Azuri

Major Update: The highly anticipated EU #Omnibus proposal is here. ?? ?? #GreenDeal U-turn: Contrary to previous official statements that the simplification package would only seek to improve alignment between, and create disclosure efficiencies across, the #CSRD #CSDDD and #EUTaxonomy while not watering down the ambition of the #GreenDeal, it has taken a desperate departure at the expense of our #environment, #climate and #humanrights protections. It is important to note that this is only a proposal, and the text and provisions could drastically change as it heads to the European Parliament Council of the European Union. However, unfortunately, it is indeed very similar to previously leaked documents. Key Proposed Revisions to CSRD ?? ?? In-scope entities: drastically reduced by ~80% to only companies with greater than 1,000 employees ?? Voluntary reporting for newly out-of-scope entities and value chain cap: proportionate standard for voluntary use to be based the #VSME standard developed by EFRAG. Link below. ?? Timeline: disclosure rolled back by 2 years ?? Materiality: the principle of double materiality appears to be unaffected with statements in the text proposing greater alignment with global sustainability standards. I interpret this to mean alignment with Global Reporting Initiative (GRI) Standards “impact materiality” and IFRS Foundation Sustainability Standards financial materiality = double materiality. Both GRI and IFRS Foundation have publicly stated their support for keeping the #DMA methodology. Additional guidance on how to conduct the materiality assessment to be developed and released. ?? Assurance: phased-in requirement for reasonable assurance has been removed and only limited assurance will be required ?? Sector-specific standards: these have been removed ?? Given both the Omnibus CSRD in-scope entity and value chain cap voluntary materiality requirements, as well as those imbedded within the almost 30 national jurisdictions adopting IFRS Sustainability Standards and others using/referencing GRI Standards, I would highly recommend companies to continue moving ahead with their double materiality assessments to drive their sustainable business strategies and external disclosures. More guidance to come from Azuri Socialsuite and Environ Energy ISOS Group is Now Environ Energy VSME Standard Link: https://lnkd.in/e_RGjDM8 #sustainability #corporatesustainability #EUpolicy #ESG #disclosure #ESGdisclosure #climateaction #risk #duediligence #SDGs #globalgoals #assurance

A rapid #materiality assessment across leading #sustainability professionals at #GreenBiz25 called out #Trump , #scope3 , #data , #climate , #politics , #uncertainty , and regulatory non-compliance as the top #corporatesustainability risks. It was standing room only across three separate sessions on the EU's Corporate Sustainability Reporting #Disclosure ( #CSRD ) law and double materiality assessments ( #DMA ), a requirement under the legislation. Faced with greater uncertainty with the introduction of the EU's #Omnibus (which seeks to streamline the CSRD, #CSDDD , and #EUTaxonomy ) and increasing attacks on #DEI and #ESG, attendees were keen to get a temperature check on corporates' sustainability-related disclosure efforts and plans. Despite some companies pulling back on voluntary reporting and communications around DEI, most companies remain steadfast in their commitment to their sustainability strategies, although with greater focus on regulatory compliance and prioritization around sustainability matters identified through their materiality assessment. Key Takeaways: ?? Expect increased sustainability reporting and improved interoperability globally as almost 30 national jurisdictions are in the process of adopting the IFRS Foundation Sustainability Standards Neil Stewart ?? CSRD is about competitiveness, and it needs calibration, but not at the expense of undermining companies' sustainability strategy and goals Emily Pierce ?? Regardless of the EU Omnibus outcome, we will continue using the DMA methodology for its strategic value to Universal Music Group. Kyra Ferber ?? Climate transition plans are crucial for ensuring your company is resilient (CSDDD requirement). If you have a goal you need a plan. We had to invest in modelling pathways and engage key stakeholders multiple times throughout the process, which ended up taking 18 months, but was incredibly valuable. Link to plan below. Jennifer DuBuisson ?? As companies shift from voluntary to regulatory disclosures, preparing for #assurance of the DMA can be a great opportunity to prioritize risks and opportunities to drive value. Companies must carefully document the DMA methodology as both the process and outcome must be assured under CSRD. The earlier you engage your assurance provider the better off you will be. Kristen Sullivan ?? Assurance readiness support can help improve internal controls for companies seeking assurance for the first time. ISOS Group is Now Environ Energy ?? The use of technology for conducting your DMA can greatly reduce time, resources and costs of current and future DMA and assurance processes. Seth Forman Check out Socialsuite CSRD compliant DMA software https://lnkd.in/eGNSM5vQ ?? Disclosure is valuable for efficient public and private markets and CalPERS is investing $100 billion in its climate solutions strategy. Travis Antoniono Scott Song Trellis Group Katie Ryan Azuri Global Reporting Initiative (GRI) Levi's Plan: https://lnkd.in/e-DVDHxq

Materiality assessments are a vital step in an organization’s sustainability journey, from complying with regulations like the EU's CSRD to shaping ESG strategies to enhancing operations and reporting. The Double Materiality Assessment (DMA) prescribed by the EU’s Corporate Sustainability Reporting Directive (CSRD) stands out as one of the most rigorous standards. In our upcoming Socialsuite webinar, we’ll examine the unique challenges and potential pitfalls of conducting a CSRD-aligned DMA.? ? Join us to explore essential insights, including areas where requirements may be misunderstood, misapplied, or overlooked. ? This webinar is a must for anyone committed to conducting a thorough, CSRD-compliant materiality assessment. ?? Webinar: Avoiding Common Pitfalls in CSRD-Compliant Double Materiality Assessments ??? Date: ?Monday, November 25th, 2024 ? Time: 3:00 pm EST / 12:00 pm PST ?? Hosts: Tim Siegenbeek van Heukelom & Jeffrey Crawford ?? Register here: https://lnkd.in/gxXbAyvr #CSRD #doublemateriality #materiality #CSRDdoublemateriality #sustainability #esg #pitfalls