting on sustainability matters. As regards statutory auditors, the public register shall contain at least the following information: if applicable, the name, address, website address and registration number of the audit firm(s) by which the statutory auditor is employed, or with whom he or she is associated as a partner or otherwise; whether the statutory auditor is also approved for carrying out the assurance of sustainability reporting; all other registration(s) as statutory auditor with the competent authorities of other Member States and as auditor with third countries, including the name(s) of the registration authority(ies), and, if applicable, the registration number(s), and an indication of whether the registration concerns the statutory audit, the assurance of sustainability reporting, or both.; in paragraph 2, the following subparagraph is added: The register shall indicate whether third-country auditors as referred to in the first subparagraph are registered for carrying out the statutory audit, the assurance of sustainability reporting, or both.; in paragraph 1, point (e) is replaced by the following: name and registration number of all statutory auditors employed by, or associated as partners or otherwise with, the audit firm, and an indication of whether they are also approved for carrying out the assurance of sustainability reporting;; in paragraph 1, point (i) is replaced by the following: all other registration(s) as audit firm with the competent authorities of other Member States and as audit entity with third countries, including the name(s) of the registration authority(ies), and, if applicable, the registration number(s), and an indication of whether the registration concerns the statutory audit, the assurance of sustainability reporting, or both.; The register shall indicate whether third-country audit entities as referred to in the first subparagraph are registered for carrying out the statutory audit, the assurance of sustainability reporting, or both.; 1. CSRD - Corporate Sustainability Reporting Directive. Regulation (EU) 2020/852 of the European Parliament and of the Council(6) creates a classification system of environmentally sustainable economic activities with the aim of scaling up sustainable investments and combatting greenwashing of financial products that unduly claim to be sustainable. In March 2021, a multi-stakeholder task force set up by EFRAG published recommendations for the possible development of sustainability reporting standards for the Union. Directive 2004/109/EC, as amended by this amending Directive, should provide for appropriate mechanisms to determine the equivalence of sustainability reporting standards, and undertakings whose securities are admitted to trading on a regulated market in the Union and undertakings whose securities are not admitted to trading on a regulated market in the Union should be required to report in accordance with the same sustainability reporting standards. The audit firm shall provide the key audit partner(s) with sufficient resources and with personnel that have the necessary competence and capabilities to carry out his, her or its duties appropriately. The report on the level of concentration of the sustainability assurance market should be transmitted to the European Parliament and the Council by 31December 2028 and be accompanied, if appropriate, by legislative proposals. A Member State may register a third-country auditor for the purpose of the assurance for sustainability reporting only if he or she meets the requirements set out in points (b), (c) and (d) of the second subparagraph of paragraph 5 of this Article. By 31December 2028, the Commission should assess possible legal measures to ensure sufficient diversification of the sustainability assurance market and appropriate sustainability reporting quality. ", (*11)Directive 2004/109/EC of the European Parliament and of the Council of 15December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34/EC (OJL390, 31.12.2004, p. The Commission shall submit a report to the European Parliament and to the Council on the implementation of this amending Directive, including, interalia: an assessment of the achievement of the goals of this amending Directive, including the convergence of reporting practices between Member States; an assessment of the number of small and medium-sized undertakings voluntarily using the sustainability reporting standards referred to in Article29c of Directive 2013/34/EU; an assessment of whether and how the scope of the provisions amended by this amending Directive should be further extended, in particular in relation to small and medium-sized undertakings and to third-country undertakings operating directly on the Union internal market without a subsidiary or a branch on the territory of the Union; an assessment of the implementation of the reporting requirements on subsidiaries and branches of third-country undertakings introduced by this amending Directive, including an assessment of the number of third-country undertakings which have a subsidiary undertaking or a branch reporting in accordance with Article40a of Directive 2013/34/EU; an assessment of the enforcement mechanism and of the thresholds set out in that Article; an assessment of whether and how to ensure the accessibility for persons with disabilities to the sustainability reports published by undertakings falling under the scope of this amending Directive. This draft directive will complement the European sustainable finance strategy. The Member State by whose national law the exempted subsidiary undertaking is governed may require that the consolidated management report or, where applicable, the consolidated sustainability report, of the parent undertaking is published in a language that that Member State accepts, and that any necessary translation into such language is provided. It is therefore necessary to clarify that undertakings should consider each materiality perspective in its own right, and should disclose information that is material from both perspectives as well as information that is material from only one perspective. With regard to scope 3 emissions, a priority for users is to receive information about which scope 3 categories are significant in the case of the undertaking, and about the emissions in each of those scope 3 categories. That Directive also requires Member States to organise an effective system of public oversight, and to ensure that regulatory arrangements for public oversight systems permit effective cooperation at Union level in respect of Member States oversight activities. (*24)Regulation (EU) 2020/852 of the European Parliament and of the Council of 18June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088 (OJL198, 22.6.2020, p.13).;". Although the objective is to have a similar level of assurance for financial and sustainability reporting, the absence of a commonly agreed standard for the assurance of sustainability reporting creates the risk of different understandings and expectations of what a reasonable assurance engagement would consist of for different