Corporate Sustainability Reporting Directive
Preparing for non-financial reporting
The importance of sustainability reporting
Sustainability reporting enables companies to assess and share their current position in terms of economic, social and environmental dimensions.
By publishing these reports, companies update stakeholders on their progress in these areas, detailing completed actions and upcoming initiatives to continuously advance and achieve set goals. This reporting can be done voluntarily, but for some businesses is also (becoming) mandatory.
The Corporate Sustainability Reporting Directive (CSRD) requires that EU businesses must report on the social and environmental impact of their activities and initiatives, provided they fulfil at least two of the following conditions:
- over 250 employees
- over €40 million annual turnover
- or more than €20 million on the balance sheet.
This directive enhances transparency, enabling consumers and stakeholders to assess EU firms’ sustainability efforts and make informed decisions based on the data published. Aligned with Europe’s ambitions to mitigate climate risks and improve its environmental footprint, the CSRD complements the EU’s 2050 climate-neutrality approach and European Green Deal initiatives. For the superyacht industry, embracing these principles will help drive innovation and meet the expectations of stakeholders.
For companies already required to report under the Non-Financial Reporting Directive (NFRD), the obligation to file under the CSRD has taken effect as of 1 January 2024. Beginning in 2025, this requirement will extend to large companies that do not have to report under the NFRD.
Sustainability Reporting Guidelines
For companies that want to report voluntarily or smaller companies seeking proactive measures ahead of obligatory requirements, we have developed Sustainability Reporting Guidelines specific to the yachting sector together with our strategic partner Centre for Sustainability & Excellence (CSE).
These guidelines will equip your company with insights into what is needed to report on its sustainability progress and begin the process internally. With this tool, you can prepare for official reporting and advise on the necessary data to collect for evaluating your current sustainability performance. Gathering this information will be crucial given the expected obligations to publicly disclose details under the CSRD directive.
Based on the themes covered under Directive 2014/95/EU (NFRD), we created three contexts with questions that can be answered to prepare yourselves.