New Report Highlights Early EU CSRD Reporting Formats
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A report by We Mean Business, a European coalition of not-for-profits dedicated to sustainable business, has created an analysis of early adopters of the new European Union Corporate Sustainability Directive as a guide for other organizations seeking to view the disclosures as an opportunity, rather than a compliance issue. The goal, the authors say, is to provide ideas for other corporations seeking the most effective way to report on their sustainability efforts in compliance with the law.
From a human capital standpoint, the report demonstrates ways that early adopters:
- Organize the specific disclosures by ESRS (European Sustainability Reporting Standards) so that readers can easily find relevant in their sustainability reports.
- Explain the outcomes of the double materiality assessment, demonstrating the risks and opportunities organizations create for all stakeholders and the environment.
- Reasons for omitting specific topics not relevant to the organization.
- The process to determine the material impacts of their various activities.
- Engagement in a dialog with all stakeholders—customers, employees, supply chain and distribution partners, etc.
- Identify impacts, risks, or opportunities.
- Explain the company’s strategy, business model, and value chain.
- Implement supply chain due diligence.
- Explain their input-output outcome models, i.e., metrics used to evaluate progress
- Manage whistle-blowing reporting.
- Explain their internal controls process.
- Report on their board and management sustainability and governance processes.
ESM Is Published by The EEA: Your Source for Effective Stakeholder Management, Engagement, and Reporting
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