CSRD published in Official Journal of EU
After the European Parliament gave the final stamp of approval to the Corporate Sustainability Reporting Directive (CSRD) on 10 November, last week the Directive was published in the Official Journal of the EU. The CSRD takes effect in May 2023 and will begin to impact disclosures from January 2024.
The CSRD replaces the Non-Financial Reporting Directive (NFRD), vastly expanding the scope and detail of sustainability reporting requirements in Europe. It will apply to all large companies listed on regulated markets in the EU, small and medium enterprises (SMEs), and non-EU companies with significant European presence – in all, around 50,000 companies. Implementation will be incremental – beginning 1 January 2024 for companies already subject to NFRD.
We would like to congratulate the Directorate-General for Financial Stability (DG FISMA), ESMA, EFRAG, and everyone else involved in reaching this milestone!