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ecl-menu__sublink" data-untranslated-label="Capital movements" >Capital movements</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/regulation-and-supervision/european-system-financial-supervision_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="European system of financial supervision" >European system of financial supervision</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/regulation-and-supervision/expert-groups-comitology-and-other-committees_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Expert groups, comitology and other committees" >Expert groups, comitology and other committees</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="https://finance.ec.europa.eu/regulation-and-supervision/consultation_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Consultations" >Consultations</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/regulation-and-supervision/financial-services-legislation_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Financial services legislation" >Financial services legislation</a></li><li class="ecl-menu__subitem ecl-menu__see-all"><a href="/regulation-and-supervision_en" class="ecl-link ecl-link--standalone ecl-link--icon ecl-menu__sublink" ><span class="ecl-link__label">See all</span><svg class="ecl-icon ecl-icon--xs ecl-icon--rotate-180 ecl-link__icon" focusable="false" aria-hidden="true" ><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#arrow-left"></use></svg></a></li></ul></div></li><li class="ecl-menu__item ecl-menu__item--has-children" data-ecl-menu-item data-ecl-has-children aria-haspopup aria-expanded="false" id="ecl-menu-item-ecl-menu-548356777-2"><a href="/capital-markets-union-and-financial-markets_en" class="ecl-link ecl-link--standalone ecl-menu__link" data-untranslated-label="Financial markets" data-ecl-menu-link id="ecl-menu-item-ecl-menu-548356777-2-link" >Financial markets</a><button class="ecl-button ecl-button--ghost ecl-menu__button-caret ecl-button--icon-only" type="button" data-ecl-menu-caret aria-label="Access item's children" aria-describedby="ecl-menu-item-ecl-menu-548356777-2-link" aria-expanded="false" ><span class="ecl-button__container"><svg class="ecl-icon ecl-icon--xs ecl-icon--rotate-180 ecl-button__icon" focusable="false" aria-hidden="true" data-ecl-icon><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#corner-arrow"></use></svg></span></button><div class="ecl-menu__mega" data-ecl-menu-mega ><ul class="ecl-menu__sublist"><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/capital-markets-union-and-financial-markets/capital-markets-union_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Capital markets union" >Capital markets union</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/capital-markets-union-and-financial-markets/financial-markets_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Financial markets" >Financial markets</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/capital-markets-union-and-financial-markets/company-reporting-and-auditing_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Company reporting and auditing" >Company reporting and auditing</a></li><li class="ecl-menu__subitem ecl-menu__see-all"><a href="/capital-markets-union-and-financial-markets_en" class="ecl-link ecl-link--standalone ecl-link--icon ecl-menu__sublink" ><span class="ecl-link__label">See all</span><svg class="ecl-icon ecl-icon--xs ecl-icon--rotate-180 ecl-link__icon" focusable="false" aria-hidden="true" ><use 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class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Supplementary supervision of financial conglomerates" >Supplementary supervision of financial conglomerates</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/banking/insurance_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Insurance" >Insurance</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/banking/pension-funds_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Pension funds" >Pension funds</a></li><li class="ecl-menu__subitem ecl-menu__see-all"><a href="/banking_en" class="ecl-link ecl-link--standalone ecl-link--icon ecl-menu__sublink" ><span class="ecl-link__label">See all</span><svg class="ecl-icon ecl-icon--xs ecl-icon--rotate-180 ecl-link__icon" focusable="false" aria-hidden="true" ><use 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Sustainable Finance</a></li><li class="ecl-menu__subitem ecl-menu__subitem--current" data-ecl-menu-subitem ><a href="/sustainable-finance/disclosures_en" class="ecl-link ecl-link--standalone ecl-menu__sublink