EE: Further clarifications on the rules for submitting sustainability reports by companies

The European Commission published a series FAQ to support stakeholders in the implementation of the European Union rules on the submission of sustainability reports by companies.

The publication of these frequently asked questions is part of the continuous effort of the Commission to reduce the administrative burden on companies and to make the EU financing framework sustainable. easier for them.

The FAQs take into account the information received from the companies and cover issues such as scope of application of the rules, dates of application and exceptions. For example, they clarify when they can use estimates instead of having to collect value chain information from suppliers or partners.

The Commissioner for Financial Services, Financial Stability and Capital Markets Union, Mrs. Mareide Magines, said: “The E.U. has taken significant steps to build a comprehensive sustainable finance framework over the last six years, encouraging companies to start their transition path. We are now focused on making sure our tools are easy to use and efficient, while continuing to reduce the administrative burden. The FAQ provides important clarification and will further reduce the need for companies to seek external legal advice or other advisory services to implement the rules. Companies are working hard to be more sustainable, which helps to strengthen their competitiveness in the medium term. My goal is to ensure that our framework helps them in this process”.

The Directive on Corporate Sustainability Reporting is a cornerstone of its agenda E.E. for sustainability, as well as the European Green Deal. It has modernized and strengthened the rules on the social and environmental information that companies must submit in the form of reports. The directive entered into force on 5 January 2023. The first group of companies subject to the new rules must start reporting in 2025, for the 2024 financial year.