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In the latest edition of our ESG Policy Digest, we cover a wide range of policy tools and solutions emerging worldwide to power sustainability-driven capital markets. At the international level, the Global Reporting Initiative (GRI) and the Taskforce on Nature-related Financial Disclosures (TNFD) are refining reporting standards with an #interoperability mapping resource to support alignment across both frameworks. Meanwhile, the International Accounting Standards Board (IASB) have proposed adding eight illustrative examples to the International Financial Reporting Standards (#IFRS) as guidance to support consistency in the reporting of climate-related uncertainties in financial statements. These global regulatory updates reflect significant advancements at both international and domestic level in #sustainability #reporting standards and frameworks, addressing emerging challenges around practical implementation. Although standards and regulations may vary on the basis of ambition, there remains continued emphasis on achieving a common reference point to promote interoperability across the sustainability reporting landscape. Read the latest ESG Policy Digest here: https://lnkd.in/ey3HFNzu #ESGPolicyDigest #Newsletter #ESGBook

🌍 Exciting Developments in #ESG Reporting Standards! 🌍 The ESG reporting landscape is witnessing a significant shift towards greater consolidation and standardization. Here are the key developments: 🏛️ International Sustainability Standards Board (ISSB) launches global baseline standards, bringing CDSB and VRF (including SASB) under one roof. 🤝 Global Reporting Initiative (GRI) and the CDP are working together to streamline sustainability reporting.  🌐 FSB Task Force on Climate-related Financial Disclosures (TCFD) recommendations are now part of ISSB standards, with IFRS taking the wheel from January. 🇪🇺 The EU’s #CSRD aligns with global standards such as those from the ISSB and GRI. 🇬🇧 The UK is developing its own Sustainability Disclosure Standards (#SDS), closely aligned with international frameworks like ISSB and TCFD At Sphera, we're here to guide you through these ESG changes. Our services and software make it easy to adapt to new standards, stay compliant, and boost your sustainability efforts. Let's make your ESG reporting simpler and more effective! 🌱

🚀 New Blog Post Alert: CSRD Timeline – What Should You Report And When? 🚀 Following our first blog post, we’re thrilled to share our next one on the Corporate Sustainability Reporting Directive (CSRD), a major update to EU sustainability reporting. The CSRD, replacing the Non-Financial Reporting Directive (NFRD), requires detailed ESG disclosures using a 'double materiality' approach. Key updates include mandatory third-party assurance and digital reporting in XBRL International, Inc. format, as mandated by the European Commission and EFRAG (European Financial Reporting Advisory Group). The compliance timeline is phased: starting January 1, 2024, for large public-interest entities, expanding to more large companies by January 1, 2025, including listed SMEs from January 1, 2026, and full implementation by January 1, 2028. It's essential for organisations to familiarise themselves with these requirements and prepare their ESG reporting strategies. 📖 Discover more in our blog: https://lnkd.in/dt8mFY_h #CSRD #SustainabilityReporting #ESG #CorporateGovernance #XBRL #ESRS #NFRD

A very clear and concise picture showing how different standards are related to each other.

