The due diligence process concerns the whole value chain of the undertaking including its own operations, its products and services, its business relationships and its supply chains. On April 21, 2021, the European Commission published an ambitious new package of "sustainable finance" regulation proposals. The list of sustainability factors laid down in Regulation (EU) 2019/2088 does not explicitly include governance matters. Thirdly, it identifies certain instruments and initiatives that the Commission should take particular account of when deciding the content of the delegated acts, including certain EU legislation, and the work of global standard-setting initiatives for sustainability reporting. It also requires the Commission to adopt a first set of standards by 31 October 2022. Users need reliable information regarding offsets that addresses concerns regarding possible double-counting and overestimations, given the risks to the achievement of climate-related targets that double-counting and overestimations can create. (c) 2. The audit firm shall provide the key audit partner(s) with sufficient resources and with personnel that have the necessary competence and capabilities to carry out his, her or its duties appropriately. 2. The voluntary nature of the guidelines means that undertakings are free to apply them or not. Entry into force. Article 28 of Directive 2006/43/EC requires statutory auditors or audit firms to present the results of their statutory audit in an audit report. The assurance profession distinguishes between limited and reasonable assurance engagements. In addition, Article 114 of the TFEU is a general legal act with the objective of establishing or ensuring the functioning of the single market – in this case, the free movement of capital. 2.3.1 The proposed directive's goal of ensuring reliable, consistent and comparable information on the exposure of undertakings across different sectors to climate change-related risks is a prerequisite for accurately assessing the financial risks arising from climate change 20.Better sustainability- related disclosures based on unified reporting . Digitalisation creates opportunities to exploit information more efficiently and holds the potential for significant cost savings for both users and undertakings. It specifies that if companies that prepare sustainability reporting are not listed on EU regulated markets, the relevant officially appointed mechanism should be one of the officially appointed mechanisms of the Member State where the company in question has its registered office. According to Regulation (EU) No 1095/2010 of the European Parliament and of the Council.    Member States shall require statutory auditors and audit firms to carry out the assurance of sustainability reporting in compliance with assurance standards adopted by the Commission in accordance with paragraph 2. . Part of that increase is the logical consequence of previously adopted Union legislation, notably Regulation (EU) 2019/2088 and Regulation (EU) 2020/852. That period shall be extended by two months at the initiative of the European Parliament or of the Council.’, Article 4 The revision of the NFRD will contribute to the objective of building an economy that works for people. This set of standards should specify complementary information that companies should report about sustainability matters and reporting areas listed in Article 19a(2) where necessary, and information specific to the sector in which a company operates. (58)Article 25 of Directive 2006/43/EC requires Member States to put appropriate rules in place to avoid that the fees on the statutory audit are influenced or determined by the provision of additional services to the audited entity or are based on any form of contingency. This is a long overdue step, essential to improve stakeholders' ability to monitor companies' contribution to the European Green Deal and 'social Europe'. The European Commission has published a Proposal for a Directive amending Directive 2013/34/EU, Directive 2004/109/EC, Directive 2006/43/EC and Regulation (EU) No 537/2014, as regards corporate sustainability reporting, which would amend the existing reporting requirements of the NFRD.. Therefore, all independent assurance services providers should be subject to requirements that are consistent with those set out in Directive 2006/43/EC as regards the assurance of sustainability reporting. Statutory auditors or audit firms already verify the financial statements and the management report. In addition, undertakings required to report sustainability information should in no case be exempted from the obligation to publish the management report as it is important to ensure that sustainability information is publically available. This opinion should be provided within two months from the date of receipt of, In addition, the Commission should consult, the European Banking Authority, the European Insurance and Occupational Pensions Authority. 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. 45 Replacing the Non-Financial Reporting Directive (NFRD) in April, the CSRD will require 50,000 firms to provide a non-financial statement on a series of ESG-related factors, in alignment with the Taxonomy Regulation. These guidelines have not sufficiently improved the quality of information companies disclose pursuant to the NFRD. . The European Commission's proposal for a Corporate Sustainability Reporting Directive (CSRD) envisages the adoption of EU sustainability reporting standards (ESRS). 