EU Corporate Sustainability Reporting Directive (CSRD) Solutions

The European Union’s CSR Directive (CSRD) introduces additional mandatory corporate reporting for ESG for the first time.

Qualifying organisations will need to submit their reports under the CSRD in addition to standard financial reporting requirements (P&L, balance sheet & notes to financial statements).

This new reporting standard was passed by the EU Council on 28th November 2022, and updates and replaces the Non-Financial Reporting Directive (NFRD), as well as expanding the reach beyond that of the NFRD. European countries are now passing their own local legislation to implement the standard.

What companies are impacted by the CSR Directive?

The CSR Directive impacts all large and listed EU companies meeting at least two out of the three criteria:

• More than 250 employees
• Turnover exceeding €40 million
• Balance sheet exceeding €20 million

Non-European companies will also be impacted if:

• Their net turnover generated in the EU exceeds €150 million, and;
• They have at least one branch or subsidiary in the EU

When will the first CSR Directive reports need to be submitted?

The first new CSR Directive reports will have to be submitted in 2025, based on 2024 financial year activities, which means businesses need to be preparing now.

How can companies prepare for the CSR Directive?

It’s essential that businesses start preparing now for the CSR Directive as this change in statutory reporting brings new requirements in terms of the data that must be reported. To ensure you can make a successful CSRD submission for your first deadline, you need to make sure you will be able to collate and report on all the information required by the standard. You may find that there are changes you need to make in your activities and/or in how you are recording the information at the moment. Therefore, the sooner you start assessing your current readiness, the better.

Intertek’s CSR Directive solutions provide a flexible offering, tailored to support your business’ requirements. However, we work with you, our objective is to help you ensure that your business is in the best position possible to comply with the new CSRD requirements.

How Intertek can help you prepare for the CSR Directive

Intertek’s sustainability expertise, combined with our in-depth understanding of our customers’ operations across a broad range of sectors, means we are best placed to help you prepare for this significant change.