ecl-menu__sublink--current" data-untranslated-label="Disclosures" aria-current="page" >Disclosures</a></li><li class="ecl-menu__subitem ecl-menu__see-all"><a href="/sustainable-finance_en" class="ecl-link ecl-link--standalone ecl-link--icon ecl-menu__sublink" ><span class="ecl-link__label">See all</span><svg class="ecl-icon ecl-icon--xs ecl-icon--rotate-180 ecl-link__icon" focusable="false" aria-hidden="true" ><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#arrow-left"></use></svg></a></li></ul></div></li><li class="ecl-menu__item ecl-menu__item--has-children" data-ecl-menu-item data-ecl-has-children aria-haspopup aria-expanded="false" id="ecl-menu-item-ecl-menu-548356777-5"><a href="/digital-finance_en" class="ecl-link ecl-link--standalone ecl-menu__link" data-untranslated-label="Digital finance" data-ecl-menu-link id="ecl-menu-item-ecl-menu-548356777-5-link" >Digital finance</a><button class="ecl-button ecl-button--ghost ecl-menu__button-caret ecl-button--icon-only" type="button" data-ecl-menu-caret aria-label="Access item's children" aria-describedby="ecl-menu-item-ecl-menu-548356777-5-link" aria-expanded="false" ><span class="ecl-button__container"><svg class="ecl-icon ecl-icon--xs ecl-icon--rotate-180 ecl-button__icon" focusable="false" aria-hidden="true" data-ecl-icon><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#corner-arrow"></use></svg></span></button><div class="ecl-menu__mega" data-ecl-menu-mega ><ul class="ecl-menu__sublist"><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/digital-finance/crypto-assets_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Crypto-assets" >Crypto-assets</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/digital-finance/overview-digital-finance_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Overview of digital finance" >Overview of digital finance</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/digital-finance/digital-euro_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Digital euro" >Digital euro</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/digital-finance/cyber-resilience_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Cyber resilience" >Cyber resilience</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/digital-finance/framework-financial-data-access_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Framework for financial data access" >Framework for financial data access</a></li><li class="ecl-menu__subitem ecl-menu__see-all"><a href="/digital-finance_en" class="ecl-link ecl-link--standalone ecl-link--icon ecl-menu__sublink" ><span class="ecl-link__label">See all</span><svg class="ecl-icon ecl-icon--xs ecl-icon--rotate-180 ecl-link__icon" focusable="false" aria-hidden="true" ><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#arrow-left"></use></svg></a></li></ul></div></li><li class="ecl-menu__item ecl-menu__item--has-children" data-ecl-menu-item data-ecl-has-children aria-haspopup aria-expanded="false" id="ecl-menu-item-ecl-menu-548356777-6"><a href="/consumer-finance-and-payments_en" class="ecl-link ecl-link--standalone ecl-menu__link" data-untranslated-label="Consumer finance" data-ecl-menu-link id="ecl-menu-item-ecl-menu-548356777-6-link" >Consumer finance</a><button class="ecl-button ecl-button--ghost ecl-menu__button-caret ecl-button--icon-only" type="button" data-ecl-menu-caret aria-label="Access item's children" aria-describedby="ecl-menu-item-ecl-menu-548356777-6-link" aria-expanded="false" ><span class="ecl-button__container"><svg class="ecl-icon ecl-icon--xs ecl-icon--rotate-180 ecl-button__icon" focusable="false" aria-hidden="true" data-ecl-icon><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#corner-arrow"></use></svg></span></button><div class="ecl-menu__mega" data-ecl-menu-mega ><ul class="ecl-menu__sublist"><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/consumer-finance-and-payments/retail-financial-services_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Retail financial services" >Retail financial services</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/consumer-finance-and-payments/payment-services_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Payment services" >Payment services</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/consumer-finance-and-payments/financial-literacy_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="Financial literacy" >Financial literacy</a></li><li class="ecl-menu__subitem ecl-menu__see-all"><a href="/consumer-finance-and-payments_en" class="ecl-link ecl-link--standalone ecl-link--icon ecl-menu__sublink" ><span class="ecl-link__label">See all</span><svg class="ecl-icon ecl-icon--xs ecl-icon--rotate-180 