Date: 12th October, 2021 at 2pm BST
In April of this year, the European Commission issued proposed changes to sustainability reporting requirements in the form of the Corporate Sustainability Reporting Directive (CSRD). The changes will be far-reaching and affect almost 50,000 large and listed businesses in Europe. The proposals aim to improve the quality and comparability of non-financial disclosures to support the Commission’s stated aim of directing more investment towards sustainable economic activities.
Another objective is to establish greater accountability to a wide range of societal stakeholders. One of the ways in which this will be achieved is a “double materiality” analysis, through which companies will be asked to demonstrate an understanding not only of the impacts of ESG issues on their business performance (“financial materiality”), but also the impacts of the business on society and the environment (“impact materiality”).
In EFRAG*’s latest publication, we have some indications of how companies will be required to approach a double materiality analysis. But how will this work in practice? How might companies gather a rounded view of their dual impacts in a way that is time and resource efficient?
Join Corporate Citizenship and guest panellists for a discussion on double materiality, what it means for companies and how it moves things on from existing approaches to materiality. We will be sharing an overview of what we know so far, and exploring what future standards may reveal. Guest speakers will also share their views on the evolving landscape.
* European Financial Reporting Advisory Group