categories of sustainability information, especially with regard to forward-looking and qualitative disclosures. ", (*4)Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27November 2019 on sustainability-related disclosures in the financial services sector (OJL317, 9.12.2019, p.1).;". The CSRD will begin to apply for many for financial years starting in 2024 (see When doesthis apply? below for further details). Information should also be harmonized, comparable and based on uniform indicators where appropriate, while allowing for reporting that is specific to individual undertakings and does not endanger the commercial position of the undertaking. However, Directive 2013/34/EU does not require undertakings to use a common reporting framework or standard, and it does not prevent undertakings from choosing not to use any reporting framework or standards at all. The lack of sustainability information provided by undertakings also limits the ability of stakeholders, including civil society actors, trade unions and workers representatives, to enter into dialogue with undertakings on sustainability matters. In addition, the Commission should consult the European Environment Agency, the European Union Agency for Fundamental Rights, the ECB, the Committee of European Auditing Oversight Bodies (CEAOB) and the Platform on Sustainable Finance to ensure that the sustainability reporting standards are coherent with relevant Union policy and law. Many investors and asset managers purchase sustainability information from third-party data providers, who collect information from various sources, including public corporate reports. The management of the undertaking shall inform the workers representatives at the appropriate level and discuss with them the relevant information and the means of obtaining and verifying sustainability information. The information referred to in the first subparagraph shall be clearly identifiable within the management report, through a dedicated section of the management report. Member States shall ensure that the members of the administrative, management and supervisory bodies of an undertaking, acting within the competences assigned to them by national law, have collective responsibility for ensuring that the following documents are drawn up and published in accordance with the requirements of this Directive and, where applicable, with the international accounting standards adopted pursuant to Regulation (EC) No1606/2002, with Delegated Regulation (EU) 2019/815, with the sustainability reporting standards referred to in Article29b or Article29c of this Directive, and with the requirements of Article29d of this Directive: the annual financial statements, the management report and the corporate governance statement when provided separately; and. In further moves towards decarbonising the business travel sector. The voluntary nature of the guidelines means that undertakings are free to decide whether to apply them or not. This set will specify the information that companies should to disclose with regard to reporting and EUs new Corporate Sustainability Reporting Directive uly 2021 implementation from the beginning of 2022 when the draft standards will be made available for public consultation. They should also take account of other reporting requirements in Directive 2013/34/EU that are not directly related to sustainability, with the aim of providing the users of the reported information with a better understanding of the development, performance, position and impact of the undertaking, by maximising the links between the sustainability information and other information reported in accordance with Directive 2013/34/EU. Member States may provide that periods of theoretical instruction in the subjects referred to in Article8(1) and(2) shall count towards the periods of professional activity referred to in Article11, provided that such instruction is attested by an examination recognised by the Member State. On 21 April 2022, the European Union put forward a proposal for a corporate sustainability reporting directive (CSRD) [1] to revise and strengthen the existing rules introduced by the Non-Financial Reporting Directive (NFRD) on sustainability reporting. (28)Commission Recommendation 2013/179/EU of 9April 2013 on the use of common methods to measure and communicate the life cycle environmental performance of products and organisations (OJL124, 4.5.2013, p.1). On 28 November 2022, the Corporate Sustainability Reporting Directive (CSDR) was approved by the European Council. Point (i) of the first subparagraph of Article23(4) and the fourth subparagraph of Article23(4) of Directive 2004/109/EC empower the Commission to adopt measures to set up a mechanism for the determination of equivalence of information required under that Directive, and for the establishment of general equivalence criteria regarding accounting standards, respectively. In addition, mandatory sustainability reporting standards for Union undertakings should be commensurate with the level of ambition of the Green Deal and the Unions objective of climate neutrality by 2050 as well as with the intermediate targets under Regulation (EU) 2021/1119. Subsequently it will be published in the EU Official Journal and enter Achieving a climate-neutral and circular economy without diffuse pollution requires the full mobilisation of all economic sectors. It is important to clarify that the assurance of sustainability reporting should not count in the calculation of that limit. When Member States adopt the measures referred to in paragraph1, they shall contain a reference to this Directive or shall be accompanied by such a reference on the occasion of their official publication. In addition, undertakings required to report sustainability information should in no case be exempted from the obligation to publish the management report, as it is important to ensure that sustainability information is publicly available. Sustainability Reporting & Communications Europe 2022 | SGS Paraguay Sustainability Reporting & Communications Europe 2022 Location London, Greater London, United Kingdom Start November 22, 2022 8:45 AM End November 23, 2022 4:00 PM Time Zone Dublin, Edinburgh, Lisbon, London (+00:00) Register Now ESRS The European Sustainability Reporting Standard as reporting framework for disclosures under the CSRD. (*21)Directive (EU) 2017/1132 of the European Parliament and of the Council of 14June 2017 relating to certain aspects of company law (OJL169, 30.6.2017, p.46).;". (39)Directive 2009/138/EC of the European Parliament and of the Council of 25November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (SolvencyII) (OJL335, 17.12.2009, p.1). The Commission shall, at least every three years after their date of application, review the delegated acts adopted pursuant to this Article, taking into consideration the technical advice of the EFRAG and, where necessary, it shall amend such delegated acts to take into account relevant developments, including developments with regard to international standards.
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