The Corporate Sustainability Reporting Directive (CSRD) is the new European directive and presents significant challenges for large companies.
Achieving transparency and accountability in CSR efforts can be difficult for large corporations. However, by doing so, companies can improve their transparency and credibility, identify areas for improvement, and comply with legal requirements.
This is also a way to maintain (regain) leadership on this critical topic. This can help them build trust with stakeholders, reduce risks, and create long-term value.
Concretely, it is nearly 82 data to communicate, on a broad scope covering the environment, the social, and the governance.
– We are closely connected with those who helped build this directive (some are in our pack of partners).
– We are trained and certified to assist companies in collecting data, writing strategies and action plans, and monitoring.
– We can help to reinvent what needs to be done.
– We carry out carbon and biodiversity assessments ourselves or with our partners using the Global Biodiversity Score© (GBS).
Which means you have to follow this schedule:
- Gap analysis
- Carbon and biodiversity Footprint Assessment
- Double materiality analysis
- Internal preparation
- Collecting the data
- Strategy and roadmap
– GAP ANALYSIS: compare your current climate reporting with the new CSRD standards to know where you stand and estimate the amount of work, identify the actors to be involved, and the necessary actions to put in place to be ready by December 2023. This is a 4-week-long step which should not be overlooked as it will allow you to better understand the CSRD criteria requirements and your missing points to be prepared in time.
– CARBON (scope 1, 2, 3) AND BIODIVERSITY Footprint Assessment: Strong tools to have in store before starting the data collection. If needed, we will provide you with external audits to assess the robustness of your previous footprint analysis.
– DOUBLE MATERIALITY ANALYSIS: to identify the impacts of the company on society but also the climate risks to which it is subject. This step will require your organisation to define, from the ESG framework of 82 criteria, those which represent a double materiality in your enterprise, and thus should be reported on. (3-month long process).
– INTERNAL PREPARATION: It is essential that your internal teams are aware of the challenges and requirements of the CSRD and integrate the new regulation requirements within their current reporting tools to collect the data necessary for the report.
– COLLECTING THE DATA: the identified data is to be collected throughout the year as for your financial reports in an automatic and accurate manner so that you are ready to publish your extra financial report at any point in time and compare your data as time goes by.
– STRATEGY AND ROADMAP: the CSRD also requires the disclosure of your Governance and Actions (written as strategies and action plans) related to the sustainability topic, as well as your Objectives and Performance Measurements (quantified by targets and metrics).
Development and complete implementation of your extra-financial report to be published along with your financial report. Remember, your CSRD-compliant report will be made accessible on the EU Commission website, making your ESG impacts and corresponding strategies fully transparent and comparable with your competitors.