ESG: CSRD & CSDDD Update July 2024

Check the latest article of our member Global Connect Admin B.V.

"As the 5th of July was the deadline for the European Union to finalize a framework for the ESG and the policies that member states should adopt, this article aims to give an update on the situation.

The Corporate Sustainability Reporting Directive (CSRD) took effect on January 5, 2023, with the goal of broadening the scope of non-financial reporting and improving the quality, comparability, and reliability of sustainability information provided by specific EU and non-EU companies operating within the EU.

Transposition Status in Belgium, the Netherlands, and Luxembourg

EU member states are required to transpose the CSRD into their national legislation by July 6, 2024. Moreover, the status of the directive in Belgium, the Netherlands, and Luxembourg will be presented:

The Netherlands

In the Netherlands, the CSRD will be implemented through a bill (wet) and a decree (algemene maatregel van bestuur). Both the bill and the decree are still in draft form, and the exact timeline for their implementation remains unknown. The draft Implementation Bill addresses requirements for auditors and audit firms tasked with auditing sustainability reporting. The draft Implementation Decree specifies which companies will need to include sustainability information in their management board reports. Consistent with the CSRD, it allows for a phased introduction of sustainability reporting requirements from 2024 to 2028, categorizing companies accordingly.

Luxembourg

In Luxembourg, draft bill No. 8370, introduced by the Minister of Justice on March 29, 2024, aims to implement the CSRD. [...]"

Read more

References

Kuipers, P., & Wagemakers, S. (2024, July 12). CSDDD is here to stay; the EU clock is ticking for mandatory supply chain due diligence. Retrieved from Bird & Bird: https://www.twobirds.com/en/insights/2024/global/csddd-is-here-to-stay-the-eu-clock-is-ticking-for-mandatory-supply-chain-due-diligence

Loyens & Loeff. (2024, July 09). Should you be ready for CSRD? Retrieved from Loyens & Loeff: https://www.loyensloeff.com/insights/news--events/news/should-you-be-ready-for-csrd/

For more information, do not hesitate to consult : LinkedIn ; Website or Frank Huster.