The CSRD came into force at EU level on January 5, 2023 and is considered a significant expansion of the previous EU directives on non-financial reporting. The member states are obliged to transpose the CSRD requirements into national law within 18 months of their entry into force. This means that Germany must adapt its national laws by July 2024 at the latest.
The companies concerned are obliged to implement the following three measures:
- The sustainability data prescribed by the CSRD must be entered into an EU database.
- To simplify access to sustainability information, CSRD data will in future be a mandatory component of the (group) management report and must be prepared in a standardized electronic format in accordance with the ESEF Regulation. This underlines the increasing importance of sustainability reporting, which is gradually gaining the same status as traditional financial reporting. This report is then reviewed by an auditor.
- Companies must submit an annual report.
The implementation of this directive is not only a legal obligation for Germany, but also an opportunity to raise sustainability standards in companies. The aim is to achieve and comply with the 1.5-degree climate target.
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