The CSRD (Corporate Sustainability Reporting Directive) is a European Union directive that establishes new requirements for sustainability reporting by companies.

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This directive is an extension and update of the previous NFRD (Non-Financial Reporting Directive) and aims to increase the transparency and quality of sustainability information that companies must provide. The CSRD ‘s main objective is to provide investors, consumers, and other stakeholders with a clear and comprehensive view of companies’ sustainability practices. In doing so, it seeks to foster transparency and corporate responsibility, promoting a more sustainable and resilient economy.

Features CSRD's main objectives:

  1. Expanded scope: The CSRD applies to a larger number of companies compared to the NFRD. It affects not only large listed companies, but also all large companies and listed small and medium-sized enterprises (SMEs).
  2. Detailed reporting requirements: Companies must provide detailed information on various aspects of sustainability, including environmental, social and employee issues, human rights, and anti-corruption and anti-bribery.
  1. Standardization and comparability: The CSRD seeks to establish common standards for sustainability reporting, making it easier to compare companies and sectors.
  2. External verification: Sustainability reports must be verified by an independent auditor, which increases the reliability of the information presented.
  3. Digitization of information: The use of digital formats and the publication of information on a digital platform are encouraged to facilitate access and transparency.

Who has to comply with the CSRD?

The CSRD affects a broad spectrum of companies within the European Union. Specific categories of companies that must comply with CSRD requirements include:

  1. Large companies: All large companies, regardless of whether they are listed or not. A company is considered large if it meets at least two of the following criteria:
    • More than 250 employees
    • A balance sheet totaling more than 20 million euros
    • Net sales of more than 40 million euros
  2. Companies listed on regulated markets in the EU: This includes large companies as well as small and medium-sized enterprises. (SMEs), although the latter will have longer terms and adapted requirements.
  1. Non-EU companies: non-EU companies that have significant activity in the EU, specifically those that generate more than €150 million in net revenues in the EU and have at least one filial or branch in the EU that meets certain criteria.
  2. Small and medium-sized enterprises (SMEs): Although unlisted SMEs are not required to follow CSRD, they are encouraged to do so, and may have certain incentives to follow these sustainability practices.