Kamilla Budnik

How would you handle CSRD if you have already reported according to GRI? Here's the article to read.

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The EU’s Corporate Sustainability Reporting Directive (CSRD) becomes effective for many entities in 2024, with a later effective date for some entities. The scope of the CSRD will apply to many non-EU groups, which will have a significant effect, including the requirement to apply European Sustainability Reporting Standards. It is crucial for non-EU groups to determine if they will have a reporting obligation under the CSRD. BDO’s ISRB 2024/05 summarises the scoping rules of the CSRD applicable to non-EU groups.

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TNFD and EFRAG publish mapping to harmonise Nature-Related Financial Disclosures 🌱 The Taskforce on Nature-related Financial Disclosures (TNFD) and the European Financial Reporting Advisory Group (EFRAG) have joined forces to publish a correspondence aimed at improving nature-related financial disclosures. This collaborative effort marks a significant step forward in the quest for greater transparency and consistency in environmental reporting. This initiative addresses the increasing need for companies to provide clear, consistent, and comparable information on their environmental impact. By harmonising reporting standards, this correspondence facilitates better decision-making for companies and investors. Unified reporting standards are crucial for several reasons: 🌿 Clarity and Communication: They help companies navigate the complexities of sustainability reporting by providing a clear framework. This clarity ensures that companies can effectively communicate their environmental impact and sustainability efforts. 📊 Data Comparability: They improve data comparability between different organisations, enabling investors to make more informed decisions. 📜 Regulatory Compliance: They support regulatory bodies in monitoring and enforcing compliance with environmental regulations. The correspondence highlights several key areas of alignment between TNFD and EFRAG standards: 📚 Standardisation of Terminology: Ensures the use of common terminologies and definitions across different reporting frameworks, reducing confusion and enhancing clarity. 📈 Consistency of Reporting Metrics: Establishes consistent metrics for reporting nature-related financial impacts, facilitating data comparison among stakeholders. 🔍 Improved Transparency: Provides a clear structure for disclosures, enhancing the transparency of corporate environmental reports. 🏛️ Regulatory Compliance Support: Helps companies comply with regulatory requirements for environmental disclosures, fostering greater accountability. At Amalthea, we are dedicated to supporting our clients in navigating the evolving landscape of sustainability reporting. Our solutions are designed to simplify data collection and reporting processes, helping companies achieve their sustainability goals with ease. We believe that initiatives like the correspondence between TNFD and EFRAG are essential for advancing the sustainable finance agenda. #Finance #Climate #Reporting #Regulation

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The IFRS Foundation and EFRAG have released guidance material showcasing the remarkable alignment between the International Sustainability Standards Board (ISSB)'s IFRS Sustainability Disclosure Standards and the European Sustainability Reporting Standards (ESRS). This comprehensive document offers detailed insights into how companies can effectively implement both sets of standards, particularly in climate-related disclosures, aiming to streamline processes and enhance transparency globally. By leveraging this guidance, companies can streamline data collection, governance, and decision-making, ultimately fostering greater transparency, comparability, and accountability in sustainability reporting. (ref: https://lnkd.in/gtm9h-Uj) #IFRSFoundation #EFRAG #SustainabilityStandards #ISSB #ESRS #ClimateDisclosure #Transparency #Comparability #Accountability #SustainabilityReporting #GuidanceMaterial

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🔍 𝗧𝗡𝗙𝗗 𝗮𝗻𝗱 𝗘𝗙𝗥𝗔𝗚 𝗣𝘂𝗯𝗹𝗶𝘀𝗵 𝗖𝗼𝗿𝗿𝗲𝘀𝗽𝗼𝗻𝗱𝗲𝗻𝗰𝗲 𝗠𝗮𝗽𝗽𝗶𝗻𝗴 The Taskforce on Nature-related Financial Disclosures (TNFD) and the European Financial Reporting Advisory Group (EFRAG) have published a correspondence mapping. This document aligns financial disclosure standards with sustainability metrics, facilitating compliance with reporting requirements for companies. ✔️𝗞𝗲𝘆 𝗣𝗼𝗶𝗻𝘁𝘀: - Standards Integration: Connects TNFD and EFRAG disclosure standards. - Facilitates Compliance: Helps companies meet reporting requirements. - Enhances Transparency: Improves the quality and comparability of disclosed information. #Sustainability #Transparency #Finance #TNFD #EFRAG