1 (hereinafter the 'proposed directive'). In addition, mandatory sustainability reporting standards for Union undertakings must be commensurate with the level of ambition of the European Green Deal and the Union’s climate-neutrality objective for 2050.    the plans of the group to ensure that the group’s business model and strategy compatible with the transition to a sustainable economy and with the limiting of global warming to 1.5 °C in line with the Paris Agreement; (iv) It should be specified, however, that the exemption regime for consolidated financial statements and consolidated management reports operates independently from the exemption regime for consolidated sustainability reporting. The management report of an undertaking that is exempted from the obligations set out in paragraphs 1 to 4 shall contain all of the following information: (a) This implies that national competent authorities of some Member States have no legal mandate to supervise those non-financial statements, especially where those statements are published in a separate report, outside of the annual financial report, which Member States may currently allow. NFRD Application points 2 and 3 are replaced by the following: the following points 21 and 22 are added: Articles 6 and 7 are replaced by the following: assurance of sustainability reporting and statutory auditors;’; in Article 10, paragraph 1 is replaced by the following: in Article 11, point (a) is replaced by the following: in Article 14, paragraph 2, third subparagraph is replaced by the following: Statutory auditors approved or recognised before 1 January 2023, Member States shall ensure that statutory auditors approved before 1 January 2023 acquire the necessary knowledge in sustainability reporting and the assurance.    The Commission shall be empowered to adopt, by means of delegated acts in accordance with Article 48a, the assurance standards referred to in paragraph 1 in order to set out the procedures that the auditor shall perform in order to draw its conclusions on the assurance of sustainability reporting, including engagement planning, risk consideration and response to risks and type of conclusions to be included in the audit report. The European Commission adopted a comprehensive package of measures to help improve the flow of money towards sustainable activities across the European Union, including the Corporate Sustainability Reporting Directive (CSRD). While natural capital accounting methods serve principally to strengthen internal management decisions, they should be duly considered when establishing sustainability reporting standards. Date of application of Article 4. 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. The information referred to in paragraphs 1 and 2 shall also, where appropriate, include references to, and additional explanations of, other information included in the consolidated management report in accordance with Article 29 of this Directive and amounts reported in the consolidated financial statements. (5)On 25 September 2015, the UN General Assembly adopted a new global sustainable development framework: the 2030 Agenda for Sustainable Development (the ‘2030 Agenda’). Firstly, it specifies minimum quality criteria that information reported in accordance with the standards would have to meet. Digitalisation improves the access and efficiency of corporate reporting. The Package includes, among other things, a legislative proposal on a new Corporate Sustainability Reporting Directive (CSRD), which would revise the existing reporting rules introduced for public . Where the issuer is required to prepare consolidated accounts, the consolidated management report shall be drawn up in accordance with Article 19d(2), 29 and 29a of Directive 2013/34/EU, when drawn-up by undertakings referred to in those provisions.’; (3)in Article 23(4), the third and fourth subparagraphs are replaced by the following: ‘The Commission shall, in accordance with the procedure referred to in Article 27(2), take the necessary decisions on the equivalence of accounting standards and on the equivalence of sustainability reporting standards as referred to in Article 19b of Directive 2013/34/EU which are used by third-country issuers under the conditions set out in Article 30(3). This is intended to offer companies a broader choice of assurance service providers for the assurance of sustainably reporting. The scope would include companies not established in the EU that are listed on EU regulated markets, and the EU subsidiaries of non-EU companies. The unavailability of sufficiently detailed data makes it impossible to calculate the costs that preparers would incur in the absence of new rules. Increasing information about payment practices should empower other undertakings to identify prompt and reliable payers, detect unfair payment practices, access information about the businesses they trade with, and negotiate fairer payment terms. –Open online public consultation from March to July 2018, to prepare the fitness check of the EU framework for corporate reporting. rom the Commission to the European Parliament, the Council and the European Economic and Social Committee on the review clauses in Directives 2013/34/EU, 2014/95/EU, and 2013/50/EU, Publication office: please insert link to IA SWD(2021)150, https://op.europa.eu/en/publication-detail/-/publication/d7d85036-509c-11eb-b59f-01aa75ed71a1/language-en/format-PDF/source-183474104. To meet the information needs from users in a timely manner, and in particular given the urgency to meet the information needs of financial market participants subject to the requirements laid down in the delegated acts adopted pursuant to Article 4, paragraphs 6 and 7 of Regulation (EU) 2019/2088, the Commission should adopt a first set of reporting standards by 31 October 2022. 