corporate sustainability reporting directive deutsch


*16Directive (EU) 2017/1132 of the European Parliament and of the Council of 14 June 2017 relating to certain aspects of company law (OJ L 169, 30.6.2017, p. 46). A new set of rules will, over time, be introduced, bringing sustainability reporting on a par with financial reporting. This will be achieved above all through the proposed sustainability reporting standards. –It removes the possibility for Member States to allow companies to report the required information in a separate report that is not part of the management report.    Parent undertakings of a large group shall include in the consolidated management report information necessary to understand the group's impacts on sustainability matters, and information necessary to understand how sustainability matters affect the group's development, performance and position. The Regulatory Scrutiny Board has given a positive opinion, with reservations, on the draft impact assessment It should identify the sustainability reporting framework applied in their preparation. an opinion on a proposal for a directive of the European Parliament and of the Council amending Directive 2013/34/EU, Directive 2004/109/EC, Directive 2006/43/EC and Regulation (EU) No 537/2014, as regards corporate sustainability reporting. Paragraph (4) of Article 1 introduces three new provisions, Articles 19b, 19c and 19d, into the Accounting Directive, on sustainability reporting standards. Companies not previously required to report under the predecessor to CSRD will now be expected to comply with a broad range of reporting requirements by 1 January 2024. It shall take effect the day following the publication of that decision in the Official Journal of the European Union or at a later date specified therein. 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. 3. In view of the growth of users’ needs for sustainability information, additional categories of undertakings should be required to report such information. Regulation (EU) 2019/2088 of the European Parliament and of the Council, governs how financial market participants and financial advisers are to disclose sustainability information to end investors and asset owners. Many stakeholders stressed that if the EU develops sustainability reporting standards, it should build on and be consistent with international standard-setting initiatives. In alignment with the UN Guiding Principles on Business and Human Rights, an actual or potential adverse impact is to be considered principal where it measures among the greatest impacts connected with the undertaking’s activities based on: the gravity of the impact on people or the environment; the number of individuals that are or could be affected, or the scale of damage to the environment; and the ease with which the harm could be remediated, restoring the environment or affected people to their prior state. Consistency with existing policy provisions in the policy area. Non-financial reporting is disclosure on aspects of a company's performance other than financial performance. It specifies that companies should report qualitative and quantitative information, forward-looking and retrospective information, and information that covers short, medium and long-term time horizons as appropriate. In addition, given the novel character of those reporting requirements, the European Securities and Markets Authority should issue guidelines for national competent authorities to promote convergent supervision of sustainability reporting by issuers subject to Directive 2004/109/EC. Investors, including asset managers, want to better understand the risks of, and opportunities afforded by, sustainability issues for their investments, as well as the impacts of those investments on people and the environment. Those recommendations also contain a detailed roadmap for developing such standards, and proposals for mutually reinforcing cooperation between global standard-setting initiatives and standard-setting initiatives of the European Union. amends Directive 2013/34/EU (“the Accounting Directive”). . The work effort in a reasonable assurance engagement entails extensive procedures including consideration of internal controls of the reporting undertaking and substantive testing, and is therefore significantly higher than in a limited assurance engagement. Articles 19a and 29a of Directive 2013/34/EU require reporting not only on information ‘to the extent necessary for an understanding of the undertaking's development, performance, position’, but also on information necessary for an understanding of the impact of the undertaking’s activities on environmental, social and employee matters, respect for human rights, anti-corruption and bribery matters. It is also the legal basis for Directives 2013/34/EU, 2006/43/EC, 91/674/EEC, 86/635/EEC, and t is part of the legal basis for Directive 2004/109/EC. Compared to the existing provisions, it introduces new requirements for companies to provide information about their strategy, targets, the role of the board and management, the principal adverse impacts connected to the company and its value chain, intangibles, and how they have identified the information they report. The Corporate Sustainability Reporting Directive (CSRD) will replace the existing Non Financial Disclosures Directive (NFD), which requires certain large companies to report on how sustainability issues affect their business and how their own . Undertakings shall report the process carried out to identify the information that they have included in the management report in accordance with paragraph 1 and in this process they shall take account of short, medium and long-term horizons. 