Sustainability reporting: phiyond guides you through the new standards

The European Union (EU) is setting new, binding standards for sustainability reporting. For tens of thousands of companies in Europe, sustainability performance will be a mandatory part of annual reporting in the future. As a transformation facilitator, phiyond is helping medium-sized companies and family businesses implement the new standards.

One step closer to a sustainable economy in the EU: At the end of July, the European Commission published the first set of so-called European Sustainability Reporting Standards (ESRS). Provided there are no objections from the European Parliament and the Council of the European Union, the standards will officially come into force in the near future. They are to be applied by all companies that are subject to the EU’s Corporate Sustainability Reporting Directive (CSRD), which came into effect in January 2023. Some 50,000 companies in the EU, including medium-sized companies, are required to report under the CSRD; in Germany that number is around 15,000.

ESG Reporting

The new standards cover a wide range of environmental, social and governance issues (ESG). For example, they provide investors with publicly available information to understand the sustainability impacts of the businesses they invest in. In the ESG reports published by companies, interested parties can find non-financial information about CO2 emissions, the use of resources, supply chains and human rights or working conditions in the company.

Are you ready for reporting?

What company data should now be listed in an ESG report? How is a materiality analysis carried out? What specific measures can be taken as part of a sustainability strategy to create positive effects on the environment, society and corporate management? And how is the sustainability data integrated into the management report?

With the CSRD Readiness Check, phiyond can determine the “maturity” of the existing company procedures – including all processes, responsibilities, data and documents – in relation to the CSRD/ESRS requirements and develop a “fit for reporting” implementation plan. phiyond helps companies meet the requirements of stakeholders and, at the same time, make the business model sustainable.

ESG, it’s easy as 123

phiyond helps you through the transformation to a sustainable economy. Like no other consultancy, phiyond understands the regulatory processes – and can also act as a systemic transformation guide for companies.

Contact: Nikolas Bradford, Partner, Head of phiyond by adelphi