EU Corporate Sustainability Reporting Directive Comes into Effect
SGS publishes a SafeGuardS looking at the EU introduction of the CSRD.
- (1888PressRelease) March 24, 2023 - SGS, the world’s leading testing, inspection and certification company, has published a SafeGuardS to help stakeholders understand the impact of the European Union (EU) Corporate Sustainability Reporting Directive (CSRD).
The CSRD came into effect on January 5, 2023. It is the latest EU initiative to improve the quality and comparability of corporate environmental, social and governance (ESG) disclosures. It replaces and significantly expands the scope of existing sustainability reporting requirements under the Non-Financial Reporting Directive (NFRD).
The CSRD applies to all large and listed companies on EU regulated markets. A large company can be defined as an EU company or an EU subsidiary of a non-EU company meeting two out of the three following criteria at its balance sheet date:
• Net turnover exceeding €40 million; and/or
• Balance sheet assets exceeding €20 million; and/or
• More than 250 employees on average during the financial year
Under the CSRD, small and medium enterprises (SMEs) have a delayed compliance date. Micro-enterprises are excluded from complying with the directive.
SGS has published SafeGuardS 034.23 to give stakeholders an overview of the introduction of the CSRD and its impact on businesses.
EU member states must integrate the CSRD into their national law within 18 months of it coming into effect on January 5, 2023.
SGS Consumer Product Services
SGS provides news about the development of regulations affecting consumer products as a complimentary service. With an unrivalled global network of laboratories, they offer physical/mechanical testing, analytical testing and consultancy work for technical and non-technical parameters applicable to a comprehensive range of consumer products. In the end, it’s only trusted because it’s tested. Learn more about SGS’s Consumer Product Services. [www.sgs.com/cp]
SGS SafeGuardS keep you up to date with the latest news and developments in the consumer goods industry. Read the full EU Publishes Corporate Sustainability Reporting Directive (CSRD) SafeGuardS. [www.sgs.com/en/news/2023/03/safeguards-3423-eu-publishes-corporate-sustainability-reporting-directive]
Subscribe here, www.sgs.com/subscribesg, to receive SGS SafeGuardS direct to your inbox.
For further information contact:
Louann Spirito
Consumer and Retail – Softlines
US & Canada Softlines Business Head
Tel: +1 973 461 7919
Email: cp.media ( @ ) sgs dot com
Website: www.sgs.com/softlines
LinkedIn: SGS Connectivity & Products
About SGS
We are SGS – the world’s leading testing, inspection and certification company. We are recognized as the global benchmark for sustainability, quality and integrity. Our 97,000 employees operate a network of 2,650 offices and laboratories, working together to enable a better, safer and more interconnected world.
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