CSRD: We Explain the New Environmental Compliance for Corporates
After COP28, the new Corporate Sustainability Reporting Directive (CSRD) significantly changes how businesses must report the impact of their activities on the environment and society. Starting in 2024, reporting and collecting up to 1200 data points will be mandatory. Ray Nulty, Managing Partner of Centigo UK and Ireland, discusses what needs to be done and how it will affect you.
CSRD imposes new demands for transparency and accountability. Ray explains why companies must explore uncharted territories in their value chain and understand stakeholder expectations on sustainability.
There is new complexity for gathering non-financial data. This includes the need for independent audits and obtaining external data from suppliers. Ray underlines the vital governance structures required and the new role for boards. CSRD compliance is not just about avoiding penalties but safeguarding reputation.
Finally, Ray gives examples of good practice: Patagonia and a small Australian beauty products company. They are inspirations because they show CSRD is not just a regulatory obligation but a pathway to innovation and positive impact.
Are you ready to embrace the CSRD challenge? Tune in to this 18-minute podcast to understand what you need to do smartly, and why.