ecl-link__icon" focusable="false" aria-hidden="true" ><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#arrow-left"></use></svg></a></li></ul></div></li><li class="ecl-menu__item ecl-menu__item--has-children" data-ecl-menu-item data-ecl-has-children aria-haspopup aria-expanded="false" id="ecl-menu-item-ecl-menu-548356777-7"><a href="/financial-crime_en" class="ecl-link ecl-link--standalone ecl-menu__link" data-untranslated-label="Financial crime" data-ecl-menu-link id="ecl-menu-item-ecl-menu-548356777-7-link" >Financial crime</a><button class="ecl-button ecl-button--ghost ecl-menu__button-caret ecl-button--icon-only" type="button" data-ecl-menu-caret aria-label="Access item's children" aria-describedby="ecl-menu-item-ecl-menu-548356777-7-link" aria-expanded="false" ><span class="ecl-button__container"><svg class="ecl-icon ecl-icon--xs ecl-icon--rotate-180 ecl-button__icon" focusable="false" aria-hidden="true" data-ecl-icon><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#corner-arrow"></use></svg></span></button><div class="ecl-menu__mega" data-ecl-menu-mega ><ul class="ecl-menu__sublist"><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/financial-crime/anti-money-laundering-and-countering-financing-terrorism-overview_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="AML overview" >AML overview</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/financial-crime/anti-money-laundering-and-countering-financing-terrorism-eu-level_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="AML at EU level" >AML at EU level</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="/financial-crime/anti-money-laundering-and-countering-financing-terrorism-international-level_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="AML at international level" >AML at international level</a></li><li class="ecl-menu__subitem" data-ecl-menu-subitem ><a href="https://www.amla.europa.eu/index_en" class="ecl-link ecl-link--standalone ecl-menu__sublink" data-untranslated-label="AMLA" >AMLA</a></li><li class="ecl-menu__subitem ecl-menu__see-all"><a href="/financial-crime_en" class="ecl-link ecl-link--standalone ecl-link--icon ecl-menu__sublink" ><span class="ecl-link__label">See all</span><svg class="ecl-icon ecl-icon--xs ecl-icon--rotate-180 ecl-link__icon" 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role="presentation"><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#corner-arrow"></use></svg></li><li class="ecl-breadcrumb__segment ecl-breadcrumb__current-page" data-ecl-breadcrumb-item="static" aria-current="page"><span>Corporate sustainability reporting</span></li></ol></nav><div class="ecl-page-header__info"><h1 class="ecl-page-header__title"><span>Corporate sustainability reporting</span></h1></div><div class="ecl-page-header__description-container"><p class="ecl-page-header__description">EU rules require large companies and listed companies to publish regular reports on the social and environmental risks they face, and on how their activities impact people and the environment. </p></div></div></div> </div> <main class="ecl-u-pb-xl" id="main-content" data-inpage-navigation-source-area="h2.ecl-u-type-heading-2, div.ecl-featured-item__heading"> <div class="ecl-container"> <div class="ecl-row"> <div class="ecl-col-s-12 ewcms-top-sidebar"> <div> <div data-drupal-messages-fallback class="hidden"></div> </div> </div> </div> <div class="ecl-row"> <div class="ecl-col-s-12"> <div id="block-ewcms-theme-main-page-content" data-inpage-navigation-source-area="h2, div.ecl-featured-item__heading" class="ecl-u-mb-l"> <article dir="ltr"> <div> <div class="ecl-u-mb-2xl"> <a id="paragraph_2662"></a> <div class="ecl-row inpage-navigation-container"> <div class="ecl-col-l-3"> <nav class="ecl-inpage-navigation oe-theme-ecl-inpage-navigation ecl-u-z-dropdown" data-ecl-auto-init="InpageNavigation" data-ecl-auto-initialized="true" data-ecl-inpage-navigation="true" aria-labelledby="ecl-inpage-navigation-1610352359" ><div class="ecl-inpage-navigation__title" id="ecl-inpage-navigation-1610352359">Page contents</div><div class="ecl-inpage-navigation__body"><div class="ecl-inpage-navigation__trigger-wrapper"><button type="button" class="ecl-inpage-navigation__trigger" id="ecl-inpage-navigation-1610352359-trigger" data-ecl-inpage-navigation-trigger="true" aria-controls="ecl-inpage-navigation-list" aria-expanded="false"><span class="ecl-inpage-navigation__trigger-current" data-ecl-inpage-navigation-trigger-current="true">Page contents</span><svg class="ecl-icon ecl-icon--xs ecl-icon--rotate-180 ecl-inpage-navigation__trigger-icon" focusable="false" aria-hidden="false" ><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#corner-arrow"></use></svg></button></div><ul class="ecl-inpage-navigation__list" data-ecl-inpage-navigation-list="true" id="ecl-inpage-navigation-1610352359-list"></ul></div></nav> </div> <div class="ecl-col-l-9" data-inpage-navigation-source-area="h2, div.ecl-featured-item__heading"> <div class="ecl-u-mb-2xl"> <a id="paragraph_2382"></a> <div class="ecl"><h2 id="what">What the EU is doing and why</h2> <p>EU law requires all large companies and all listed companies (except listed micro-enterprises) to disclose information on what they see as the risks and opportunities arising from social and environmental issues, and on the impact of their activities on people and the environment.