On 13 September 2023, the Danish Corporate Governance Board published their annual account for 2022-2023. The account contains a status on the CSDD Directive which is still negotiated in the EU.
CSDDDSustainabilityOn 30 August 2023, the Danish Financial Supervisory Authority (“DFSA”) published a memo describing the requirements in SFDR art. 11 for periodic reporting.
ComplianceDisclosure RequirementsSustainabilityThe progress reports are a result of a push from stakeholders requesting greater market integrity, investor protection and trusted environments for sustainable investments as sustainability has become an important competitive factor.
ESMASustainabilityOn 31 July 2023 the European Commission adopted European Sustainability Reporting Standards (ESRS) which are mandatory standards for companies under CSRD to use when reporting on sustainability information.
CSRDESRSSustainabilityThe updated guide takes regulation and guidance from public consultations and Q&A’s since July 2022 into account. Further, it reflects the most recent market practice on the application of the regulations.
ComplianceDisclosure RequirementsSustainabilityThe EU Commission has published its answers to questions on the interpretation of SFDR. The questions were put forward by the ESAs in September 2022 in order to receive clarification within central aspects of SFDR.
Disclosure RequirementsSustainabilityThe EU Commission has published its answers to questions on the interpretation of SFDR. The questions were put forward by the ESAs in September 2022 in order to receive clarification within central aspects of SFDR.
Disclosure RequirementsSustainabilityThe European Supervisory Authorities (EBA, EIOPA and ESMA) have earlier this month published a consultation paper in which they propose amendments to the Commission Delegated Regulation.
Disclosure RequirementsESMARegulatory Technical StandardsSustainabilityOn 3 February 2023, the Danish Financial Supervisory Authority (“DFSA”) published a thematic review of sustainability disclosures for eight funds with sustainable investments as their objective.
ComplianceDisclosure RequirementsSustainabilityIn general, the Guidelines, last updated in 2011, are a set of non-binding recommendations to businesses for ensuring responsible business conduct in all areas where business interacts with society.
ComplianceGovernanceSustainabilityOn 20 February 2023, ESMA closed their consultation on Guidelines on funds' names using ESG or sustainability-related terms launched back in November 2022.
ComplianceESMASustainabilityThe European Financial Reporting Advisory Group (EFRAG) submitted a draft set of European Sustainability Reporting Standards (ESRS Set 1) to the EU Commission in November 2022.
ComplianceCSRDESMAESRSSustainabilityOn 9 February 2023, a summit was held in the European Council in which, among other things, a green industrial plan and other measures to secure EU’s competitiveness going forward were discussed.
Cross-BorderGovernanceSustainabilityFundraising for both new funds and startups in the ESG-related space seems insulated from the general decline in the market. Despite investors having seen a general market decline within VC investments (see also Startup whiplash hits some sectors harder than others) investing in ESG-related funds and startups continue.
SustainabilityRecently, the EU Commission presented a plan for a Net-Zero Industry Act and a European Sovereignty Fund as part of a bigger Green Deal Industrial Plan. The initiatives shall be seen in connection with the European Green Deal and the goal of making EU climate neutral by 2050.
Cross-BorderGovernanceSustainabilityOn 1 January 2023 new rules have imposed stricter requirements for targets and policies on the gender composition of managements. These rules cover both large Danish companies (covered by accounting class C), including state-owned and some listed companies (covered by accounting class D), as well as certain companies within the financial area
ComplianceDanish RegulationSustainabilityThe European Commission expert group; Platform on Sustainable Finance, has published a final report on the minimum safeguards laid out in Article 3 and 18 of the Taxonomy Regulation. It replaces the draft report published in July 2022.
ComplianceCSDDDCSRDSustainabilityThe CSRD has now been finally adopted after the Council of the European Union on 28 November 2022 approved the European Parliament’s position. On 16 December 2022, the directive was published in the Official Journal. The date of entry into force is 20 days from the publication date.
ComplianceCSRDSustainabilityLately, EU has sharpened its focus on preventing greenwashing as well as strengthening the sustainability reporting requirements. One step, among others, is the recent passing of the CSRD. Another is a proposal published in March 2022 by the European Commission with amendments for the Directive 2005/29/EC on Unfair Commercial Practices (UCPD) as well as the Directive 2011/83/EU on Consumer Rights.
Cross-BorderDanish RegulationSustainabilityOn 23 November 2022, the Danish Financial Supervisory Authority (“DFSA”) published a thematic review on sustainability-related information in remuneration policies. The DFSA reviewed information given by six selected pension funds and life insurance companies.
SustainabilityOn 1 December 2022, the Council adopted its general approach on the proposal for a Directive on Corporate Sustainability Due Diligence (CSDDD) which was adopted by the European Commission on 23 February 2022. This completes the negotiations in the Council.
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