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. Article 2 While SMEs listed on regulated markets would be required to use these proportionate standards. 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. An undertaking that is a subsidiary undertaking from a parent undertaking that is established in a third country shall also be exempted from the obligations set out in paragraphs 1 to 4 where that undertaking and its subsidiary undertakings are included in the consolidated management report of that parent undertaking and where the consolidated management report is drawn up in a manner that may be considered equivalent, in accordance with the relevant implementing measures adopted pursuant to Article 23(4), point (i), of Directive 2004/109/EC of the European Parliament and of the Council*6, to the manner required by the sustainability reporting standards referred to in Article 19b of this Directive. 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. 14 In addition, it allows Member States to allow any independent assurance services provider accredited in accordance with Regulation (EC) No 765/2008 of the European Parliament and of the Council to provide an opinion on sustainability reporting on the basis of a limited assurance engagement. It also requires the Commission to adopt a first set of standards by 31 October 2022. 36 Due diligence is the process that undertakings carry out to identify, prevent, mitigate and remediate the principal actual and potential adverse impacts connected with their activities and identifies how they address those adverse impacts. It also aims to protect, conserve and enhance the Union's natural capital, and protect the health and well-being of citizens from environment-related risks and impacts. The management report shall be drawn up in accordance with Articles 19, 19a, 19d(1) and 20 of Directive 2013/34/EU, when drawn-up by undertakings referred to in those provisions. 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. (46)Undertakings in the same sector are often exposed to similar sustainability-related risks, and they often have similar impacts on society and the environment.    specify the information that undertakings are to disclose about environmental factors, including information about: (i) 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. Article 8 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 proposed Corporate Sustainability Reporting Directive will, amongst others, broaden the category of entities currently subject to reporting under the Non-Financial Reporting Directive to include all listed entities, immaterial of size, while imposing significantly more detailed reporting requirements The current Non-Financial Reporting Directive ("NFRD")[1] focuses exclusively on . They are also interested in the level and scope of greenhouse gas emissions and removals attributed to the undertaking, including the extent to which the undertaking uses offsets and the source of those offsets.    The Commission shall adopt delegated acts in accordance with Article 49 to provide for sustainability reporting standards. Paragraph (18) of Article 3 inserts Article 38a in order to clarify that the provisions on the appointment and dismissal of statutory auditors and audit firms as regards statutory audits also apply to the assurance of sustainability reporting. This set of standards should specify, information that companies should report about all sustainability matters and all reporting areas listed in Article 19a(2), at least specify the information that companies should report to serve the needs of financial market participants subject to the disclosure requirements of Regulation (EU) 2019/2088. Article 19c requires. It will decouple economic growth from resource use, and ensure that all EU regions and citizens participate in a socially just transition to a sustainable economic system. The Commission communication of 22 November 2016 on the next steps for a sustainable European future linked the Sustainable Development Goals to the Union policy framework to ensure that all Union actions and policy initiatives, both in and beyond the Union, take those goals on board at the outset. This proposal comprises a Directive that amends provisions of the Accounting Directive, the Transparency Directive, the Audit Directive and the Audit Regulation, thereby ensuring coherence between the relevant provisions of these four instruments. This proposal envisages introducing a requirement to assure reported sustainability information, so that it is reliable. requires large institutions which have issued securities that are admitted to trading on a regulated market to disclose information on ESG risks from 28 June 2022. According to Regulation (EU) No 1095/2010 of the European Parliament and of the Council Secondly, the references to provisions of the Accounting Directive and Directive 2006/43/EC (the Audit Directive) are updated as regards the requirement to audit financial statements in accordance with Article 34(1) of the Accounting Directive, and to state whether the auditor or audit firm has identified material misstatements in the management report, and as regards the requirement to disclose the audit report, including the opinion on the assurance of sustainability reporting. In addition, financial market participants also need information from those large non-listed undertakings. We expect the limited assurance requirement to eventually shift to reasonable assurance for selected KPIs. Nach ihrer Verabschiedung auf EU-Ebene muss die .    