</p> <p>This helps investors, civil society organisations, consumers and other stakeholders to evaluate the sustainability performance of companies, as part of the <a href="https://commission.europa.eu/strategy-and-policy/priorities-2019-2024/european-green-deal_en" class="ecl-link">European green deal</a>.</p></div> </div> <div class="ecl-u-mb-2xl"> <a id="paragraph_4883"></a> <div class="ecl-content-item-block"><div class="ecl-row"><div class="ecl-content-item-block__item contextual-region ecl-u-mb-l ecl-col-12 ecl-col-l-6 last-item-column last-item"><article class="ecl-navigation-list__item" ><picture class="ecl-picture ecl-navigation-list__picture" ><img class="ecl-navigation-list__image" src="/sites/default/files/styles/oe_theme_ratio_3_2_medium/public/2023-02/finance-podcast-card-hero.jpg?itok=Fm5N2Gtg" alt="EU FinancePodcast" ></picture><div class="ecl-content-block ecl-navigation-list__content-block" data-ecl-auto-init="ContentBlock" data-ecl-content-block ><div class="ecl-content-block__title"data-ecl-title-link><a href="/eu-finance-podcast-future-finance/eu-finance-podcast-one-about-sustainability-reporting_en" class="ecl-link ecl-link--standalone" >EU Finance Podcast</a></div><div class="ecl-content-block__description"><div class="ecl"><p>Episode 13 - The one about sustainability reporting</p></div></div></div></article></div></div></div> </div> <div class="ecl-u-mb-2xl"> <a id="paragraph_4884"></a> <div class="ecl"><h3>New rules on corporate sustainability reporting: The Corporate Sustainability Reporting Directive</h3><p>On 5 January 2023, the <a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32022L2464" class="ecl-link">Corporate Sustainability Reporting Directive (CSRD)</a> entered into force. It modernises and strengthens the rules concerning the social and environmental information that companies have to report. A broader set of large companies, as well as listed SMEs, will now be required to report on sustainability. Some non-EU companies will also have to report if they generate over EUR 150 million on the EU market.</p><p>The new rules will ensure that investors and other stakeholders have access to the information they need to assess the impact of companies on people and the environment and for investors to assess financial risks and opportunities arising from climate change and other sustainability issues. Finally, reporting costs will be reduced for companies over the medium to long term by harmonising the information to be provided.</p><p>The first companies will have to apply the new rules for the first time in the 2024 financial year, for reports published in 2025.</p><p>Companies subject to the CSRD will have to report according to European Sustainability Reporting Standards (ESRS). The standards are developed in a draft form by the <a href="https://efrag.org/" class="ecl-link ecl-link--icon ecl-link--icon-after"><span class="ecl-link__label">EFRAG, previously known as the European Financial Reporting Advisory Group</span><svg class="ecl-icon ecl-icon--xs ecl-link__icon" focusable="false" aria-hidden="true" xmlns:xlink="http://www.w3.org/1999/xlink"><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#external" /></svg></a>, an independent body bringing together various different stakeholders.</p><p>The <a href="https://eur-lex.europa.eu/legal-content/en/TXT/?uri=CELEX:32023R2772" class="ecl-link">first set of ESRS was published in the Official Journal on 22 December 2023</a> under the form of a delegated regulation. These standards apply to companies under the scope of the CSRD regardless of which sector they operate it. They are tailored to EU policies, while building on and contributing to international standardisation initiatives.</p><p>The CSRD also requires assurance on the sustainability information that companies report and will provide for the digital taxonomy of sustainability information.