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🔍 Understand Sustainability Reporting Standards and Frameworks 🌍 Wondering how mandatory climate and ESG disclosures might impact your business? Our free resource breaks down key voluntary and mandatory standards and frameworks. Included in the resource: 🌿CDP 🌿GRI 🌿IFRS 🌿SASB 🌿TCFD 🌿TNFD Make sense of the laws that underpin climate disclosure, and stay ahead! Get your free comparison resource now. https://hubs.ly/Q02G3mbJ0

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🌍 Sustainability reporting professionals, this is for you! 🌍 Presenting the Draft EFRAG IG 1: Materiality Assessment Implementation Guidance. Developed by EFRAG this document is designed to support large companies in implementing the materiality assessment required by the European Sustainability Reporting Standards (hashtag #ESRS). 🔍 Key Highlights: - Detailed explanation of the double materiality concept and its application. - Step-by-step guidance on performing materiality assessments. - Criteria and thresholds for assessing impact and financial materiality. - Integration with other reporting frameworks like Global Reporting Initiative (GRI) and International Sustainability Standards Board (ISSB) standards. - FAQs addressing common questions about impact materiality, financial materiality, and stakeholder engagement. This guidance is essential for companies aiming to ensure robust and compliant sustainability reporting. 📥 Download the Guidance hashtag #Sustainability #ESG #ESRS #MaterialityAssessment #EFRAG #SustainableBusiness #Compliance

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Recent developments from EFRAG are noteworthy. EFRAG announced the release of the #Interoperability Guidance in partnership with the IFRS Foundation. For detailed insights, please visit: https://lnkd.in/eY4QajNy Key highlights from the guidance include: - Alignment Achieved: Illustrates the high level of alignment between the International Sustainability Standards Board’s (ISSB) Sustainability Disclosure Standards and the European Sustainability Reporting Standards (ESRS). - Practical Application: Offers detailed analysis and practical support on applying both sets of standards, especially in climate-related disclosures. - Designed for Simplicity: Aims to reduce complexity, fragmentation, and duplication for companies that are applying both the ISSB Standards and ESRS. - Efficiency and Compliance: Supports global companies in meeting disclosure requirements efficiently, promoting transparency, comparability, and accountability. - Decision-Useful Data: Guides companies on collecting, governing, and controlling decision-useful data effectively. This guidance is a significant step towards standardised global sustainability reporting. #CSRD #EFRAG #ESRS #ISSB #SustainabilityReporting #IFRS

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📣TNFD and EFRAG publish correspondence mapping! The Taskforce on Nature-related Financial Disclosures (TNFD) and EFRAG have jointly published a comprehensive mapping of the correspondence between the European Sustainability Reporting Standards (ESRS) and TNFD's recommended disclosures and metrics. This detailed assessment highlights the alignment and commonality between ESRS and TNFD, demonstrating that all 14 TNFD recommended disclosures are reflected in the ESRS. Key Highlights: 👉 Both frameworks emphasize the need to disclose nature-related impacts, risks, and opportunities 👉 The ESRS double materiality principle is aligned with the TNFD’s flexible materiality approach 👉 The TNFD’s LEAP approach is integrated into the ESRS for assessing sustainability matters like pollution, water, biodiversity, and ecosystems 👉 Both standards organize their disclosures around TCFD’s four pillars: Governance, Strategy, Risk Management, and Metrics and Targets 👉 Strong consistency between TNFD core global disclosure metrics and related metrics in the ESRS This mapping is a crucial tool for companies, particularly those in Europe subject to the Corporate Sustainability Reporting Directive (CSRD), to understand and align their reporting with both ESRS and TNFD guidelines. Read the full press release: https://lnkd.in/gy9S2Xy7 #tnfd #csrd #esrs #esgreporting

