ESG Reporting – preparation in times of change

While the first wave of companies have already completed the first reporting period and published their sustainability reports for 2024 in accordance with the requirements of the CSRD Directive, EU Taxonomy and ESRS standards, the regulatory rules for the second wave are currently undergoing revision. 

This course responds to the proposed changes and reflects the situation of companies that need to orient themselves and decide how to approach ESG reporting regarding the expected amendments of: 

• The scope of entities for which reporting under the CSRD will be mandatory,
• The time frame of the obligations,
• Standards that will govern the preparation of the sustainability reports.

Although the future form of the regulation will develop in the next few months and the outcome cannot be predicted with certainty, it is appropriate to consider now what options are available to companies. The course will present facts and assumptions that will facilitate decision-making and planning of preparation, and at the same time explain the basics of working with the reporting standards. 

This course is suitable for:

• Company representatives who will be deciding on the approach to ESG reporting depending on the current and future legal regulations,
• Participants who will coordinate or cooperate in the preparation of mandatory (or voluntary) ESG reporting to meet the requirements of ESG regulations – CSRD and ESRS,
• Auditors who will provide assurance on their clients' sustainability reports and need to navigate in the changing regulations.

• CSRD Directive and Omnibus proposal: 
  • Comparison between the current regulation and the proposed changes to reporting obligations,
  • Main changes presented in the Omnibus proposal (change in criteria for entities in scope, change in timing, types of standards),
  • Sources of information for monitoring further development of the proposed changes,
  • Practical implications for the reporting preparation process,
  • Examples of published reports for 2024.

• VSME – voluntary standard for small and medium-sized enterprises (some enterprises of the original second wave):
  • Main differences compared to the 1st set of standards for large enterprises,
  • Voluntary use, expectations of financial institutions and large customers,
  • Orientation in the structure, principles of application (basic & comprehensive module),
  • Overview and explanation of requirements.

• ESRS standards (1st set) – first wave companies and large companies according to the new criteria:
  • Orientation in the structure, tips for understanding and working effectively with the standards,
  • Standard ESRS 1 – reporting principles, basic concepts, structure of the reports (double materiality, value chain, stakeholders, due diligence), 
  • Standard ESRS  2 – areas of mandatory disclosures (governance, strategy and business model, stakeholders, management of sustainability matters), 
  • Topical standards – what matters they address, what information to use and how to write about them (analysis, strategies, policies, actions, targets, metrics)
    • Environmental standards ESRS E1 – E5,
    • Social standards ESRS S1 – S4,
    • Governance standard ESRS G1.