Daria Dogalakova, CPA’s Post

The rising tide of sustainability reporting: navigating the new era of corporate transparency: Explore the evolving landscape of sustainability reporting. Learn how to navigate regulatory changes, ensure data quality, and drive meaningful ...

Conducting sustainability reporting processes with external consultants may not yield the desired results. Although reports prepared by external consultants with an understanding that prioritizes satisfying the expectations of their clients within the specified timeframe instead of revealing the real sustainability/climate-related risks and opportunities based on analysis with accurate data may seem to meet the needs in the short term, they will not be beneficial in terms of both social benefit and the adaptability of the company in the medium and long term.

Simplified Overview of CSRD (Corporate Sustainability Reporting Directive) The Corporate Sustainability Reporting Directive (CSRD) is a new rule introduced by the European Union to make companies more transparent about their impact on the environment, society, and how they manage their internal governance. 🔑 Key Points: 🌍 What is it? It's a rule that asks companies to share more detailed information about how their business affects the environment and society, and what they are doing to act responsibly. 🌎 Why is it important? People (consumers, investors, employees) care about how businesses treat the planet and people. The CSRD helps ensure companies are honest about their impact and efforts. It helps investors choose businesses that are environmentally and socially responsible. 🌏 Who needs to follow it? Large companies in the EU, including some non-EU companies operating there. Eventually, it may cover smaller companies too, but for now, it focuses on the big ones. 🌍 What do companies have to do? Report on how their activities affect things like climate change, natural resources, social justice, and fair treatment of employees. Explain how they are managing these issues (for example, using renewable energy or reducing waste). Share this information in their annual reports, so it’s easy to find. 🌎 When does it start? The CSRD started rolling out in 2024 for the largest companies, and smaller ones will need to comply in the coming years. 🌏 What's the goal? Encourage businesses to act more responsibly. Give people clear and trustworthy information about how companies are helping or harming the world. In short, the CSRD is like a report card for businesses about how they treat the planet and people. It helps build trust and pushes companies to improve. CSRD Institute Planet Sustech

As stakeholders demand more accountability, the key question is: Are companies using sustainability reporting as a tool for real improvement, or merely as a box-checking exercise? For investors and policymakers, understanding this distinction is crucial for driving meaningful change. #Sustainability #CorporateResponsibility #ESG #SustainabilityReporting #BusinessEthics #CorporateTransparency

Sustainability reporting is only meaningful if companies are serious about making changes If companies release sustainability reports just to meet regulatory requirements, it’s unlikely to motivate improvement internally, say these professors from the University of Victoria and University of Calgary. Summary: Sustainability reporting is only impactful if companies genuinely commit to making changes, argue professors from the University of Victoria and the University of Calgary. The growing demand for corporate transparency and accountability highlights the need for businesses to disclose their economic, environmental, and social performance through sustainability reports. These reports are designed to offer stakeholders, such as investors and regulators, a comprehensive view of how companies create value over time. Mandatory sustainability reporting is increasing globally, with examples like Canada’s Greenhouse Gas Reporting Program and the European Union’s comprehensive sustainability mandates. However, the effectiveness of these reports in driving actual business practice improvements is debated. Some experts believe that including non-financial data enhances corporate transparency and accountability, potentially aiding progress towards the United Nations Sustainable Development Goals. Despite the potential benefits, sustainability reports often become mere box-checking exercises if they are produced solely to satisfy external requirements. For real improvements, companies need to use these reports to identify internal areas for enhancement and benchmark against peers. Ultimately, the impact of sustainability reporting depends on the genuine commitment of companies to change their practices. Investors benefit from the additional information, which aids in better investment decisions. However, concerns about the trustworthiness of these reports and issues like greenwashing remain significant challenges. Public policymakers can gain valuable insights from these reports, but meaningful change requires companies to be earnest about their sustainability efforts. #Sustainability #CorporateTransparency #Accountability #EnvironmentalImpact #SustainabilityReporting #GreenBusiness #CorporateGovernance #ESG #ClimateChange #BusinessEthics #Greenwashing #InvestorAwareness #PublicPolicy #SustainableDevelopment #CorporateResponsibility

When it comes to sustainability reporting, credibility is key. ✔️ A verified GRI sustainability report not only provides assurance to your stakeholders that the information is accurate, but it also demonstrates your organisation’s commitment to accountability and transparency. As an independent third-party verifier of sustainability reports, TÜV SÜD can help you to showcase your sustainability efforts with confidence. ➡Watch our complimentary on-demand webinar to know how: http://spkl.io/60424W6eI #tuvsud #sustainability #SustainabilityReporting #SustainabilityReport #GRIStandards

As professionals dedicated to advancing sustainable business practices, it's essential to critically assess the tools at our disposal. A recent article from CNA delves into the complexities and real impact of sustainability reporting. Sustainability reports aim to provide a comprehensive view of a company's value creation over time, covering economic, environmental, and social dimensions. However, despite these efforts, skepticism remains. With only 24% of top executives seeing clear value in sustainability reporting, it prompts a crucial question: Are we doing enough to drive genuine change, or are we merely ticking boxes? This piece provides a comprehensive analysis, highlighting both successes and areas where more commitment is needed. For instance, while some companies rigorously report greenhouse gas emissions and other sustainability metrics, others may still view these reports as regulatory hoops to jump through rather than opportunities for substantial operational improvements. As we push towards the United Nations Sustainable Development Goals, let's use this opportunity to discuss how we can make sustainability reporting more than just a procedural requirement. How can we ensure it becomes a cornerstone of strategic business transformation and societal benefit? Join the conversation below. Let's explore how we can turn these reports from mere documents into catalysts for real, enduring change. #Sustainability #CorporateResponsibility #EnvironmentalImpact #BusinessTransformation

A new Sustainability Reporting Grant aims to assist large companies in covering costs associated with creating their first sustainability reports. Additionally, a separate programme will be established to guide small and medium-sized enterprises (SMEs) through the reporting process. Sustainability reporting will help companies remain relevant in the face of increasing demand for carbon footprint data disclosure. “As the world embraces sustainable goals and practices, customers and investors will increasingly expect businesses to be more transparent about their carbon footprint,” shared Minister of State for Trade and Industry, Low Yen Ling. These initiatives are among efforts to promote environmentally friendly practices within businesses. Other measures include reducing the threshold for the Resource Efficiency Grant for Emissions, enabling more projects undertaken by industrial facilities to improve energy efficiency and reduce emissions to qualify for funding. Read more about it: https://lnkd.in/g9UVKxsq Together, let’s #PowerTheChange and nurture the next generation’s passion for a greener tomorrow. #Geneco #GenecoSG #Sustainability #Business #SustainabilityReporting #CarbonFootprint #EnergyEfficiency

  Check out our latest blog about sustainability reporting and let us know what you think - is the balance right with the current levels of reporting?   With a focus on continuous improvement, organisations can turn the challenges of sustainability reporting into opportunities for sustainable growth, but are current levels of reporting overwhelming? https://lnkd.in/gwHnw5FY 

Check out our latest blog about sustainability reporting and let us know what you think - is the balance right with the current levels of reporting?  With a focus on continuous improvement, organisations can turn the challenges of sustainability reporting into opportunities for sustainable growth, but are current levels of reporting overwhelming? https://lnkd.in/gwHnw5FY