The corporate sustainability reporting directive (Directive (EU) 2022/2464 – CSRD), published in the Official Journal of the EU on 16.12.2022, entered into force in January. In summary:

• CSRD replaces non-financial reporting directive (NFRD), transposed into Greek Law by Article 151 of Law 4548/2018
• CSRD applies to large companies, listed companies except listed micro undertakings; opt-out will temporarily be possible for listed SMEs
• CSRD contains detailed sustainability reporting requirements on issues such as environmental rights, social rights, human rights, treatment of employees, and governance factors (including anti-corruption and diversity in management boards)
• Principle of double materiality regarding the adverse impacts (i.e. impacts both from and to the undertaking are taken into consideration)
• A certifier must ensure that the sustainability information complies with certain certification standards 
• Improved accessibility of information, by requiring its publication in a dedicated section of company management reports
• The application of the directive will take place in four stages, starting from reports published in 2025 referring to financial year 2024
• The first set of the draft European Sustainability Reporting Standards (ESRS) under CSRD has already been published by the European Financial Reporting Advisory Group (EFRAG). In January, the ESAs and the ECB released their – (generally) positive – opinions on this set of the ESRS.