|Author (Corporate)||European Commission|
|Series Details||COM (2021) 189|
Legislative initiative tabled by the European Commission on 21 April 2021, aimed at improving the flow of sustainability information in the corporate world. This is the proposal for a Corporate Sustainability Reporting Directive (CSRD).
Directive 2014/95/EU - also known as Non-Financial Reporting Directive (NFRD) - requires certain large companies to disclose relevant non-financial information. It amended Directive 2013/34/EU - also known as the Accounting Directive.
In accordance with the NFRD, the European Commission published non-binding reporting guidelines for companies in 2017. Additional guidelines on reporting climate-related information were published in 2019. These guidelines were not seen to have improved sufficiently the quality of information companies disclose pursuant to the NFRD. The Commission committed to proposing a revision of the NFRD in its European Green Deal and its 2020 Work Programme. Such effort would also support the implementation of the 2018 Sustainable Finance Action Plan.
This proposal aims to amend the existing reporting requirements of the NFRD. The amendments include:
The initiative was tabled by the European Commission on 21 April 2021, as part of a package of measures on sustainable finance overviewed by the Communication on EU Taxonomy, Corporate Sustainability Reporting, Sustainability Preferences and Fiduciary Duties.
|Subject Categories||Business and Industry, Environment|
|Subject Tags||Capital Markets Union [CMU], Sustainable Development|
|International Organisations||European Union [EU]|