ESG 31 January, 2024

CSRD in 2024: Here is what requires your attention 

Crowe Peak/ Knowledge Hub/ ESG/

CSRD in 2024: Here is what requires your attention 

For many companies, the Corporate Sustainability Reporting Directive (CSRD) might still feel like a distant concept. However, its obligations are closer than you may realize. By the financial year 2024, some organizations will already be required to report in accordance with this directive. Also, companies that will fall under the CSRD in 2025 or 2026 need to start their preparations, as initiating the process to make your business operations and administration CSRD-ready cannot start soon enough.

For this group of companies, the CSRD comes into effect in 2024 

Starting in 2025, companies currently obligated to comply with the Non-Financial Reporting Directive (NFRD), which are primarily large, listed companies, will be mandated to adhere to the CSRD. This implies that these companies must commence their efforts towards CSRD compliance now, if they haven’t already started. In 2025, they will report on the 2024 financial year, necessitating the collection of all the required sustainability reporting information already during this year. 

Also for large, unlisted companies it is smart to initiate their CSRD preparations in 2024. While these companies are not obligated to report until 2026 for the 2025 financial year, sufficient time to prepare is crucial. In the Netherlands, organizations classified as ‘large companies’ meet at least two of the following three conditions: (1) more than 250 employees, (2) revenue exceeding 50 million euro, and/or (3) total assets exceeding 25 million euro. 

CSRD to-do list in 2024 for all organizations 

First of all, 2024 is an opportune year to establish an ESG team for both the above mentioned large companies, as well as those for whom CSRD reporting becomes mandatory in the fiscal year 2026,. Secondly, taking initial steps towards visualizing the value chain and identifying stakeholders is advisable. Starting a (preliminary) double materiality analysis and/or a GAP analysis is also a prudent move.  

If you are keen to discover more on what your organization can and must accomplish this year to align with CSRD requirements, download our whitepaper ‘CSRD-compliance in 12 steps’ or reach out to our ESG experts directly.  

Download “CSRD compliance in 12 steps”

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