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EuropeanIssuers, the pan-European Association representing publicly quoted companies, unveils today its first “Report on CSRD Implementation – Key Findings from European Listed Companies on the Implementation of the Corporate Sustainability Reporting Directive (CSRD)” on the occasion of the Sustainability Reporting conference in Brussels.
Luc Vansteenkiste, Chairman of EuropeanIssuers and Board member of the EFRAG Sustainability Reporting Board, commented: “The journey toward fully realising the potential of the CSRD is one of both complexity and opportunity. I hope this report serves not only to highlight areas requiring attention but also to inspire continued progress. The dedication shown by companies thus far is a strong foundation for achieving our shared goal: a more sustainable and transparent future for Europe.”
The Report is the outcome of a survey conducted by EuropeanIssuers across 2024, gathering responses from 144 listed companies across Europe. The results reveal significant challenges in the implementation of the CSRD. The document underscores the difficulties faced by companies, driven by delays in national transposition procedures, legal uncertainty, and complex requirements.
Responses shed light on widespread difficulties in the preparation of Double Materiality Assessments and Value Chain reporting. Both processes require extensive data collection and trigger methodological uncertainties, which places a further burden on companies’ resources.
Assurance of sustainability information further emerges as an item of concern. Issuers reported rising assurance costs, limitations in resources, and an expertise gap amongst auditors. This aspect is further exacerbated by differing national practices, which arise amidst the lack of EU-wide assurance standards.
In addition, the lack of uniformed transposition of the Directive across EU Member States has also been signalled as a serious issue for preparing companies due to greater uncertainties.
Amidst these obstacles, the findings showcase the considerable strides companies are making. Businesses across Europe are dedicating substantial resources and innovative approaches to meet the directive’s requirements.
The present Report serves as the first step of a long-term monitoring and consultation effort undertaken by EuropeanIssuers with its Members with regards to sustainability reporting.
EuropeanIssuers remains committed to a successful implementation of the CSRD (and the European Green Deal as a whole) by supporting a pragmatic and consistent approach vis à vis specific regulatory obligations in line with its “Key Messages for the New Legislative Cycle (2024-2029)”, and looks forward to continued consultation with EU institutions and authorities.
To read the Full Report, click here.