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The Corporate Sustainability Reporting Directive (CSRD) marks a significant and complex change in ESG reporting. With 12 European Sustainability Reporting Standards (ESRS), 82 disclosures, and 1144 data points, early preparation is critical. Ensuring a smooth implementation now will help meet future external assurance engagements effectively. Prepare early to stay ahead! #ESG #CSRD #Sustainability #Reporting #Compliance Andy Barry Michael O'Shea John Ellis

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More news on Sustainability Reporting for non-EU companies... Plans for it to trickle down to smaller companies are on its way. #sustainabilityreporting #esgreporting #sustainability #esg #SME #startup #business

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SOLVE THE PUZZLE #ECIIA 26-27 September 2024 https://lnkd.in/ei8MPCE2 I look forward to seeing you in Budapest in September. The ECIIA | European Confederation of Institutes of Internal Auditing and IIA Hungary are jointly organizing this amazing event. In my block with Peter Elam I will speak about parts of the Lenz-O’Regan 2024 article: The Global Internal Audit Standards – Old Wine in New Bottles? https://lnkd.in/etsVejpg The Institute of Internal Auditors, India republishes this article in their June 2024 edition of INTERNAL AUDIT TODAY: The New Internal Audit Standards – Insights and Introspection https://lnkd.in/eqYpqSaV (republication, an abridged version) My theme: There is no need for humans who behave like robots My questions: What is beyond objectivity and independence? What are the must-have skills of an effective Internal Auditor? What is the Trust Triangle and how does it impact performance? I look forward to discussing this and learning from professional peers. I look forward to learning your questions, too. Right questioning has always been important, more so in the digital age with ChatGPT giving you answers to everything in no time. I thank the IIA Hungary for the invite to Budapest. I thank Alexander Ruehle (CEO at zapliance) for funding OPEN ACCESS of this co-authored article with Dr. David J. O'Regan. Moreover, I thank Iryna Unguryan and Iryna Yersak for creating this beautiful slide deck. There are (will be) 10+ translations of the Lenz-O’Regan 2024 article https://lnkd.in/gGFVWUcf This 2024 presentation also builds on prior publications, including: Lenz, R. and Jeppesen K.K. (2022), The Future of Internal Auditing: Gardener of Governance, EDPACS, 66:5, 1-21 https://lnkd.in/e6t3WFAy Lenz, R. and Hoos, F. (2023), The Future Role of the Internal Audit Function: Assure. Build. Consult. EDPACS, 67:3, 39-52 https://lnkd.in/esCWGUwE Lenz, R. and Chesshire, J. (2023), Rethinking Internal Audit: Governance Needs Gardening, EDPACS, 68:3, 7-15 https://lnkd.in/gMi9x8if Lenz, R., Karmann, O., and Druckenmueller, J. (2024), Internal Auditors as change agents: What a difference a year makes! EDPACS, 69:5, 26-38, https://lnkd.in/g8-zkCBr I am especially grateful to all my co-authors since 2022, John Chesshire, Prof. Dr. Florian Hoos, Prof. Dr. Kim Klarskov Jeppesen, Dr. David J. O'Regan, and Oliver Karmann & Jens Druckenmueller, LL.M. I also thank David Hill (CEO at SWAP Internal Audit Services) for funding OPEN ACCESS of co-authored articles, and Dan Swanson & the team at Taylor & Francis Group (EDPACS, CRC Press) for publishing. #internalaudit #future #ECIIA #IIA #IAVision2035 #governance #trusttriangle #authenticity #theREALYOU Please find below as heads-up (03 July 2024) my slide deck in September. I look forward to our discussion in person. See you in Budapest.

