CorporateSustainability ReportingDirective-AnUpdate
The Corporate Sustainability Reporting Directive (CSRD) entered into force in January 2023. This new directive modernises and strengthens the rules concerning the social and environmental information that companies must report. Large companies (employing more than 250 people) as well as listed SMEs will be required to report according to newo cial guidelines.
The CSRD seeks to ensure that investors and stakeholders can access the information required to assess investment risks related to climate change and sustainability These rules also aim to foster transparency regarding the impact of companies on people and theenvironment.
The implementation timeline for companies is as follows:
2024financial year
2025financial year
2026financial year
Companiesemploying morethan 500 people
Companiesemploying morethan 250 people
Listed SMEs
Public Consultation on the ESRS
The European Commission is currently consulting on a first set of sustainability reporting standardsforcompanies.The period to providefeedback is until7July.
Toviewthedra ESRS and tocontributefeedbacktotheCommission pleasevisit:
https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/13765European-sustainability-reporting-standards-first-set en
TheMalta BusinessBureau istheEU businessadvisoryorganisationofTheMaltaChamberandthe Malta Hotelsand RestaurantsAssociation. It isalsoa partneroftheEnterpriseEuropeNetwork.