a description of the principal risks to the group related to sustainability matters, including the group’s principal dependencies on such factors, and how the group manages those risks; (g) . As is the case for financial reporting, common standards are necessary to ensure that reported information is comparable and relevant. The EU fully supports this ambition. The NFRD, together with the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation, are the central components of the sustainability reporting requirements underpinning the EU’s sustainable finance strategy. While SMEs listed on regulated markets would be required to use these proportionate standards, non-listed SMEs – which are the vast majority of SMEs – may choose to use them on a voluntary basis. 57 In December 2019, in its conclusions on the Capital Markets Union, the Council stressed the importance of reliable, comparable and relevant information on sustainability risks, opportunities and impacts, and called on the Commission to consider the development of a European non-financial reporting standard Significant differences in requirements for sustainability reporting and assurance between Member States create additional costs and complexity for companies operating across borders. Reducing energy use and increasing energy efficiency is key in this respect as energy is used across supply chains.    the plans of the undertaking to ensure that its business model and strategy are compatible with the transition to a sustainable economy and with the limiting of global warming to 1.5 °C in line with the Paris Agreement; (iv) Paragraph (10) of Article 1 amends Article 34 of the Accounting Directive with regard to the assurance of sustainability reporting. It also aims to protect, conserve and enhance the Union's natural capital, and protect the health and well-being of citizens from environment-related risks and impacts. require all companies within the scope to report in accordance with EU standards; require all companies within the scope to seek limited assurance for reported sustainability information, while including an option to move towards a reasonable assurance requirement at a later stage ; and. Different reporting requirements in different Member States would create additional costs and complexity for undertakings operating across borders and therefore undermine the single market, and would undermine the right of establishment and the free movement of capital across the Union. The standards will determine what information needs to be disclosed in relation to each of the reporting areas mentioned in Articles 19a and 29a. *4Regulation (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). the compliance of the sustainability reporting with Union sustainability reporting standards. As required by Article 2 of Directive 2014/95/EU, the Commission published in 2017 non-binding guidelines for undertakings under the scope of that Directive *1Council Directive 91/674/EEC of 19 December 1991 on the annual accounts of insurance undertakings ( OJ L 374, 31.12.1991, p. 7). 22 A decision to revoke shall put an end to the delegation of the power specified in that decision. (55)Directive 2006/43/EC of the European Parliament and of the Council , and requirements laid down in Union law for undertakings as regards directors’ duties and due diligence, should also be taken into account. This document is an excerpt from the EUR-Lex website, 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, 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, {SEC(2021) 164 final} - {SWD(2021) 150 final} - {SWD(2021) 151 final}, •Reasons for and objectives of the proposal. (29)Articles 19a(1) and 29a(1) of Directive 2013/34/EU do not specify whether the information to be reported is to be forward looking or information about past performance. Approximately 11 700 companies are subject to the reporting requirements of the NFRD by 31 October 2023, the Commission shall adopt delegated acts specifying: gender equality and equal pay for equal work. 55 The NFRD. to provide an opinion on sustainability reporting, which should be published together with the management report. Having regard to the proposal from the European Commission.    indicators relevant to the relevant to the disclosures referred to in points (a) to (f). Those rules should be extended to the assurance of sustainability reporting to ensure the consistency of the rules imposed on auditors as regards their work on the statutory audit and the assurance of sustainability reporting. 34 Amendments to Regulation (EU) No 537/2014. A, second set of standards should be adopted at the latest by 31 October 2023. 1 min read. Member States should consider introducing measures to support SMEs in applying the voluntary simplified reporting standards. The proposal for a Corporate Sustainability Reporting Directive (proposal by the European Parliament dated April 21, 2021 - the CSRD), which revises and extends the scope of the sustainability reporting requirements introduced by the NFRD. Digital tagging is essential in order to seize the opportunities digital technologies present to radically improve how sustainability information is used. These goals are especially important considering the socio-economic damage caused by the COVID-19 pandemic and the need for a sustainable, inclusive and fair recovery. There is currently a lack of forward-looking disclosures, which users of sustainability information especially value.
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