Future legal reporting requirements

5 Future legal reporting requirements

The EU Commission has taken a number of measures under the EU Action Plan on sustainable finance that give the financial sector a significant role in achieving the European Green Deal17. Information on companies’ sustainability risks and their impact on people and the environment are essential for a successful implementation of the deal. Therefore, a package of policy initiatives is intended to adapt existing legislation to the EU‘s climate targets. These include tightening up sustainability reporting, introducing a uniform standard for sustainability reporting and stricter due diligence requirements along the value chain. The following section provides an outlook on future legal requirements.

Timeline regulatory development over time

▪ First implementation of CSRD & SFRD & EU Taxonomy applying to capital market-oriented companies and financial service providers (FY 2021 + 2022).)

▪ Full application of CSRD & EU taxonomy applying to all large corporations as of FY 2023

▪ Taxonomy eligibility and alignment disclosures

▪ From 2025, the exemption for non-financial reporting will no longer apply.

▪ Application of CSRD & EU taxonomy for listed SMEs (FY 2026).

▪ EU Sustainable Corporate Due Diligence Directive, CSDDD

▪ Social Taxonomy

▪ Drafts are being processed at EU level.

Source: Wiener Börse