#ESMA on #CSRD #Sustainability #ESG (the corporate reporting and the risk management & internal control 𝗿𝗲𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻 in progress…) ~~ 𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝗰𝗼𝗺𝗺𝗼𝗻 𝗲𝗻𝗳𝗼𝗿𝗰𝗲𝗺𝗲𝗻𝘁 𝗽𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝗲𝘀 𝗳𝗼𝗿 𝟮𝟬𝟮𝟰 𝗰𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴. ~~ OBJECTIVE of Document “The European Securities and Markets Authority (ESMA) issues its annual Public Statement setting out the European common enforcement priorities (ECEP) for the 2024 annual financial reports of issuers admitted to trading on European Economic Area (EEA) regulated markets. ESMA, together with national enforcers in the EEA (enforcers), will pay particular attention to these areas when examining the application of the relevant reporting requirements. In addition, enforcers will continue to focus on other entity-specific issues. Based on the examinations performed, enforcers will take enforcement actions whenever material misstatements are identified and ESMA will subsequently report on their findings. In addition to these European priorities, enforcers may also set national priorities. ESMA underlines 𝘁𝗵𝗲 𝗿𝗲𝘀𝗽𝗼𝗻𝘀𝗶𝗯𝗶𝗹𝗶𝘁𝘆 𝗼𝗳 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗮𝗻𝗱 𝘀𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗼𝗿𝘆 𝗯𝗼𝗱𝗶𝗲𝘀 of issuers as well as the importance of 𝘁𝗵𝗲 𝗼𝘃𝗲𝗿𝘀𝗶𝗴𝗵𝘁 𝗿𝗼𝗹𝗲 𝗼𝗳 𝗮𝘂𝗱𝗶𝘁 𝗰𝗼𝗺𝗺𝗶𝘁𝘁𝗲𝗲𝘀 to: • ensure the overall internal consistency of the annual financial report, • implement and supervise internal controls, and • ultimately contribute to high-quality annual financial reports. 𝗘𝗦𝗠𝗔 𝘂𝗿𝗴𝗲𝘀 𝗶𝘀𝘀𝘂𝗲𝗿𝘀, 𝗮𝗻𝗱 𝘀𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗼𝗿𝘆 𝗯𝗼𝗱𝗶𝗲𝘀 𝘁𝗼 𝗰𝗼𝗻𝘀𝗶𝗱𝗲𝗿 𝘁𝗵𝗲 𝘁𝗼𝗽𝗶𝗰𝘀 𝗿𝗲𝗰𝗼𝗺𝗺𝗲𝗻𝗱𝗮𝘁𝗶𝗼𝗻𝘀 𝗶𝗻𝗰𝗹𝘂𝗱𝗲𝗱 𝗶𝗻 𝘁𝗵𝗶𝘀 𝗣𝘂𝗯𝗹𝗶𝗰 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁 𝘄𝗵𝗲𝗻 𝗽𝗿𝗲𝗽𝗮𝗿𝗶𝗻𝗴, 𝗮𝘂𝗱𝗶𝘁𝗶𝗻𝗴 𝗮𝗻𝗱 𝘀𝘂𝗽𝗲𝗿𝘃𝗶𝘀𝗶𝗻𝗴 𝘁𝗵𝗲 𝟮𝟬𝟮𝟰 𝗮𝗻𝗻𝘂𝗮𝗹 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗿𝗲𝗽𝗼𝗿𝘁𝘀. These recommendations should be taken into account in light of their 𝗺𝗮𝘁𝗲𝗿𝗶𝗮𝗹𝗶𝘁𝘆 𝗮𝗻𝗱 𝗿𝗲𝗹𝗲𝘃𝗮𝗻𝗰𝗲 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗶𝘀𝘀𝘂𝗲𝗿'𝘀 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀 𝗮𝗻𝗱 𝗮𝗻𝗻𝘂𝗮𝗹 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗿𝗲𝗽𝗼𝗿𝘁.”

📢 EFRAG Publishes ESRS Set 1 XBRL Taxonomy, marking a big step toward machine-readable sustainability statements. This development is crucial as it lays the groundwork for digital ESG disclosures to become mandatory in near future. Once ESMA develops the necessary Regulatory Technical Standards (RTS) and the European Commission signs off, this taxonomy will enable companies to tag their financial and environmental data in a standardised, machine-readable format. Patrick de Cambourg, Chair of the EFRAG SRB, emphasised the importance of starting digital ESG disclosures early, stating: "Let us not miss the opportunity to start with digital ESG disclosures from day one – because this is what users want." Why consider early adoption? We at CtrlPrint believe that adopting digital ESG reporting now will enable your business to: Increase transparency & credibility: Improve trust with investors and stakeholders. Meet future regulations early: Stay ahead of the curve before it becomes mandatory. Streamline reporting processes: Simplify your data management with standardised tagging. Unlock new opportunities: Enhance your sustainability strategy and investor relations. Are you planning to adopt early? 🚀 Share your thoughts and let us know why you think early adoption is the right move for your business! #XBRL #ESG #CorporateReporting #Sustainability #Compliance #DigitalReporting #EFRAG #ESMA

🚨 #ESMA urges transparency in #ESG reporting! 🚨 ESMA calls for clear disclosures on the use of transitional reliefs under the #CSRD. Highlights include: · Phased-in reporting for companies with <750 employees. · Transparency on omitted material topics. · Guidance on value chain disclosures and data limitations. · Full clarity on double materiality assessments. Stay tuned w/ Workiva for sustainability reporting practices review and upcoming recommendations. #SustainabilityReporting #ESMA #Transparency #GreenFinance #CSRD Source: https://lnkd.in/dwsD8ePv

