On 29th April 2022, the European Financial Reporting Advisory Group (EFRG) launched the public consultation process to draft the ‘first set’ of EU Sustainability Reporting Standards (ESRS).
The Corporate Sustainability Reporting Directive (CRD) draft was submitted before the deadline of 8th August 2022 and included the application for the future ESRS.
The draft covers the following standards on environmental topics, social topics and governance topics, as well as standards on cross-cutting topics.
Following the adoption of the CSRD at EU level by 31st October 2022 at the latest, the directive
must be transposed into national law by 1st December 2022 for it to take effect for companies.