EXPERT EYE

From January 2024, many organisations will be subject to new environmental and social reporting requirements. Olga Rivas, Sustainability Specialist at LRQA, outlines how businesses can prepare ahead of EU Corporate Sustainability Reporting Directive implementation

Written by Olga Rivas, Sustainability Specialist at LRQA

Consumer trust drives business success. After all, no customers mean no business. Building brand reputation is therefore at the core of any successful business and this extends to the ever-intensifying spotlight on sustainability claims. There now exists a ‘prove it’ culture, cultivated by global media which exposes those brands that slip up. Consequently, organisations face renewed impetus to back up their green commitments, particularly as current approaches could lead to further scrutiny from investors.

As demand for substantiated commitments increases, seeking independent third-party verification can help drive credibility and confidence from both customers and stakeholders. While organisations are showing awareness of the need to measure and manage their pledges, many are relying on self-verification, which is difficult to monitor and report accurately.

An international survey[1] of more than 1,100 sustainability professionals across 11 countries and 13 industries, found that only 46 percent are having their data and information independently verified. Any sign of a lack of transparency could have significant consequences, such as a downturn in investor confidence and customer trust.

Independent verification is increasingly being regarded as an essential tool for global organisations to show themselves as following best practice in pursuing transparency, trust and supply chain visibility. In fact, global organisations which, although not government or industry, are credible, well-renowned and thus very powerful, are becoming a voice of endorsement for such verification. In some cases, organisations are often named and shamed for not having their data and information independently substantiated.

This notion is mirrored in government policy and regulation on a global scale. Businesses under the Non-Financial Reporting Directive (NFRD) must disclose non-financial information to provide greater business transparency and increase accountability on social and environmental issues.

Over the last few years, the

environmental, social, and corporate governance (ESG) elements of the NFRD have evolved. However, the European Commission (EC) stance is that these changes do not go far enough. This dual approach from industry and government means evidence-based claims are the future.

The EC argues that current regulations do not provide a standardised approach to the collation of data. This inconsistency means the users of the data and information – whether it be investors or other stakeholders – can’t compare. Therefore, the incoming proposal for the Corporate Sustainability Reporting Directive (CSRD) is about aligning this process and the way data is reported.

The changes will immediately impact those companies currently covered by the NFRD. They will need to report on 2024 data with a view to submit data in 2025. At present, the NFRD only covers about 12,000 large organisations across Europe. However, while the NFRD primarily impacts larger organisations, the draft CSRD will not be restricted to just financial auditors and could cover around 50,000 companies of varying sizes. To make up this figure, medium major deficiencies are highlighted in the management system, a period of consolidation and maturity is vital.

sized companies will be working to a deadline of 2026; the final stage of implementation is for non-EU companies, who must submit data by 2027. Any companies registered on the European market, or those nonEuropean companies with a European branch that is of significant size, will also be required to comply.

With the first cohort of organisations due to start gathering data from 1st January 2024, businesses need to act now to implement suitable systems and processes. Worryingly, almost all (93 percent) of the sustainability leaders surveyed in the report – Climate Focus – identified at least one internal barrier to achieving their environmental sustainability targets. A lack of knowledge, resourcing, complexity and cost were all cited as problematic. This is where it’s valuable to review existing processes. Prior to verification, undertaking a GAP analysis is a valuable exercise for understanding where the existing management system sits in terms of compliance. In doing so, organisations can identify what remedial action – if any – needs to be taken. Businesses should ask themselves if they are prepared for the new directive. If any

From a wider point of view, companies will need to shift their thinking and focus. All team members must be engaged to enable successful collection, reporting and verification of data. It will require collaboration from the entire workforce. With this in mind, organisations must consider what this looks like from an organisational planning perspective. More specifically, is there anything that needs to change about current data collection methodologies?

With 1st January 2024 marking the start line for data collection, it’s crucial that organisations understand how the CSRD will affect them. Overall, those who start reviewing their existing strategies, methodologies, and processes will give themselves a head start in the race for third party verification.

To find out more about how businesses can prepare, please visit:

Olga has 22 years’ experience advising and auditing businesses on environmental issues, energy safety and health risks, as well as driving management systems and cultural change. This includes extensive senior level engagement with large companies on climate change, energy, sustainability verification and certification.

Writer: Ed Budds

Like the crushing, inescapable inevitability of England’s demise, in what is sure to be yet another heart-wrenching chapter in a storied history of footballing failure, most likely at the hands of the cruel mistress that is the penalty shootout, the 2022 FIFA World Cup fast approaches.