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🌍𝐃𝐢𝐬𝐜𝐨𝐯𝐞𝐫 𝐭𝐡𝐞 𝐥𝐚𝐭𝐞𝐬𝐭 𝐜𝐡𝐚𝐧𝐠𝐞𝐬 𝐭𝐨 𝐂𝐃𝐏 𝐒𝐜𝐨𝐫𝐢𝐧𝐠:🌍 Companies receive separate scores for climate change, forests, and water security. Biodiversity and plastics won't be scored, but there are additional questions for mining projects. Forestry scoring combines general forest questions with commodity-driven ones. Climate change scoring now has essential criteria for progression. Financial institutions will have private scores for forestry and water security. SMEs will be scored only on the climate change questionnaire. 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐲𝐨𝐮𝐫 𝐂𝐃𝐏 𝐬𝐜𝐨𝐫𝐞 𝐛𝐲 𝐞𝐱𝐜𝐞𝐥𝐥𝐢𝐧𝐠 𝐢𝐧 𝐜𝐥𝐢𝐦𝐚𝐭𝐞 𝐜𝐡𝐚𝐧𝐠𝐞, 𝐟𝐨𝐫𝐞𝐬𝐭𝐬, 𝐚𝐧𝐝 𝐰𝐚𝐭𝐞𝐫 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲. Trust Brundtland's expertise to unlock your sustainability potential. Act now for a stronger, more responsible future! 🌍💡 #CDPScoring #Sustainability #EnvironmentalImpact

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The European Financial Reporting Advisory Group (EFRAG) and the Task Force on Nature-related Financial Disclosures (TNFD) publishes a correspondence mapping for sustainable disclosure standards, aiming to illustrate the relationship between European Sustainability Reporting Standards (ESRS) and TNFD recommendations #esg #esginvesting

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📐Infographic ⚙️GRC 🌱 Sustainability ESG CSR 📘 CSRD Corporate Sustainability Reporting Directive 📘 DIRECTIVE (EU) 2022/2464 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 December 2022 amending Regulation (EU) no. 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and the Directive 2013/34/EU regarding corporate sustainability reporting defines the principles and obligations for sustainability reporting. ⚖️ The CSRD provides for the adoption of mandatory European Standards for Reporting and Sustainability (ESRS) whose drafting is entrusted to the EFRAG (European Financial Reporting Advisory Group) 🗓 The information that companies are required to provide concerns: 🌱 Environmental factors 👫 Social factors and respect for human rights ⚙️ Governance factors 📊 EFRAG has adopted the dual materiality approach to meet the expectations of a wide range of stakeholders. Double materiality takes into consideration: ➡️ How environmental, social and governance factors impact the financial performance, stability and growth of the company (financial materiality) ⬅️ How companies impact environmental, social and governance factors (materiality of impact) #GRC #sustainability #CSR #ISO26000 #ESG #environment #society #governance #CSRD #bilanciosostenibilità #sustainabilityreporting #EFRAG #ERS #doublemateriality 

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📐Infographic ⚙️GRC 🌱 Sustainability ESG CSR 📘 CSRD Corporate Sustainability Reporting Directive 📘 DIRECTIVE (EU) 2022/2464 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 December 2022 amending Regulation (EU) no. 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and the Directive 2013/34/EU regarding corporate sustainability reporting defines the principles and obligations for sustainability reporting. ⚖️ The CSRD provides for the adoption of mandatory European Standards for Reporting and Sustainability (ESRS) whose drafting is entrusted to the EFRAG (European Financial Reporting Advisory Group) 🗓 The information that companies are required to provide concerns: 🌱 Environmental factors 👫 Social factors and respect for human rights ⚙️ Governance factors 📊 EFRAG has adopted the dual materiality approach to meet the expectations of a wide range of stakeholders. Double materiality takes into consideration: ➡️ How environmental, social and governance factors impact the financial performance, stability and growth of the company (financial materiality) ⬅️ How companies impact environmental, social and governance factors (materiality of impact) #GRC #sustainability #CSR #ISO26000 #ESG #environment #society #governance #CSRD #bilanciosostenibilità #sustainabilityreporting #EFRAG #ERS #doublemateriality 

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EFRAG just published the interoperability guidance for ESRS - ISSB ⬇️

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The launch of the report on why the analysis of climate scenarios is a relevant tool for climate risk mitigation by the Environmental, Social, and Governance Risk Roundtable (C-ESG Risk RT) is coming on 28 May! The online launch event will bring together experts to explore:  ➡️Key findings of the report  ➡️Common practices and challenges in the regulatory and supervisory   ➡️The different valuation standards and the gaps identified in their applicability.    Don’t forget to register: https://lnkd.in/dKneEXGC

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