BSR Managing Director, Business Transformation Christine Diamente shares six key takeaways from a panel session at the European Commission: “First experiences in applying ESRS." #CSRD #ESRS
Managing Director, Business Transformation at BSR (Business for Social Responsibility)
This morning, I had the immense honour of moderating an excellent panel session at the European Commission on ‘First experiences in applying ESRS’ with fellow presenters and panellists Tim Mohin Patrick de Cambourg Benedetta Testino Adam Pradela Filip Gregor Niels Strange Peulicke-Andersen. Here are some key insights from our lively discussion: 1- ‘We are creating change’ The CRSD is a business transformation into management strategy. Based on early practices from EFRAG implementation report conducted by Boston Consulting Group (BCG) , 85% surveyed companies intend to use impacts in corporate strategy. Value chain is the area that still needs work in this first phase. 2- ‘CSRD is about value creation for businesses and society’. Sustainability reporting will not go away! It’s not compliance — we need pragmatism and common sense. Sector specific standards will be delayed by EFRAG and also evaluating SME standards. Patrick de Cambourg 3- Within the variety of of approaches on implementation, leverage CSRD to tell a narrative on impact and achievements, even if early days. At times, ‘more is less’! Benedetta Testino 4- Remember to focus, and ‘do less with more quality’ shared DHL. Ensure proper steering processes aligned with finance and raise awareness across the organization. We shouldn’t rush to sector specific standards yet! Adam Pradela 5- CSRD is a strategic approach — there will be differences between global companies and local players. Be selective, make disclosure ‘manageable and meaningful’ and use transition period for value chain. Filip Gregor 6- As a front runner in implementing CSRD, ?rsted shared ‘build your approach and red thread. Make it reader friendly. Use it as a basis for discussion and engagement across the company, functions with stakeholders and in your value chain’ Niels Strange Peulicke-Andersen Finally, excellent audience questions raising challenges related to net vs gross risks, member state non-implementation, reducing reporting burden including relevance of sector specific standards. Patrick de Cambourg shared that EFRAG has received over 700 questions in year 1! A huge thank you to Tom Dodd Kate Frisby and European Commission for an excellent conference and open dialogue online and in the room! #CSRD #ESRS #businesstransformation #sustainablebusiness #sustainabilityreporting