Scheduled to be held in Qatar later this month, the 2022 FIFA World Cup has not arrived without numerous controversies and significant speculation over a range of cultural, political and environmental issues. However, it will also represent a series of ground-breaking firsts for this gigantic and historic culmination of footballing excellence.

The 22nd edition of the iconic tournament, the quadrennial international men’s football championship, contested by the top national teams of the member associations of FIFA, will be the first World Cup ever held in the Arab world, and only the second World Cup held entirely within Asia, following the 2002 tournament in South Korea and Japan.

It will also be a unique iteration, since Qatar’s intense and punishing summer heat means that this World Cup is the very first to be held during the cooler winter months.

The first match played at the tournament features the hosts Qatar taking on Ecuador at Al Bayt Stadium,

Al Khor on 20th November.

Leading global technology company, vivo, has been announced as the official smartphone of the 2022 FIFA World Cup, and even more prestigiously, the only official tournament sponsor in the entire smartphone industry.

The company’s new flagship product and futuristically designed foldable device, the X Fold+, was previously launched in mainland China in conjunction with FIFA’s 118th anniversary. It is the first official foldable smartphone and will play a crucial role during matches to provide support for the preparation and staging of the event, and ensure the smooth running of all processes.

As the exclusive, official smartphone sponsor, vivo aims to connect international football fans who are as passionate about the beautiful game as vivo is, through its industry-leading smartphone technology, which will be front and centre throughout the entirety of the competition.

Having signed a six-year sponsorship agreement with FIFA in 2017, this year’s highly anticipated event in Qatar will be the second World Cup vivo has sponsored, having previously partnered with the 2017 FIFA Confederations Cup, the 2018 FIFA World Cup in Russia, and the 2021 FIFA Arab Cup in Qatar. In terms of other major football events, vivo also sponsored the 2020 UEFA European Football Championship, further evidence that vivo is unwaveringly committed to supporting the global development of the sport through its various sponsorships and partnerships.

As one of the oldest sports still in existence, football is infinitely popular around the world. Its very essence embodies the crucial

nature of teamwork to achieve one common purpose in pursuit of victory. Regardless of race, gender, and age, football has always had the power to bring people from different cultural backgrounds closer together to build strong connections and break barriers. vivo embarked on its vast globalisation journey in 2014 and now covers more than 60 countries and regions across the globe. Having always adhered to consumer orientation, vivo is consistently committed to using innovative technology to provide excellent smartphones and other products for its users around the world.

Together, with the World Cup’s expected global audience of five billion viewers and over 400 million active vivo users worldwide, the two partners are looking forward to connecting with audiences around the globe through the shared passion for football.

There is an unwavering belief held at vivo, that the development of sports and technology can share a similar philosophy – this is the ability to empower people to live better lives through continuous breakthroughs and innovations.

Through its sponsorship, vivo looks to play an integral role in helping FIFA host a truly open and inclusive event for all.

Spark Ni, Senior Vice President and Chief Marketing Officer at vivo, recently described how, “football has the power to bring people together. vivo believes that innovation can help football fans build a community and share exciting World Cup experiences with everyone across the globe, whether they are watching the games at a football stadium or enjoying the experience from afar.”

During the World Cup, vivo will provide industry-leading flagship smartphones to FIFA staff to help them complete their preparations

– SPARK NI, SENIOR VICE PRESIDENT AND CHIEF MARKETING OFFICER, VIVO

DOHA, QATAR: Al Janoub Stadium in Al Wakrah is the second among the eight stadiums for the 2022 FIFA World Cup in Qatar, after the renovation of Khalifa International Stadium

with cutting-edge technologies to ensure the hosting of a successful event.

As the only official sponsor of the World Cup in the smartphone industry, vivo would like to invite global users and football fans to record wonderful moments that will spread happiness among family and friends.

vivo will also unleash the #vivogiveitashot campaign during the competition to celebrate the event. Through this exciting new campaign, vivo hopes to recreate the most beautiful and impressive moments from the action, as well as the view from the stands and the World Cup village, with a theme of displaying the courage of people who tackle challenges head-on. The company envisages this campaign as giving people across the globe the power to express themselves through their love of football and the World Cup.

This tournament certainly promises to be a unique one but also holds the potential to be a truly transformative and extremely memorable event.

FIFA World Cup Qatar 2022 Official Countdown Clock at the Doha Corniche