The EU’s Corporate Disclosure Requirements Risk Being Toothless — 3 Things The Commission Must Do
, are a central piece of the European Green Deal and the European ambition to move to a carbon neutral economy by 2050. They will allow companies to better communicate to their stakeholders on the environmental and social risks and impacts they face. The European standards are a groundbreaking initiative from the Union, as they are more ambitious in scope and depth compared to similar international standards currently under development.
The removal of the mandatories of this core set of standards would re-introduce “business as usual” practices and entirely leave it up to companies to decide whether to report or not on critical and universally material information, such as their GHG emissions or the composition of their own workforce. This would be worsened by the newly introduced possibility for the undertaking to omit entire topics without providing any justification.
In addition, companies under the scope of the Directive and with less than 750 employees must already collect and possess basic information such as data on their own workforce. Therefore it is reasonable, and in line with the spirit of the CSRD, for them to make it transparent and publicly available.We are concerned about the Commission’s proposal to make some disclosure requirements voluntary.
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