📣 ESMA releases guidance for large issuers to support the initial application of ESRS for sustainability reporting 👇 On July 5, 2024, the European Securities and Markets Authority (ESMA) issued the public statement "Off to a good start: first application of ESRS by large issuers" with guidance to assist with the initial application of the European Sustainability Reporting Standards (ESRS). ESMA's guidance is specifically tailored for companies publishing their sustainability reports for the first time in 2025. The statement highlights five key aspects crucial for the preparation of high-quality sustainability reports: ✅ Establishing governance arrangements and internal controls that can promote high-quality sustainability reporting ✅ Properly designing and conducting the double materiality assessment and being transparent about it ✅ Being transparent about the use of transitional reliefs ✅ Preparing a clearly structured and digitisation-ready sustainability statement ✅ Creating connectivity between financial and sustainability information ESMA emphasizes the need for issuers to engage in continuous training on ESRS and use available support materials from the European Commission and EFRAG. They should also engage in dialogue with industry peers, auditors, and independent assurance providers. Please note: This guidance is aimed at large listed issuers and does not cover Article 8 of the Taxonomy Regulation. ESMA will publish its European Common Enforcement Priorities, including those for sustainability reporting, later in 2024. #esrs #csrd #esgreporting

The European Securities and Markets Authority (ESMA) has published its 2024 Enforcement Priorities for corporate reporting, underscoring key areas for firms to consider, especially regarding sustainability statements and materiality under the Corporate Sustainability Reporting Directive (CSRD). With the CSRD’s Double Materiality Assessment requirement, firms must carefully assess both the financial and impact aspects of materiality as a foundation for their sustainability disclosures. ESMA highlights that firms should provide transparency on the process used to identify material topics, covering: 💡 Key activities, business relationships, and geographies considered 💡 Stakeholder engagement and prioritisation process, including full transparency on how key stakeholders are identified 💡 Objective evidence wherever possible, using quantitative information to substantiate the materiality of impacts, risks, and opportunities (IROs) 💡 To improve the usability of these disclosures, ESMA recommends a clear content index linking all required Disclosure Requirements, with page references and a summary of any EU-specific datapoints. As firms prepare their 2024 sustainability statements, it is crucial to tackle this dual-lens materiality assessment with a robust and comprehensive approach to ensure compliance with the EU's stringent requirements. From prioritizing comprehensive stakeholder engagement to ensuring detailed disclosures for materiality assessment methodologies and identified material topics, alignment with ESMA’s guidance on ESRS standards demands both diligence and precision. Our in-house ESG team is here to support companies in navigating these complexities. If your firm needs assistance ensuring full compliance and clarity, reach out to our Head of ESG, Coralie Nelson. #ESMA #ESG #CSRD #Stakeholder #EU

Sustainability Reporting and Regulations can be overwhelming, but here are some fast facts: - Today, 71 stock exchanges worldwide provide ESG disclosure guidance—up from just 13 in 2015. - 27 markets have mandatory rules for ESG reporting, with 16 in emerging markets (UN Sustainability Stock Exchanges database). The key takeaway: Companies need to start measuring their emissions. Reporting language and qualitative requirements may vary by geography, but these 7 disclosures are shaping the markets: 1. IFRS Foundation Sustainability Disclosure Standards – Focus on sustainability risks and opportunities material for investors. These standards are being gradually adopted worldwide. 2. Global Reporting Initiative (GRI) Standards – Provide a broad view of material topics, impacts, and management. 3. European Sustainability Reporting Standards – Cover governance, strategy, risks, impacts, and metrics. 4. Integrated Reporting Framework – Communicates how strategy, governance, and performance create or erode value over time. 5. SASB Standards – Disclose industry-specific, material sustainability information to investors. 6. US SEC Climate Disclosure Rules – Require companies to report climate-related information in registration statements and annual reports. 7. FSB Task Force on Climate-related Financial Disclosures (TCFD) Recommendations – Help investors assess climate-related risks and opportunities. Highly recommend checking this source curated by IFC - International Finance Corporation and Beyond The Balance Sheets - https://lnkd.in/dKE_KhAn #sustainabilityReporting #resources