</p><p>In September 2024, Mairead McGuinness, Commissioner for Financial Services, Financial Stability and Capital Markets Union, wrote to Member States concerning the CSRD. The <a href="/document/download/e01b2044-9fb8-45a0-9752-ee07eef76f84_en?filename=240918-letter-mcguinness-hungary-csrd_en.pdf">Commissioner’s letter</a> describes the measures taken by the European Commission to ensure the proportionate implementation of its corporate sustainability reporting framework. It also invites Member States to take practical steps to minimise the burden on companies associated with the new reporting requirements.</p></div> </div> <div class="ecl-u-mb-2xl"> <a id="paragraph_3794"></a> <h2 class="ecl-u-type-heading-2"> Policy making timeline </h2> <ol class="ecl-timeline" data-ecl-auto-init="Timeline" data-ecl-timeline ><li class="ecl-timeline__item" id="ecl-timeline-item-2005454214"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">7 August 2024</div><div class="ecl-timeline__title">Frequently asked questions - Corporate sustainability reporting</div><div class="ecl-timeline__content"><p><a href="/publications/frequently-asked-questions-implementation-eu-corporate-sustainability-reporting-rules_en">Publication of the frequently asked questions on the implementation of the EU corporate sustainability reporting rules</a>.</p></div></div></li><li class="ecl-timeline__item" id="ecl-timeline-item-1435307213"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">2 May 2024</div><div class="ecl-timeline__title">Guidance - Corporate sustainability reporting</div><div class="ecl-timeline__content"><p>Commission welcomes <a href="/news/corporate-sustainability-reporting-commission-welcomes-guidance-interoperability-european-and-global-2024-05-02_en" class="ecl-link">guidance on interoperability of European and global sustainability reporting standards</a></p></div></div></li><li class="ecl-timeline__item" id="ecl-timeline-item-201835056"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">8 February 2024</div><div class="ecl-timeline__title">Legislation - European sustainability reporting standards</div><div class="ecl-timeline__content"><p><a href="https://ec.europa.eu/commission/presscorner/detail/en/mex_24_707" class="ecl-link">Political agreement between the European Parliament and the Council on postponing adoption deadlines for certain European Sustainability Reporting Standards (ESRS)</a>.</p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-681479772"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">8 February 2024</div><div class="ecl-timeline__title">Legislation - European sustainability reporting standards</div><div class="ecl-timeline__content"><p><a href="https://ec.europa.eu/commission/presscorner/detail/en/mex_24_707" class="ecl-link">Political agreement between the European Parliament and the Council on postponing adoption deadlines for certain European Sustainability Reporting Standards (ESRS)</a>.</p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-5861178"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">22 December 2023</div><div class="ecl-timeline__title">Legislation - European sustainability reporting standards</div><div class="ecl-timeline__content"><p><a href="https://eur-lex.europa.eu/legal-content/en/TXT/?uri=CELEX:32023R2772" class="ecl-link">Publication of the European Sustainability Reporting Standards (ESRS) in the Official Journal</a>.</p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-198639579"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">17 October 2023</div><div class="ecl-timeline__title">Legislative proposal - European sustainability reporting standards</div><div class="ecl-timeline__content"><p><a href="/publications/2024-commission-work-programme_en" class="ecl-link">2024 Commission work programme: Proposal for a Decision as regards the time limits for the adoption of sustainability reporting standards for certain sectors and for certain third-country undertakings</a>.</p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-216829677"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">31 July 2023</div><div class="ecl-timeline__title">Legislation - European sustainability reporting standards</div><div class="ecl-timeline__content"><p><a href="/news/commission-adopts-european-sustainability-reporting-standards-2023-07-31_en" class="ecl-link">Adoption of the European Sustainability Reporting Standards (ESRS)</a>, accompanied by <a href="https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_4043" class="ecl-link">questions and answers on the ESRS</a>.