56 The Commission also organised multi-stakeholder workshops on the materiality concept (November 2019) and the assurance of sustainability information (December 2020), as well as separate consultation meetings with different stakeholder groups in May 2020 (companies, civil society organisations and trade unions). Reducing energy use and increasing energy efficiency is key in this respect as energy is used across supply chains. 68 In alignment with the UN Guiding Principles on Business and Human Rights, an actual or potential adverse impact is to be considered principal where it measures among the greatest impacts connected with the undertaking’s activities based on: the gravity of the impact on people or the environment; the number of individuals that are or could be affected, or the scale of damage to the environment; and the ease with which the harm could be remediated, restoring the environment or affected people to their prior state. The information referred to in paragraphs 1 and 2 shall include information about the group’s value chain, including its own operations, its products and services, its business relationships and its supply chain, where appropriate. The European Parliament called for the expansion of the scope of the reporting requirements to additional categories of undertakings and for the introduction of an audit requirement. in Article 1, the following paragraph 3 is added: Article 4(1), point (1), of Regulation (EU) No 575/2013 of the European Parliament and of the Council, Member States may choose not to apply the coordination measures referred to in the first subparagraph to the undertakings listed in Article 2(5), points (2) to (23), of Directive 2013/36/EU of the European Parliament and of the Council*. Article 114 of the TFEU is included as the legal basis for this directive amending Directive 2004/109/EC. This new directive, proposed by the European Commission on 21 April 2021, aims to increase transparency on corporate performance in terms of sustainability. Twenty Member States have used that option. Article 14 of Regulation (EU) No 537/2014 requires statutory auditors and audit firms to inform their competent authority annually of the revenues generated from statutory audits and non-audit services of public-interest entities. The auditor should also assess whether the undertaking’s reporting complies with the reporting requirements of Article 8 of Regulation (EU) 2020/852. No explanatory documents are considered necessary. The Commission supports initiatives by the G20, the G7, the Financial Stability Board and others to generate international commitment to develop a baseline of global sustainability reporting standards that would build on the work of the Task Force on Climate-related Financial Disclosures. to the assurance of sustainability reporting.’; in Article 39(6), points (a) to (e) are replaced by the following: ‘1. Few individual citizens and consumers directly consult undertaking’s reports, but they may use such information indirectly such as when considering the advice or opinions of financial advisers or non-governmental organisations. When carrying out the assurance of sustainability reporting, the statutory auditor shall devote sufficient time to the engagement and shall assign sufficient resources to enable him or her to carry out his or her duties appropriately.’; (c)in paragraph 4, point (c) is replaced by the following: ‘(c) the fees charged for the statutory audit, for the assurance of sustainability reporting and the fees charged for other services in any financial year.’; (d)paragraph 5 is replaced by the following: ‘5. The Commission adopted a proposal for a Corporate Sustainability Reporting Directive (CSRD), which would amend the existing reporting requirements of the NFRD. The European Securities and Markets Authority (ESMA) plays a role in drafting regulatory technical standards pursuant to Regulation (EU) 2019/2088 and there needs to be coherence between those regulatory technical standards and sustainability reporting standards. (57)It should be ensured that the requirements imposed on auditors as regards their work on the statutory audit and the assurance of sustainability reporting are consistent. It should monitor the effectiveness of the company's internal quality control and risk management systems and, where applicable, its internal audit, regarding the sustainability reporting of the audited entity, including its digital reporting as will be required under the amended Accounting Directive, without breaching its independence. The report will be accompanied, if appropriate, by legislative proposals for stricter assurance requirements (‘reasonable assurance’). The European Commission's proposal for a Corporate Sustainability Reporting Directive (CSRD) currently under discussion by the EU co-legislators, provides that EFRAG would develop draft standards, using proper due process, public oversight and transparency, and with the expertise of relevant stakeholders. It is also necessary to require that the persons responsible within the issuer confirm in the annual financial report that, to the best of their knowledge, the management report is prepared in accordance with the sustainability reporting standards. That is especially the case for climate-related financial risks. It will therefore help to protect and enhance the access of smaller listed undertakings to financial capital, and avoid discrimination