Verena Timmer introduces sustainability reporting at the GrønBusiness online breakfast
At the online breakfast Sustainability Reporting Compact organised by Grønbusiness and sponsored by interreg Deutschland-Danmark, Verena Timmer provided insights into why it makes sense to systematically engage with sustainability even beyond the reporting obligation.
Sustainable business is an important aspect of overcoming the global challenges of securing the basis of life for people and nature. Companies are faced with the challenge of meeting the increased demands of customers and business partners in the future and being competitive and sustainable. The aim of the German-Danish GrønBusiness project is therefore to promote social, ecological and economic sustainability and the transition to circular economy solutions in small and medium-sized enterprises (SMEs). GrønBusiness aims to address the limited resources of SMEs, develop practicable solutions and offer support for concrete action.
At the online breakfast Sustainability Reporting Compact, Verena Timmer gave an introduction to the latest developments and listed other benefits beyond reporting that companies receive when they become more sustainable. With sustainability reporting, the EU is introducing binding reporting standards. The Corporate Sustainability Reporting Directive (CSRD) will bring new obligations for companies in the area of sustainability reporting from the 2024 financial year.
The reporting obligation is mandatory and is to be integrated into the company’s management report. The framework is already known: The European Sustainability Reporting Standards (ESRS) specify a double materiality analysis to determine the relevant sustainability topics. This includes the identification of material impacts, risks and opportunities in connection with the company’s sustainable activities, both at the site and along the value chain. Implementing the requirements requires comprehensive data collection processes.
Mrs. Timmer gave practical tips to help companies take a strategic and systematic approach to sustainability and provided information on important milestones towards a more sustainable way of doing business. In this way, companies can see the reporting obligation not just as a necessary evil, but as an opportunity to actively address sustainability. Because only if performance is not only measured but also improved can companies act as socially responsible actors and help to actively tackle global challenges.
By utilizing corsus’ expertise, many clients have already gained advantages in navigating through various legal requirements. Do you need support in fulfilling your reporting obligations under CSRD or LkSG (LkSG (Supply Chain Due Diligence Act) or CSDDD (Corporate Social Due Diligence Directive)) or CSDDD (Corporate Social Due Diligence Directive)? Then please contact us.