The European Parliament ratified today the agreement on the requirements for companies' sustainability reports, including new social factors such as disability, as Servimedia has informed

The European Parliament adopted this Thursday the final text on the European Directive on corporate sustainability reporting (CSRD). The new Directive, which is part of the so-called Sustainable Finance Agenda, sets new information and reporting requirements that a very significant number of companies operating in the EU must meet, from 2024 onwards, with subsequent implementation timelines linked to various company’ characteristics. Furthermore, companies will be obliged to certify the information published by an independent accredited auditor or certifier. The Directive also sets the use of common European Sustainability Reporting Standards (ESRS), being developed by EFRAG and expected to be adopted by June 2023.

A list of reporting factors is established in the Directive, broadly referring to the environmental, social and governance aspects. Within the social dimension, new elements to be highlighted include the reference to employment and inclusion of persons with disabilities as well as to the UN Convention on the Rights of Persons with Disabilities, which is recognized as one of the international human rights frameworks and treaties.

People with disabilities represent more than 1 billion people in the world, almost over 100 million citizens in the EU.

All these new requirements in the reporting legislation make even more evident the importance of the comprehensive triple Environmental, Social and Governance (ESG) focus on Sustainability. In particular, reinforcing the Social aspects as well, in alignment with key instruments such as the European Pillar of Social Rights, or the 2030 Agenda and the SDGs, where persons with disabilities are expressly recognized.

As a result of its adoption by the European Parliament today, the Directive will be endorsed by the Council on 28 November, clearing the way for its publication in the Official Journal of the EU. After its publication, Member States will have 18 months to transpose it into their national legislation.