</p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-924729717"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">9 June 2023</div><div class="ecl-timeline__title">Legislation - European sustainability reporting standards</div><div class="ecl-timeline__content"><p><a href="https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/13765-European-sustainability-reporting-standards-first-set_en" class="ecl-link">Opening of feedback process of a first set of draft sustainability reporting standards for companies, opening a four-week public feedback period</a>.</p><p>Following the feedback period, the Commission will consider the feedback received before finalising the standards as delegated acts and submitting them to the European Parliament and Council for scrutiny.</p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-994133034"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">14 December 2022</div><div class="ecl-timeline__title">Legislation - Corporate Sustainability Reporting</div><div class="ecl-timeline__content"><p><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32022L2464" class="ecl-link">Publication of the Corporate Sustainability Reporting Directive (CSRD) in the Official Journal</a></p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-112557205"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">23 November 2022</div><div class="ecl-timeline__title">Standards - Corporate Sustainability Reporting</div><div class="ecl-timeline__content"><p><a href="https://www.efrag.org/Assets/Download?assetUrl=/sites/webpublishing/SiteAssets/EFRAG+Press+release+First+Set+of+draft+ESRS.pdf&AspxAutoDetectCookieSupport=1" class="ecl-link ecl-link--icon ecl-link--icon-after ecl-link"><span class="ecl-link__label">First set of draft EU sustainability reporting standards published by EFRAG</span><svg class="ecl-icon ecl-icon--xs ecl-link__icon" focusable="false" aria-hidden="true" xmlns:xlink="http://www.w3.org/1999/xlink"><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#external" /></svg></a></p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-551154316"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">22 June 2022</div><div class="ecl-timeline__title">Legislation - Corporate Sustainability Reporting</div><div class="ecl-timeline__content"><p><a href="https://ec.europa.eu/commission/presscorner/detail/en/mex_22_3966" class="ecl-link">Political agreement by the European Parliament and the Council on the Corporate Sustainability Reporting Directive (CSRD)</a></p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-1358330060"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">21 April 2021</div><div class="ecl-timeline__title">Legislative proposal - Corporate Sustainability Reporting</div><div class="ecl-timeline__content"><p><a href="https://finance.ec.europa.eu/publications/sustainable-finance-package_en#csrd">Proposal for a Corporate Sustainability Reporting Directive (CSRD)</a> to amend the reporting requirements of the NFRD.</p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-1752030582"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">8 March 2021 </div><div class="ecl-timeline__title">Reports - EU sustainability reporting standards</div><div class="ecl-timeline__content"><p><a href="https://finance.ec.europa.eu/publications/reports-development-eu-sustainability-reporting-standards_en">EFRAG reports on development of EU sustainability reporting standards</a></p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-710721146"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">20 February 2020</div><div class="ecl-timeline__title">Consultation - Non-financial reporting</div><div class="ecl-timeline__content"><p><a href="https://finance.ec.europa.eu/publications/public-consultation-review-non-financial-reporting-directive_en">Public consultation on the review of the non-financial reporting directive</a></p><p>End date: 11 June 2020</p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-1879970894"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">20 February 2019</div><div class="ecl-timeline__title">Consultation - Non-financial reporting</div><div class="ecl-timeline__content"><p><a href="https://finance.ec.europa.eu/regulation-and-supervision/consultations/2019-non-financial-reporting-guidelines_en">Targeted consultation on the guidelines on reporting climate-related information</a></p><p>End date: 20 March 2019</p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-597633545"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">18 June 2019</div><div class="ecl-timeline__title">Guidelines - Non-financial reporting</div><div class="ecl-timeline__content"><p><a href="https://finance.ec.e0uropa.eu/publications/commission-guidelines-non-financial-reporting_en#climate" class="ecl-link ecl-link--icon ecl-link--icon-after ecl-link"><span class="ecl-link__label">Guidelines on reporting climate-related information</span><svg class="ecl-icon ecl-icon--xs ecl-link__icon" focusable="false" aria-hidden="true" xmlns:xlink="http://www.w3.org/1999/xlink"><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#external" /></svg></a>, which in practice consist of a new supplement to the existing guidelines on non-financial reporting, which remain applicable.</p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-2104456040"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">26 June 2017</div><div class="ecl-timeline__title">Guidelines - Non-financial reporting</div><div class="ecl-timeline__content"><p><a href="https://finance.ec.europa.eu/publications/commission-guidelines-non-financial-reporting_en">Guidelines to help companies disclose environmental and social information</a>. These guidelines are not mandatory, and companies may decide to use international, European or national guidelines according to their own characteristics or business environment.</p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-284834315"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">28 January 2015</div><div class="ecl-timeline__title">Consultation - Non-financial reporting</div><div class="ecl-timeline__content"><p><a href="https://ec.europa.eu/finance/consultations/2016/non-financial-reporting-guidelines/index_en.htm" class="ecl-link">Public consultation on non-financial reporting guidelines</a></p><p>End date: 15 April 2016</p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--collapsed" id="ecl-timeline-item-1984578103"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">22 October 2014</div><div class="ecl-timeline__title">Legislation - Non-financial reporting</div><div class="ecl-timeline__content"><p><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0095" class="ecl-link">Adoption of the Non-Financial Directive</a></p></div></div></li><li class="ecl-timeline__item ecl-timeline__item--toggle"><button class="ecl-button ecl-button--secondary ecl-timeline__toggle" type="button" data-ecl-timeline-button data-ecl-label-collapsed="Show 16 more items" data-ecl-label-expanded="Hide 16 items" ><span class="ecl-button__container"><span class="ecl-button__label" data-ecl-label="true">Show 16 more items</span><svg class="ecl-icon ecl-icon--xs ecl-icon--rotate-180 ecl-button__icon" focusable="false" aria-hidden="true" data-ecl-icon><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#corner-arrow"></use></svg></span></button></li><li class="ecl-timeline__item" id="ecl-timeline-item-1328703296"><div class="ecl-timeline__tooltip"><div class="ecl-timeline__tooltip-arrow"></div><div class="ecl-timeline__label">15 April 2014</div><div class="ecl-timeline__title">Frequently asked questions - Non-financial reporting</div><div class="ecl-timeline__content"><p><a href="https://ec.europa.eu/commission/presscorner/detail/en/MEMO_14_301" class="ecl-link">Disclosure of non-financial and diversity information by large companies and groups</a></p></div></div></li></ol> </div> <div class="ecl-u-mb-2xl"> <a id="paragraph_3796"></a> <div class="ecl"><h2 id="legislation">Relevant legislation</h2></div> </div> <div class="ecl-u-mb-2xl"> <a id="paragraph_3798"></a> <div class="ecl-accordion" data-ecl-auto-init="Accordion" data-ecl-accordion ><div class="ecl-accordion__item"><h3 class="ecl-accordion__title" id="paragraph-3798-0-title"><button type="button" class="ecl-accordion__toggle" data-ecl-accordion-toggle aria-controls="paragraph-3798-0-content" ><span class="ecl-accordion__toggle-flex"><span class="ecl-accordion__toggle-title">Corporate Sustainability Reporting Directive (CSRD) - 2022/2464/EU</span><span class="ecl-accordion__toggle-indicator"><svg class="ecl-icon ecl-icon--s ecl-accordion__toggle-icon" focusable="false" aria-hidden="true" data-ecl-accordion-icon><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#plus"></use></svg><svg class="ecl-icon ecl-icon--s ecl-accordion__toggle-icon" focusable="false" aria-hidden="true" data-ecl-accordion-icon><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#minus"></use></svg></span></span></button></h3><div class="ecl-accordion__content" hidden id="paragraph-3798-0-content" role="region" aria-labelledby="paragraph-3798-0-title" ><div class="ecl"><h3 id="csrd-basic">Basic information</h3><ul><li><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32022L2464" class="ecl-link">Text of the CSRD (2022/2464/EU)</a></li></ul><h3 id="csrd-tertiary">Delegated and implementing acts</h3><ul><li><a href="/regulation-and-supervision/financial-services-legislation/implementing-and-delegated-acts/corporate-sustainability-reporting-directive_en" class="ecl-link">Delegated