against such undertakings on the part of financial market participants. Amendments to Regulation (EU) No 537/2014. Paragraph (19) of Article 3 amends Article 39 in order to clarify the tasks of the audit committee for the assurance of sustainability reporting. The auditor performs fewer tests than in a reasonable assurance engagement. It also amends Article 20 to allow listed undertakings subject to Article 20 to comply with the requirements it sets out in points (c), (f) and (g) by including the necessary information as part of their sustainability reporting It also defines the terms “independent assurance services provider” and “intangibles”. For reasons of coherence, it is appropriate to use a similar classification to identify the environmental factors that should be addressed by sustainability reporting standards. . (a) They can have significant positive and negative impacts via their lending, investment and underwriting activities. Many companies receive requests for sustainability information from stakeholders in addition to the information they report to comply with current legal requirements. 27-07-2021. . Those requirements should be extended to statutory auditors and audit firms that conduct assurance engagements of sustainability reporting in order to ensure the consistency of the investigations, sanctions and oversight frameworks set up for the auditor’s work in the statutory audit and the assurance of sustainability reporting. The lack of generally accepted metrics and methods for measuring, valuing, and managing sustainability-related risks is also an obstacle to the efforts of undertakings to ensure that their business models and activities are sustainable. The Commission will adopt standards for large companies and separate, proportionate standards for SMEs. (14) This Directive aims to prevent and mitigate potential or actual adverse impacts on human rights, the environment and good governance in the value chain, as well as at ensuring that undertakings . Rules for the disclosure of non-financial information by certain companies, including environmental reporting, have been in effect in Ireland ( SI No 360/2017 ) since 2017 through the EU's . Article 2 amends Directive 2004/109/EC (the Transparency Directive). Paragraphs 4 and 5 referring to the statutory audit of financial statements shall apply to the assurance of sustainability reporting, where applicable.’. This article provides an overview of the following EU-Directives: CSRD: Corporate Sustainability Reporting Directive, NFRD: Non-Financial Reporting Directive and SFDR: Sustainable Finance Disclosure Regulation.These directives of the EU foresee non-financial reporting (ESG-reporting) at a much larger scale (i.e. We reflected upon how reform can improve transparency and access to reliable non-financial information from companies, as well as the roadmap to implementation. That audit committee should be assigned with certain tasks with regard to the assurance of sustainability reporting. Update: Corporate Sustainability Reporting Directive. Credit institutions and insurance undertakings play a key role in the transition towards a fully sustainable and inclusive economic and financial system in line with the European Green Deal. The preferred option also allows Member States to authorise independent assurance services providers other than statutory auditors or audit firms to carry out the assurance of sustainability reporting. In 2019, the Commission published additional guidelines, specifically on reporting climate-related information Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector (OJ L 317, 9.12.2019, p. 1). Member States should set out requirements that ensure consistent outcomes in the assurance of sustainability reporting carried out by different assurance service providers. Articles 19a and 29a of Directive 2013/34/EU should therefore specify that the sustainability information reported shall include forward-looking and retrospective, and both qualitative and quantitative information. In order to reflect the inclusion of the sustainability requirements in Directive 2004/109/EC, the Commission should be empowered to establish a mechanism for the determination of equivalence of sustainability reporting standards applied by third-country issuers of securities. The consolidated management report of the parent undertaking referred to in subparagraph 1 shall be published in accordance with Article 30, in the manner prescribed by the law of the Member State by which the undertaking that is exempted from the obligations set out in paragraphs 1 to 4 is governed. 2. As is the case for financial reporting, common standards are necessary to ensure that reported information is comparable and relevant.    The information referred to in paragraphs 1 and 2 shall contain forward-looking and retrospective information, and qualitative and quantitative information. They often experience difficulties in getting the information they themselves need from suppliers, clients and investee companies.    In case of a breach of the national provisions transposing Articles 19a, 19d and 29a, Member States shall provide for at least the following administrative measures and sanctions: (a) a public statement indicating the natural person or the legal entity responsible and the nature of the infringement; (b) an order requiring the natural person or the legal entity responsible to cease the conduct constituting the infringement and to desist from any repetition of that conduct; 3. Provide verifiable, accessible and coherent non-financial data to investors to allow for informed decision making. 