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Minister of State with responsibility for Company Regulation at the Department of Enterprise, Trade and Employment, Dara Calleary, today held a webinar on the Corporate Sustainability Reporting Directive (CSRD), which entered into force on 5 January 2023. EU member states now have 18 months in which to transpose the directive into law.
The purpose of the webinar was to introduce the directive, and the European Sustainability Reporting Standards arising out of it, to Irish businesses so that they can begin their preparations.
The Minister was joined by over 500 stakeholders including members of the EU Commission, the European Financial Reporting Advisory Group (EFRAG), Chartered Accountants Ireland and officials from the Department of Enterprise, Trade and Employment. Presentations covered topics such as, the overall goal of the directive, the sustainability reporting standards, how business can prepare, and the transposition process.
Speaking at the event, Minister Calleary said:
"Sustainability reporting offers Irish companies a chance to gain a competitive advantage in global markets. Through positive engagement and by taking proactive steps, businesses can ensure they are a step ahead of the competition.
"Shareholders, investors, and the public’s expectations have risen on what companies should be doing in the ESG arena and embracing this change in the paradigm will add value to companies in the long term.
"I strongly encourage all Irish businesses to engage with the new standards and know there are supports there to help make the transition. The government is committed to working with businesses to ensure that our climate ambitions are met without placing undue burden on them."
The Department of Enterprise, Trade and Employment is leading the transposition of the directive and next week will see the launch of a public consultation on member state options contained within the directive. The department will be engaging with stakeholders, businesses and civil society alike, throughout the transposition process.
Directive (EU) 2022/2464 of the European Parliament and of the Council, amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting.
The directive arises from the European Green Deal’s climate change action objectives, to further enhance the disclosure by companies on climate and environmental data.
It expands the scope of the existing rules for non-financial reporting by very large companies and public-interest entities to large companies, large public-interest entities, and listed SMEs (excluding micros) on a main EU stock market.
It introduces mandatory reporting standards developed by EFRAG (European Financial Reporting Advisory Group). Companies in scope will be required to report annually in their management/directors’ report on environmental, social and governance (ESG) and human rights matters according to the EU mandatory standards.
Information reported on will require audit (assurance).
Ireland and other member states now have 18 months to transpose the directive, that is, mid 2024, with a view to mandatory requirements commencing for financial years on or after: