On July 31, 2023, the European Commission adopted new standards for sustainable reporting, the European Sustainability Reporting Standards (ESRS). The standards must be applied by all companies that are subject to the Corporate Sustainability Reporting Directive (CSRD).
In late 2022, the European Commission adopted the Corporate
Sustainability Reporting Directive (CSRD), which entails that a
number of companies must disclose ESG data (environmental, social
and governance) in their annual reports. Sustainability reporting
under the CSRD is now possible with the Commission's adoption
of ESRS (European Sustainability Reporting Standards).
ESRS comprise of 12 standards for sustainable reporting within the
following topics:
- Two cross-cutting standards on general requirements and disclosures to be applied when reporting under the ESRS
- Five standards within environmental (E)
- Four standards within social (S)
- One standard within governance (G)
The requirement for sustainability reporting is gradually coming
into force depending on the size of the company. When reporting for
the financial year 2024, large Danish companies with over 500
employees are required to disclose information in the management
report according to CSRD using ESRS.
Read more about CSRD in our previous insight on the topic: Corporate Sustainability Reporting Directive
(CSRD) adopted.
Read the European Commission's press
release.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