2 This will also guarantee a level playing field among all persons and firms allowed by Member States to provide the opinion on the assurance of sustainability reporting, including statutory auditors. It is necessary to lay down clear requirements in this regard. 11 (13)The report on the review clause of Directive 2014/95/EU, and its accompanying fitness check on corporate reporting, also recognised a significant increase in information requests for information about sustainability matters to undertakings in an attempt to address the existing information gap. extend the scope to all large companies, and all companies listed on EU regulated markets except listed micro-companies. Article 45 of Directive 2006/43/EC contains requirements for registration and oversight of third-country auditors and audit entities. 58 By clicking “Accept”, you consent to the use of ALL the cookies. 13 The European Pillar of Social Rights Action Plan adopted in March 2021 calls for stronger requirements on undertakings to report on social issues. Included in this was a proposal for a Corporate Sustainability Reporting Directive (CSRD) which will replace the current Non-Financial Reporting Directive (NFRD). Digital tagging is essential in order to seize the opportunities digital technologies present to radically improve how sustainability information is used. The COVID-19 pandemic will further accelerate the increase in users’ information needs, in particular as it has exposed the vulnerabilities of workers and of undertaking’s value chains. The NFRD exempts subsidiaries from its reporting obligations if their parent company does the reporting for the whole group, including the subsidiaries. The primary users of sustainability information disclosed in companies’ annual reports are investors and non-governmental organisations, social partners and other stakeholders. Read all about the most important developments of the EU Taxonomy over the past year, and find answers to the most frequently asked questions by corporates. Many investors and asset managers purchase sustainability information from third party data providers, who collect information from various sources, including public corporate reports. Impacts connected with an undertaking’s activities include impacts directly caused by the undertaking, impacts to which the undertaking contributes, and impacts which are otherwise linked to the undertaking’s value chain. sets out rules concerning the statutory audit of annual and consolidated financial statements. Suspendisse potenti. The reporting standards should therefore specify the information that undertakings are to disclose on all major environmental factors, including their impacts and dependencies on climate, air, land, water and biodiversity. This Directive, by setting a Union due diligence standard, could help foster the emergence of a global standard for responsible business conduct. (32)Undertakings under the scope of Articles 19a(1) and 29a(1) of Directive 2013/34/EU may rely on national, Union-based or international reporting frameworks, and where they do so, they have to specify which frameworks they relied upon. In particular, it requires administrative, management and supervisory bodies to ensure that the company in question has reported in accordance with EU sustainability reporting standards, and in the digital format required, and deletes the reference to the currently allowed separate report for sustainability reporting. It will provide savers and investors who want to invest sustainably with the possibility to do so. Regulation (EU) 2020/852 of the European Parliament and of the Council *13Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC (OJ L 275, 25.10.2003, p. 32). Another is the growing market for investment products that explicitly seek to conform to certain sustainability standards or achieve certain sustainability objectives. 35 In 2019, the Commission published additional guidelines, specifically on reporting climate-related information. That requirement should be extended to the assurance of sustainability reporting to ensure that the results of the assurance of sustainability reporting are presented in the same audit report. . Regulation (EU) No 537/2014 is amended as follows: (i) That audit committee should be assigned with certain tasks with regard to the assurance of sustainability reporting. Finally, it should monitor the assurance of the annual and consolidated sustainability reporting, and review and monitor the independence of the statutory auditors or the audit firms. The penalties provided for shall be effective, proportionate and dissuasive.’. In order to provide for uniform assurance practices and high quality assurance of sustainability reporting across the Union, the Commission should be empowered to adopt sustainability assurance standards by means of delegated acts. The proposed Corporate Sustainability Reporting Directive marks a major step change in corporate reporting. That is why there is a need for mandatory common reporting standards to ensure that information is comparable and that all relevant information is disclosed. ‘sustainability reporting’ means sustainability reporting as defined in Article 2, point (18), of Directive 2013/34/EU; ‘22. 1 The Principles for Responsible Investment (PRI) and its 54 undersigned signatories (representing approximately 9.2 trillion USD in AUM) welcome the European Commission's proposal for a new Corporate Sustainability Reporting Directive (CSRD) revising the Non-Financial Reporting Directive (NFRD), and its aim to elevate sustainability information to the same level as financial information. The auditor performs fewer tests than in a reasonable assurance engagement. In addition, ongoing expectations on undertakings to use a variety of different frameworks and standards are likely to continue and may even intensify as the value placed on sustainability information continues to grow. The Natural Capital Protocol is also an important reference in this field. . Member States should consider introducing measures to support SMEs in applying the voluntary simplified reporting standards. .Â. The Accounting Directive, as amended by the NFRD, already regulates the disclosure of sustainability information in the EU. The definition of sustainability matters in Directive 2013/34/EU should therefore be based on the definition of ‘sustainability factors’ laid down in Regulation (EU) 2019/2088, but with the addition of governance matters. Directive 2006/43/EC should apply where the opinion on sustainability reporting is given by the statutory auditor or audit firm carrying out the statutory audit of financial statements. Member States should ensure that already approved statutory auditors acquire the necessary knowledge in sustainability reporting and the assurance of sustainability reporting via the continuing education requirement of Article 13 of the Audit Directive. (60)Article 27 of Directive 2006/43/EC sets out rules on the statutory audit of a group of undertakings.    the financial strength of the natural person or legal entity responsible; (d) Better data from companies about the sustainability risks they are exposed to, and their own impact on people and the environment, is essential for the successful implementation of the European Green Deal and the Sustainable Finance Action Plan. Transposition. This is a long overdue step, essential to improve stakeholders' ability to monitor companies' contribution to the European Green Deal and 'social Europe'. Targeted online consultation of companies within the scope of the NFRD, carried out for the Commission by external consultants (CEPS) from December 2019 to March 2020. SWD/2021/151 final. The revised directive will support the European Green Deal, a set of policy measures intended to combat the climate crisis by transforming the EU into a modern, resource-efficient and competitive . The Non-Financial Reporting Directive (Directive 2014/95/EU) ('NFRD') is currently in place, and is the forerunner to the proposed Corporate Sustainability Reporting Directive. To improve sustainability reporting in the internal market and to contribute to the transition towards a fully sustainable and inclusive economic and financial system in which the benefits of growth are broadly shared in accordance with the European Green Deal, Member States should provide for certain sanctions and administrative measures in the case of infringements of sustainability reporting requirements. When adopting delegated acts pursuant to Articles 19b and 19c, the Commission shall take into consideration technical advice from EFRAG, provided such advice has been developed with proper due process, public oversight and transparency and with the expertise of relevant stakeholders, and is accompanied by cost-benefit analyses that include analyses of the impacts of the technical advice on sustainability matters.    the opportunities for the undertaking related to sustainability matters; (iii)    the principal actual or potential adverse impacts connected with the group’s value chain, including its own operations, its products and services, its business relationships and its supply chain; (f) 1 min read. Non-governmental organisations, social partners, communities affected by undertakings’ activities, and other stakeholders are less able to hold undertakings accountable for their impacts on people and the environment. . extends the scope to all large companies and all companies listed on regulated markets (except . However, statutory auditors that have already been approved or recognised by a Member State should continue to be allowed to carry out statutory audits and should be allowed to carry out assurance engagements of sustainability reporting. This is a list of experimental features that you can enable. In March 2021, a multi-stakeholder task force set up by EFRAG published recommendations for the possible development of sustainability reporting standards for the European Union. Part of that increase is the logical consequence of previously adopted Union legislation, notably Regulation (EU) 2019/2088 and Regulation (EU) 2020/852. Date of application of Article 4. The disclosure requirements of this proposal would not apply to SMEs with transferable securities listed on SME growth markets or multilateral trading facilities (MTFs). Various stakeholders group proposed that reporting requirements also apply to non-EU companies. In view of the growth of users’ needs for sustainability information, additional categories of undertakings should be required to report such information. In order progress towards a. in economic decision-making, it is necessary to ensure that undertakings with securities listed on regulated markets always report on their gender diversity policies and the implementation thereof. Paragraph (13) of Article 3 inserts Article 27a in order to extend the rules on the statutory audit of a group of companies to the assurance of consolidated sustainability reporting, where carried out by the statutory auditor.
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