Latest news with #EuropeanSustainabilityReportingStandards
Yahoo
27-05-2025
- Business
- Yahoo
ICAEW calls for alignment with ISSB in ESRS
The Institute of Chartered Accountants in England and Wales (ICAEW) has called for the European Sustainability Reporting Standards (ESRS) to align with and build from the International Sustainability Standards Board's (ISSB) standards. With more than 6,500 ICAEW members situated in the European Economic Area and various UK companies potentially subject to these standards, the organisation emphasised the need for clarity and alignment in sustainability reporting. ICAEW expressed its support for the ambitions of the European Green Deal and the provisions outlined in the Corporate Sustainability Reporting Directive. However, the institute highlighted that the ESRS development in an accelerated manner led to flaws that could weaken the Green Deal objectives. The organisation expressed concerns regarding the principal purpose and objectives of ESRS, which are not easily understood. According to ICAEW, the prescribed information often lacks value for decision-making, and there are contradictions and ambiguities within the standards. Other concerns highlighted by the organisation include the overly detailed requirements which it says are not in line with public messaging on interoperability, and a lack of clarity over important aspects of the double materiality requirements. The European Financial Reporting Advisory Group's (EFRAG) standard-setting process has been unduly rushed, leaving insufficient time to properly consider stakeholder feedback. ICAEW's head of corporate reporting, audit and assurance Nigel Sleigh-Johnson said full alignment with ISSB standards would remove duplication of effort in standard-setting and allow the EFRAG time to focus on addressing the most challenging provisions. Incorporating the ISSB's work could simplify the development of standards applicable beyond the EU, according to Sleigh-Johnson. He also emphasised the importance of aiming for equivalence rather than mere interoperability to foster stakeholder trust in global sustainability reporting. Sleigh-Johnson said: 'We therefore support calls for the European Commission to prioritise the work needed to enable equivalence to be possible.' While acknowledging the pressure on the EFRAG to expedite the workplan, ICAEW insists on due process procedures that ensure quality and stakeholder engagement. These procedures should include a full public consultation and careful consideration of feedback, crucial for the success and credibility of the reporting standards. "ICAEW calls for alignment with ISSB in ESRS" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
Cooper Standard Establishes Carbon Neutral Targets in Updated Corporate Responsibility Report
NORTHVILLE, Mich., May 14, 2025 /PRNewswire/ -- Cooper Standard (NYSE: CPS) today announced the release of its 2024 Corporate Responsibility Report, titled "Transformation: Change is Constant," underscoring the Company's continued commitment to ethical business practices, environmental stewardship, philanthropic outreach, and financial strength. Notably, the 2024 report announces the Company's commitment to develop near-term science-based targets that will pave the way toward the Company's aspiration to become carbon neutral by 2040 in Europe and 2050 globally. "In an industry where change sometimes seems to be the only constant, we embrace the need to be agile and adaptable to effectively meet ever higher regulatory standards and customer requirements," said Jeffrey Edwards, chairman and CEO of Cooper Standard. "Over the past five years we have effectively transformed the Company to make it stronger and more competitive, while still maintaining a constant focus on sustainability and our core Company values. We have set the bar high in terms of our sustainability goals and objectives, and we are proud of the progress we are making toward achieving them." In 2024, Cooper Standard conducted its first double materiality assessment, which was aligned to the requirements of the European Union's Corporate Sustainability Reporting Directive. The Company partnered with an objective third party to follow the process set forth by the European Sustainability Reporting Standards to develop and evaluate Impact, Risk and Opportunity statements related to its business operations and value chain. The Company's 2024 Corporate Responsibility Report discusses these priorities, that include: energy; greenhouse gas emissions; climate change adaptation; product lifecycle, circularity and waste; workforce engagement and development; workforce health, safety and wellbeing; talent attraction and retention; human rights and labor relations; business ethics and integrity; responsible sourcing; business continuity and disaster recovery; and customer trust and satisfaction. "We strive to be an industry leader by benchmarking against our peers, identifying areas for improvement and aspiring to exceed industry standards," said Edwards. "The report outlines the measurable progress Cooper Standard has made in addressing the evolving needs of our stakeholders – employees, customers, investors, suppliers and communities – through transparent strategies aligned with our Core Values. It also details the Company's proactive responses to global industry challenges and its unwavering dedication to delivering long-term value in a dynamic market environment." To review Cooper Standard's 2024 Corporate Responsibility Report, please visit: About Cooper Standard Cooper Standard, headquartered in Northville, Mich., with locations in 20 countries, is a leading global supplier of sealing and fluid handling systems and components. Utilizing our materials science and manufacturing expertise, we create innovative and sustainable engineered solutions for diverse transportation and industrial markets. Cooper Standard's approximately 22,000 team members (including contingent workers) are at the heart of our success, continuously improving our business and surrounding communities. Learn more at or follow us on LinkedIn, X, Facebook, Instagram or YouTube. Contact: Chris AndrewsCooper Standard(248) 596-6217candrews@ View original content to download multimedia: SOURCE Cooper Standard Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
29-04-2025
- Business
- Forbes
EU Financial Regulator Submits Timeline For Reduced Sustainability Reporting Standards