and implementing acts to the CSRD</a></li></ul><h3 id="csrd-history">Legislative history</h3><ul><li><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52021PC0189" class="ecl-link">Original legislative proposal for the CSRD</a></li><li><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52021SC0150" class="ecl-link">Impact assessment accompanying the legislative proposal for the CSRD</a></li><li><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52021SC0151" class="ecl-link">Executive summary of the impact assessment accompanying the legislative proposal for the CSRD</a></li><li><a href="/publications/sustainable-finance-package_en#csrd" class="ecl-link">More on the legislative proposal for the CSRD</a></li><li><a href="https://ec.europa.eu/info/law/better-regulation/have-your-say/initiatives/12129-Corporate-Sustainability-Reporting_en" class="ecl-link">Legislative initiative on corporate sustainability reporting</a></li></ul></div></div></div><div class="ecl-accordion__item"><h3 class="ecl-accordion__title" id="paragraph-3798-1-title"><button type="button" class="ecl-accordion__toggle" data-ecl-accordion-toggle aria-controls="paragraph-3798-1-content" ><span class="ecl-accordion__toggle-flex"><span class="ecl-accordion__toggle-title">Non-Financial Reporting Directive (NFRD) - 2014/95/EU</span><span class="ecl-accordion__toggle-indicator"><svg class="ecl-icon ecl-icon--s ecl-accordion__toggle-icon" focusable="false" aria-hidden="true" data-ecl-accordion-icon><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#plus"></use></svg><svg class="ecl-icon ecl-icon--s ecl-accordion__toggle-icon" focusable="false" aria-hidden="true" data-ecl-accordion-icon><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#minus"></use></svg></span></span></button></h3><div class="ecl-accordion__content" hidden id="paragraph-3798-1-content" role="region" aria-labelledby="paragraph-3798-1-title" ><div class="ecl"><h3 id="nfrd-basic">Basic information</h3><ul><li><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0095" class="ecl-link">Text of the NFRD (2014/95/EU)</a></li><li><a href="https://eur-lex.europa.eu/legal-content/EN/LSU/?uri=CELEX:32014L0095" class="ecl-link">Summary of the legislation: Disclosure of non-financial and diversity information by large companies and groups</a></li></ul><h3 id="nfrd-transposition">Transposition by EU Member States</h3><ul><li>The NFRD was transposed by all EU Member states into their national law.</li><li><a href="https://eur-lex.europa.eu/legal-content/EN/NIM/?uri=CELEX:32014L0095" class="ecl-link">Transposition history of the NFRD by EU Member States</a></li></ul><h3 id="nfrd-history">Legislative history</h3><ul><li><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52013PC0207" class="ecl-link">Original legislative proposal for the NFRD</a></li><li><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52013SC0127" class="ecl-link">Impact assessment accompanying the legislative proposal for the NFRD</a></li><li><a href="https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52013SC0128" class="ecl-link">Executive summary of the impact assessment accompanying the legislative proposal for the NFRD</a></li></ul></div></div></div></div> </div> <div class="ecl-u-mb-2xl"> <a id="paragraph_3220"></a> <h2 class="ecl-u-type-heading-2">Related links</h2> <div class="ecl"><p><a href="https://finance.ec.europa.eu/sustainable-finance_en">Sustainable finance</a></p> <p><a href="https://efrag.org/" class="ecl-link ecl-link--icon ecl-link--icon-after"><span class="ecl-link__label">EFRAG (previously known as the European Financial Reporting Advisory Group)</span><svg class="ecl-icon ecl-icon--xs ecl-link__icon" focusable="false" aria-hidden="true" xmlns:xlink="http://www.w3.org/1999/xlink"><use xlink:href="/themes/contrib/oe_theme/dist/ec/images/icons/sprites/icons.svg#external" /></svg></a></p></div> </div> </div> </div> </div> </div> </article> </div> </div> </div> <div class="ecl-row"> <div class="ecl-col-s-12"> <div> <div id="block-ewcms-theme-socialshare"> <div class="ecl-social-media-share"> <p class="ecl-social-media-share__description"> Share this page </p> <script type="application/json">{"service":"share","version":"2.0","networks":["twitter","facebook","linkedin","email","more"],"display":"icons","stats":true,"selection":true}</script> </div> </div> </div> </div> </div> </div> </main> <div id="block-ewcms-theme-pagefeedbackform"> <script type="application/json">{"service":"dff","id":"h09CkBIN_dff_v2","lang":"en","version":"2.0"}</script> </div> <footer class="ecl-site-footer" 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