CSRD Enters into Irish Law [Video]

Johnny Meehan, Head of Sustainability in the consulting services practice in Forvis Mazars, outlines the key steps organisations need to take to become CSRD-Ready.

On 5 July 2024, the European Union Corporate Sustainability Reporting Directive (CSRD) was signed into Irish law by Minister Burke via statutory instrument (S.I. No. 336 of 2024).

The Directive is the EU’s response to the global reframing of company sustainability reporting, including environmental, social and governance areas covered under the European Green Deal and EU Action Plan for Financing Sustainable Growth.

The EU has already approved the European Sustainability Reporting Standards (ESRS), which apply to companies under CSRD for reporting at the end of 2024.

There are four reporting areas: governance, strategy, impacts, risks and opportunities and metrics and targets.

Reporting includes three layers: sector-agnostic, sector-specific and company-specific disclosures and spans the three ESG topics: Environmental, Social and Governance.

Additionally, the EU Corporate Sustainability Due Diligence Directive (CSDDD), or ‘the supply chain directive’, has been published and …