(Thread!) @EU_Finance has published the proposal to reform legislation on companies’ sustainability reporting. These changes are key to achieve objectives set in #GreenDeal & the #sustainablefinance agenda. #CSRD
NGOs joint reaction: bit.ly/3xfARpO
Highlights⬇️
➕Positive changes
- Scope: all large companies (private&listed)
- EU mandatory sustainability reporting standards (general&sector-specific)
- Clarification reporting areas, categories info & double materiality principle
- Report on transition plans in line w/ #ParisAgreement
❗️Gaps:
- Exclusion private SMEs, delay standards listed SMEs & exemption large companies part of corp.groups
- No specification essential aspects #humanrights & #supplychains reporting
- Target setting to be connected w/ double materiality & include info actions/results
The research implemented by @EUCorpReporting has shown the gaps in companies’ #ESG reporting (results studies bit.ly/2CPk18l). Investors, banks & stakeholders require meaningful & comparable data + companies need clarity & specification of what is expected from them
The EU Parliament and Council will negotiate the final #CSRD text in the upcoming months. As NGOs specialised in corporate transparency & responsibility, we call on policymakers to ensure the key gaps are addressed 🔎bit.ly/3xfARpO
What do the experts working on corporate sustainability say about the new proposal published by @EU_Finance today? Follow the thread or read our joint statement bit.ly/3xfARpO

@Frank_Bold's Filip Gregor refers to the multiple reasons why this reform is so important⚠️
@juliet_linares @WWFEU welcomes the development of sector-specifc standards & alignment with #sustainability taxonomy but warns about the lack of ambition in terms of scope bit.ly/3xfARpO
Stephanie Rochford @PWYPtweets welcomes development of mandatory sector-specific standards to ensure key information is published on impacts to people & planet by companies in industries such as the mining sector🌍🫂 bit.ly/3xfARpO
Read @PDurandOfficiel interview in @EURACTIV bit.ly/3dGdcY3
✅More companies incl. in scope⚠️but concern on the exemption of large companies part of larger groups
✅EU #sustainability standards⚠️but more clarity needed in legislation to guide development of standards
@Global_Witness calls for all companies to disclose according to #CSRD & EU sustainability standards. Transparency is important but more action is needed on accountability (keep an eye on @EU_JUSTICE work on corporate due diligence)
ℹ️ bit.ly/3xfARpO
Anna Grabowska @transenv welcomes alignment with #taxonomy but questions the delay for listed SMEs
🕥Why is this problematic? Read NGOs public reaction here: bit.ly/3xfARpO

#Sustainability #GreenDeal #SustainableFinance

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More from @EUCorpReporting

Feb 9, 2021
EU Commissioner @dreynders outlines @EU_Justice plans on #SustCorpGov:
1.Directors' obligation to identify #sustainability risks & opportunities, and to integrate these in the corporate strategy.
2) Directors would need to set science-based and measurable sustainability targets (incl trajectory, or transition plan to reach targets) #SBT
3) Directors need to ensure such strategy is implemented with the necessary risk assessments, and due diligence procedures.
Read 9 tweets
Feb 9, 2021
The EU Commissioner for Justice @dreynders opens the webinar on #SustainableCorporateGovernance and Non-Financial Reporting with data from the @EUCorpReporting research. More info: bit.ly/2CPk18l
@EU_Justice @dreynders is clear in his message: "We have to take complementary action to improve not only corporate reporting, but also the corporate governance framework"
"We are facing a sustainability crisis of an unprecedented scale .. and the challenge of ensuring a sustainable recovery from the CoViD-19 crisis. In these circumstances, we should do all utmost to ensure that all companies can contribute to this broader sustainable recovery."
Read 4 tweets
Nov 19, 2020
Filip Gregor will be providing an overview at a session co-organised by @ShareAction @BHRRC @Global_Witness @InvestforRights & @purposeofcorp

Looking forward to the commentaries of @EU_Finance, @Lysgaard_Signe @ericsson @barbara_bijelic & @thomasoftayler

#ERIN2020
For those that are not able to follow the event live, a recording will be made available in ERIN's platform erin2020.pathable.co

#ERIN2020 @ShareAction
“One ring that binds them all” - @MWachenfeld @ThemisResearch refering to the #sustainablefinance, corporate #sustainability disclosure, and mandatory #due diligence. Where are the gaps & synergies?

#ERIN2020
Read 15 tweets
Nov 19, 2020
"How can non-financial information reporting work for SMEs?" Looking forward to hearing @larawoltersEU keynote speech at the event organised by @AccountancyEU @ACCANews @EACB_News @SMEunited

#sustainability
.@larawoltersEU "Banks and investors are requiring more information on companies' due diligence and non-financial reporting. This can lead to cheaper loans"

#NFR #UNPG #disclosure
.@larawoltersEU at @AccountancyEU event: SMEs should be covered by #humanrights and #environmental due diligence legislation under proportionality principle and using a #risk based approach; guidelines should be produced & if possible supporting funds could be considered
Read 5 tweets

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