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In this blog post, you will learn everything you need to know about the new Corporate Sustainability Reporting Directive (CSRD), the requirements for companies and how sproof sign can help you meet these challenges.
The CSR reporting obligation, or corporate social responsibility reporting obligation, is a legal requirement for companies to report regularly on their sustainability activities. These reports cover environmental, social and governance (ESG) aspects and are intended to increase transparency about the company's non-financial impact. The aim is to provide stakeholders - including investors, customers and the public - with comprehensive information about the company's sustainability practices and social responsibility.
The CSRD comes into force in 2024 and significantly expands the previous Non-Financial Reporting Directive (NFRD) . The aim is to standardize and regulate reporting on sustainability issues in order to ensure increased transparency on environmental and social corporate aspects. But what does this mean for your company?
Companies must disclose comprehensive information on environmental, social and governance (ESG) aspects. This includes environmental matters (e.g. emissions, energy consumption), social aspects (e.g. working conditions, gender equality), employee matters, respect for human rights and the fight against corruption and bribery. These reports must contain both qualitative and quantitative data and be both forward-looking and retrospective. In addition, they must cover the entire value chain of your company.
The CSRD applies to all large companies that meet at least two of the following criteria
This means that many more companies than before will have to disclose their sustainability measures.
The new regulations will be implemented in three phases
With the CSRD, the EU has introduced uniform European reporting standards that companies must use for their sustainability reports. These standards, known as the "European Sustainability Reporting Standards" (ESRS), were developed by the European Financial Reporting Advisory Group (EFRAG) and transposed into law by the European Commission.
The first regulations will come into force in 2024 and comprise twelve standards covering environmental, social and governance topics as well as overarching requirements.
There are simplified reporting standards for small and medium-sized enterprises that will apply from 2026:
Companies must report according to the principle of double materiality. This means that they must disclose both the impact of their actions on the environment and society and the impact of environmental and social changes on their business.
The reports must be prepared in a digital, machine-readable format and reviewed by independent bodies to ensure compliance with the standards.
In the future, industry-specific reporting standards are also planned to further specify reporting.
The digitalization of business processes is a key lever for efficiently fulfilling the requirements of the CSRD. One fundamental process that should therefore be digitized is the signing of contracts and documents. From day one of the widespread introduction of e-signatures, a company can measurably save a large amount of paper-based resources. Resources that pollute the environment.
An example: Let's assume that any company saves (only!) 500 sheets of paper within a certain period of time thanks to the integration of the e-signature. This measure already leads to a reduction in the consumption of 7.5 kilograms of wood, 130 liters of water and 26.8 kilowatt hours of energy.
The use of digital signatures can therefore be a key to efficiently fulfilling the requirements of the CSRD and an important step towards more sustainable corporate governance, as well as calculating exactly how many resources have been saved.
*The calculation of the added value is based on user data and findings from market analyses and specialist literature. The following factors determine the present calculations: - Average time saved per internal signature workflow (without logistical effort): 10 minutes - Average time saved per external signature workflow (with logistical effort): 20 minutes - Gross hourly wage in euros, estimated for 40 hours of full-time work: €20 - Cost per sheet of A4 (printing, procurement): €0.14 - CO2 emissions per sheet of A4 with conventional signature: 0.008 kg - Energy consumption per sheet of A4: 0.0648 kWh In fact, there are many factors that have not been taken into account in this calculation, but which can significantly (positively) increase the actual added value! Not included are business trips, storage and archiving costs, costs for printing and scanning technology and financial disadvantages due to long waiting times for contracts. sproof can thus make a contribution to achieving your sustainability goals in several specific ESRS sub-categories (ESRS-E = Environment, ESRS-S = Social, ESRS-G = Governance and also in some "overarching topics").
For many companies, the obligation to provide ESG reporting may initially seem burdensome. However, the effort is actually also worthwhile for organizations that do not fall under the CSRD or SFDR (Sustainable Finance Disclosure Regulation). This is because making your own sustainability transparent is increasingly becoming a competitive advantage:
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