The world of corporate reporting is undergoing a major transformation, and Environmental, Social, and Governance (ESG) considerations are now at the heart of financial and non-financial disclosures.
In Ireland, businesses are increasingly required to integrate sustainability measures into their reporting processes due to evolving regulations such as the Corporate Sustainability Reporting Directive (CSRD).
While some companies see ESG reporting as a compliance burden, the reality is that it presents significant opportunities for business resilience, competitive advantage, and stakeholder confidence.
Understanding CSRD and Its Impact on Irish Businesses
What is CSRD and Why Does It Matter?
The CSRD, which came into effect in January 2023, expands sustainability reporting requirements for businesses across the EU, including Ireland. It replaces the Non-Financial Reporting Directive (NFRD) and introduces more detailed reporting obligations aligned with the European Sustainability Reporting Standards (ESRS).
Key changes under CSRD include:
A broader scope, applying to large companies first and eventually to SMEs in the coming years.
A requirement for third-party assurance (auditing) of ESG disclosures.
Mandatory reporting on environmental impact, social responsibility, and governance structures.
A stronger focus on how sustainability affects financial performance and vice versa.
Many Irish businesses, particularly SMEs, may assume they are not affected by these new rules. However, ESG reporting has a ripple effect throughout the supply chain, and businesses of all sizes will need to adapt.
This blog series is designed to help Irish businesses navigate ESG reporting with confidence. Stay tuned for deeper dives into specific reporting requirements, value chain impacts, and practical implementation strategies in upcoming articles.
Stay tuned and start your ESG journey today!
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