Measures to support corporate sustainability reporting
Published 14 August 2024
Category: Impact and ESG
In July, the European Securities and Markets Authority (“ESMA”) published measures to support corporate sustainability reporting. More specifically, ESMA published a Final Report on the Guidelines on Enforcement of Sustainability Information (GLESI) and a Public Statement on the first application of the European Sustainability Reporting Standards.
GLESI:
The purpose with the GLESI is to provide necessary guidance to establish uniform supervisory practices in regard to sustainability reporting. The GLESI is the result of the draft Guidelines on Enforcement of Sustainability Information which were sent out for consultation in December 2023. See our previous update.
The report on GLESI sums up the feedback received from the consultation and how the feedback has been considered. Further, it includes opinions from various groups and agencies. Annex VI contains the final guidelines in full text. It consists of 22 guidelines within the following six main areas:
- Basic concepts
- Enforcers’ internal organisation
- Selection
- Examination
- Enforcement action
- European coordination
The GLESI shall apply to all competent authorities undertaking supervision of sustainability information and shall apply to enforcement of sustainability information published from 1 January 2025.
ESRS:
The public statement on ESRS shall help those large issuers who in 2025 shall publish their first sustainability statement in accordance with the Corporate Sustainability Reporting Directive (“CSRD”) and the European Sustainability Reporting Standards (ESRS). Among others, ESMA will help by referring to elements of guidance by the European Commission and the European Financial Reporting Advisory Group (EFRAG) for the issuers to consider. ESMA also wishes to highlight various key areas of attention which are of relevance when preparing ESRS sustainability statements.
Next steps: ESMA will monitor the sustainability reporting practices and the GLESI going forward. Further, ESMA will publish the GLESI translated into all EU languages on its website. When published in all official EU languages, each National Competent Authority has a two-month period within which they shall notify ESMA whether they (i) do comply with the GLESI, (ii) do not comply but intend to comply or (iii) do not comply and do not intend to do so.
Also tagged ‘CSRD’
EU Competitiveness Compass – ESG takeaways
29 January 2025, the EU Commission published its Competitiveness Compass which sets out a compass that will guide the work in the coming five years and lists priority actions to reignite economic dynamics in Europe, according to the communication.
CSDDDCSRDDisclosure RequirementsSFDRSustainabilityThe Omnibus Simplification Package and how it may impact EU’s ESG regulation
In the end of 2024, the European Commission President Ursula von der Leyen indicated that existing and future EU ESG reporting obligations may be consolidated into an “omnibus” regulation with the purpose of reducing reporting requirements.
CSRDDisclosure RequirementsSustainabilityUpdated Voluntary Sustainability Reporting Standard for non-listed SMEs
European Financial Reporting Advisory Group (EFRAG) has published an updated version of the Voluntary Sustainability Reporting Standard for non-listed SMEs (the “VSME”).
CSRDSustainabilityThe Danish FSA’s role in the sustainability reporting in 2025
The Danish Financial Supervisory Authority (“FSA”) has published a short press release regarding their role in relation to the sustainability reporting in 2025.
CSRDProposal on independent providers of audit services regarding sustainability reporting
The Danish Parliament has presented a proposal for legislation on independent providers of audit services regarding sustainability reporting.
CSRDInvest Europe launches enhanced ESG reporting template
Invest Europe has launched an enhanced ESG reporting template to drive convergence and support early-stage investors developed with Venture ESG.
CSRDSFDRESMA announces European Common Enforcement Priorities for corporate reporting
The European Securities and Markets Authority (“ESMA”) has issued its annual European Common Enforcement Priorities Statement for corporate reporting.
CSRDDisclosure RequirementsSustainabilityNew ESG template for SMEs
In September 2024, the Danish Business Authority published a new ESG template targeted at SMEs.
CSRDSustainabilityGuidelines on consolidated sustainability reporting expanded
The Danish Business Authority has expanded their Guidelines on consolidated sustainability reporting with an updated version 2.
CSRDSustainabilityRegistration of “sustainability auditors” is now possible
On 1 June 2024, the new rules on requirements to companies’ sustainability reporting (entailed by CSRD) entered into force.
CSRDSustainabilityThe Danish implementation of CSRD has been adopted
Today, 2 May 2024, the Danish Parliament adopted the final legislative proposal to implement the Corporate Sustainability Reporting Directive (“CSRD”) into Danish legislation.
CSRDSustainabilityExposure Drafts on sustainability reporting standards for SMEs
The European Financial Reporting Advisory Group (“EFRAG”) has launched a public consultation on the Exposure Draft European Sustainability Reporting Standards for listed SMEs (“ESRS LSME ED”) and the Exposure Draft for the voluntary reporting standard for non-listed SMEs (“VSME ED”).
CSRDESRSSustainabilityProposal for Danish implementation of CSRD out for consultation
On 13 October 2023, the legislative proposal for implementation of the Corporate Sustainability Reporting Directive (“CSRD”) and a number of appertaining executive orders went out for consultation.
CSRDSustainabilityEuropean Sustainability Reporting Standards have been adopted
On 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.
CSRDESRSSustainabilityOpinions issued on the draft European Sustainability Reporting Standards
The 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.
ComplianceCSRDESMAESRSSustainabilityFinal Report on Minimum Safeguards
The 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.
ComplianceCSDDDCSRDSustainabilityFinal Adoption of the CSRD
The 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.
ComplianceCSRDSustainabilityCSRD has been Passed by the European Parliament
The European Parliament has passed the Corporate Sustainability Reporting Directive (“CSRD”). CSRD replaces the Non-Financial Reporting Directive (“NFRD”), and introduces higher requirements of more detailed reporting, and a mandatory EU sustainability reporting standard.
ComplianceCSRDSustainabilityOther updates
The Danish FSA has updated the report on fitness assessments
On 5 February 2025, the Danish FSA published a new and updated version of its report detailing its practice regarding the fitness assessment of board members, executive management members and key persons in financial businesses.
Danish RegulationGovernanceThe Danish FSAEU Commission calls for review of certain outbound investments
On 15 January 2025, the European Commission issued a recommendation urging EU Member States to review investments out of EU for risks of enabling technology transfers/leakage into third countries (‘outbound investments’).
Cross-BorderThe Danish government has presented bills for implementing the NIS2 Directive and the CER Directive
On 6 February 2025, the bills for implementing the NIS2 Directive and the CER Directive were presented by the Danish government to the Danish Parliament.
CERCybersecurityNIS2EU Competitiveness Compass – ESG takeaways
29 January 2025, the EU Commission published its Competitiveness Compass which sets out a compass that will guide the work in the coming five years and lists priority actions to reignite economic dynamics in Europe, according to the communication.
CSDDDCSRDDisclosure RequirementsSFDRSustainabilityNew advance tax rulings expand the scope of carried interest taxation
According to two new advance tax rulings from the Danish Tax Assessment Council (SKM2025.46.SR and SKM2025.47.SR), under certain circumstances, investments directly in portfolio companies owned by a private equity or venture capital fund may also be subject to taxation under the carried interest taxation scheme.
Venture CapitalThe Omnibus Simplification Package and how it may impact EU’s ESG regulation
In the end of 2024, the European Commission President Ursula von der Leyen indicated that existing and future EU ESG reporting obligations may be consolidated into an “omnibus” regulation with the purpose of reducing reporting requirements.
CSRDDisclosure RequirementsSustainability