The European Parliament and EU Council are now reviewing the Corporate Sustainability Reporting Directive (CSRD), a proposed EU legislation. If the rule is approved, it would nonetheless apply to big businesses with more than 500 employees that are listed on a market that is governed by the EU.
The CSRD would broaden the purview of the current Non-Financial Reporting Directive (NFRD) and oblige these businesses to provide more thorough sustainability reporting, including details on environmental, social, and governance (ESG) issues. To increase the comparability, dependability, and utility of sustainability reporting across the EU, the proposed rule would also establish a common reporting system.
It is important to note that the CSRD is not yet in force and is subject to change during the legislative process. Once the directive is adopted, companies would have a transition period to adapt their reporting practices to comply with the new requirements.
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