The Council and the European Parliament today reached a provisional political agreement on the Directive on corporate sustainability reporting.<\/p>\n
The proposal aims<\/strong> to address the shortcomings of the current rules on disclosure of non-financial information, the quality of which was insufficient for investors to be able to take it properly into account. Moreover, these shortcomings hinder the transition to a sustainable economy.<\/p>\n The Corporate Sustainability Reporting Directive amends the 2014 Non-Financial Reporting Directive. It also introduces among other things:<\/p>\n The European Financial Reporting Advisory Group<\/em> (EFRAG) will be responsible for setting European standards, with technical advice from various European agencies. The scope of the EU regulations on non-financial reporting is as follows:<\/p>\n The information must be certified by an auditor or an<\/strong> accredited<\/strong> independent certifier<\/strong>. In order to ensure that companies comply with the reporting standards, they will ensure that the sustainability information is in accordance with the certification standards adopted by the EU. Information submitted by non-European companies must also be certified by a European auditor or an auditor established in a third country.<\/p>\n Regarding the implementation of the Regulation, it will be carried out in three phases:<\/p>\n The provisional agreement reached must be endorsed<\/strong> by the Council and the European Parliament.<\/p>\n Likewise, as far as the Council is concerned, the provisional agreement will be submitted to the Permanent Representatives Committee (Coreper) for approval<\/strong> before proceeding to the formal stages of the adoption procedure.<\/p>\n Finally, the Directive shall enter into force on the twentieth day following that of its publication in the OJEU.<\/em> Member States shall bring into force the laws, regulations and administrative provisions necessary to comply with the Articles of this Directive not later than eighteen months after its entry into force.<\/p>\n \u00a0<\/p>\n\n\n We offer regulatory advisory services in a business environment in which it is essential to have as much information as possible <\/strong>to support decision making<\/strong>. From the Regulation & Public Policy Group we are able to help manage business regulatory risk through our regulatory monitoring and regulatory intelligence<\/strong> services.<\/p>\n\n\n\n <\/p>\n\n\n\n\n
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Regulation & Public Policy<\/h2>\n\n\n\n