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EU Corporate Sustainability Reporting Directive (CSRD)
The European Union's CSRD is a comprehensive regulation that requires companies to report on their environmental, social, and governance impacts.
Last updated: 2 October 2024
What is the EU's CSRD?
Mandatory Reporting
CSRD is EU legislation aimed at improving and standardizing companies' reporting of sustainability information, as part of the EU's move to a great, sustainable economy.
Affected Entities
CSRD affects 50,000 companies, also creating reporting obligations for certain foreign entities with operations in the EU at both a consolidated parent and EU-subsidiary level.
Materiality Required
A double materiality assessment is required under the CSRD. Your company will need to identify its material sustainability impacts, risks, and opportunities following CSRD's double materiality process.
Who is Affected by CSRD?
The CSRD targets financial and non-financial companies that fall into the following categories:
Companies listed on European regulated markets, including listed SMEs
Other large European companies, listed or not, exceeding two of the three defined thresholds (250 employees, 40 million euros in revenue, and/or 20 million euros in total assets)
Non-European companies whose subsidiaries or branches have revenues exceeding 150 million euros within the EU.
CSRD Implementation Timeline
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Compliance
CSRD Compliance Requirements
CSRD requires large and listed companies to report on a comprehensive set of Environmental, Social, and Governance (ESG) metrics.
Comprehensive Double Materiality reporting
Companies must conduct a comprehensive double materiality assessment to identify and prioritize environmental, social, and governance matters.
Adherence to European Sustainability Reporting Standards (ESRS)
Companies must prepare their reports according to the ESRS's detailed guidelines on what ESG information should be disclosed
Digital reporting and accessibility
Reports must be prepared in a digital format, making sustainability information easily accessible and comparable
Third-party assurance
CSRD mandates that sustainability reports undergo independent third-party assurance to verify accuracy and reliability
Integration into management report
Sustainability disclosures must be integrated into the management report to ensure ESG is being embedded into core strategic management processes
Regular updates and continuous improvement
Companies are required to regularly update their sustainability disclosures and continuously improve their reporting processes in line with evolving standards and stakeholder expectations
Our CSRD Double Materiality Process
Our hybrid approach of streamlined software and expert advisory delivers you a best-practice CSRD-aligned double materiality solution.
Context Setting
Business case, requirements, document review
Engagement Plan
Plan how and when to engage with stakeholders
Value Chain
Identify Business activities to map full value chain
Stakeholder Mapping
Identify, group, and map stakeholders in the value chain
Topics & Preliminary IROs
Use ESRS topics to identify IROs in the value chain
Impacts
Engage affected stakeholders for feedback on impacts
Risks & Opportunities
Engage relevant stakeholders for feedback on IROs
Analysis & Scoring
Analyze engagement data and scoring of IROs
Review & Approval
Share material IROs with stakeholders, get Board approval
Disclosure
Report material IROs and topics with assessment process documentation
Double Materiality in the New Era of CSRD Reporting
Learn how and why the EU’s CSRD is pushing materiality assessments into a new era of robust requirements that are widely viewed as the new reporting Gold Standard.
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Ready to streamline your materiality assessment?
Whether you're a public, private, or non-profit organization, Socialsuite has the right materiality solution for you.
Are you looking to accelerate your sustainability journey?
See how we can help.
See how we can help.