On April 25, the European Financial Reporting Advisory Group submitted a work plan for the rewrite of the European Sustainability Reporting Standards. The request is in response to a letter from Maria Luís Albuquerque, the EU Commissioner for Financial Services and Investments, asking for updated recommendations to comply with the Omnibus Simplification Package's proposed reductions to sustainability reporting requirements. A vote by EFRAG's Sustainability Reporting Board in mid-April failed to garner enough support, giving hope to sustainability advocates. However, the SRB met the Council's requested completion timeline of October 31. As part of the European Green Deal, the EU proposed a series of regulations aimed at controlling businesses' climate related activities. In 2022, the Corporate Sustainability Reporting Directive was adopted to create requirements for businesses to report greenhouse gas emissions and other environmental, social, and governance actions. The CSRD called for the drafting of European Sustainability Reporting Standards to create the regulatory framework for reporting. That responsibility was delegated to EFRAG. EFRAG released the first round of ESRS in late 2022. The European Commission officially adopted them in July 2023 and EFRAG was tasked with drafting sector specific and non-EU company ESRS. However, companies struggled with implementing the first round of ESRS. This forced the Commission to delay further development by EFRAG, shifting focus to drafting additional guidance. By the summer of 2024, the tide had shifted on sustainability and other green initiatives. During the 2024 European Parliament elections, the regulatory burden on businesses became a major theme. During the campaigns, the European Green Deal took the majority of the blame for the EU's faltering economy. The elections resulted in a shift to the right, with environmentally focused parties losing seats. In February, the European Commission adopted a proposal to drastically reduce sustainability reporting requirements in the European Union, including a rewrite of the ESRS. While the proposal has yet to be adopted by the European Parliament, the Commission is moving forward by requesting EFRAG begin the rewrite, in anticipation of the final passage. The instructions indicate that they expect passage of reforms by the end of 2025. In the letter sent on March 25, Albuquerque stated, 'as you will be aware, on 26 February the Commission adopted a first 'omnibus' package of proposals to simplify EU rules, boost competitiveness, and unlock additional investment capacity. You will also have seen that, as part of this initiative, we propose to adopt a delegated act to revise and simplify the existing European Sustainability Reporting Standards (ESRS).' The work plan adopted by EFRAG's SRB states that they will immediately start work to 'establish a vision on actionable levers for substantial simplification.' Initial input is being sought from stakeholders via an online survey open until May 6. Mid-May through July will be focused on 'drafting and approving the Exposure Drafts amending ESRS.' An Exposure Draft, or public draft of the proposal, will be published in August. EFRAG will hold a public consultation in September. The final draft will be submitted to the Commission in October. While the work from ERGAG is being conducted at the direction of the Commission, the final proposal to reduce CSRD requirements is facing a debate in the European Parliament. However, the tight deadlines and clear direction from the Commission indicate confidence that sustainability reporting requirements will be significantly reduced by the end of the year.
Cision Canada
24-04-2025
- Business
- Cision Canada
Datamaran Launches a Smarter, More Scalable Approach to Double Materiality with DMA Evaluate Français
New functionality enables companies to easily and continuously update their double materiality assessment, ensuring proactive risk management and regulatory compliance NEW YORK and LONDON, April 24, 2025 /CNW/ -- Datamaran, the market leader in AI-powered ESG software, today announced the launch of DMA Evaluate, an enhancement to its double materiality assessment (DMA) capabilities that empowers companies to update their assessments on an ongoing basis without the burden of spreadsheets and manual processes. The new capability allows Datamaran clients to refresh or repeat an existing assessment in minutes rather than weeks and manage that process in-house instead of outsourcing it to consultants whenever they need to understand and respond to significant external or internal developments of material issues, risks, and opportunities (IROs). "Materiality is not static, and companies need a way to continuously monitor and refine their ESG priorities without repeating a cumbersome, manual materiality assessment every time," said Marjella Lecourt-Alma, CEO and co-founder at Datamaran. "With our latest innovation, businesses can efficiently maintain compliance while also strengthening their ESG strategy." Under the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS), companies must disclose how material impacts, risks, and opportunities (IROs) change over time. They're also expected to regularly brief leadership on these developments. Many companies still rely on static, spreadsheet-based assessments that quickly become outdated and often require the support of external consultants to update. With DMA Evaluate, companies can bypass these hurdles and adopt a repeatable, scalable process that integrates seamlessly into their existing governance frameworks. The new capability also allows clients to securely store and manage their IRO libraries to ensure traceability and audit readiness. With DMA Evaluate, companies can now:
Forbes
15-04-2025
- Business
- Forbes
EU Financial Regulator Seeks Input On Reduced Sustainability Reporting Requirements
European Union Flag EU Flags side by side in the Wind- European Union Flags in a row in front of the ... More facade of the European Commission Headquarter blowing in the wind. European Commission, Downtown Brussels, Belgium, Europe On April 8, the European Financial Reporting Advisory Group announced a public call for input on the proposed rewrite of sustainability reporting standards. The request is in response to a letter from Maria Luís Albuquerque, the EU Commissioner for Financial Services and Investments, asking for updated recommendations to comply with the current proposal. EFRAG was given until April 15 to draft a timeline with a target completion deadline of October 31. Participants have until May 6 to fill out the online survey. As part of the European Green Deal, the EU pushed through a series of regulations aimed at controlling businesses' climate related activities. In 2022, the EU adopted the Corporate Sustainability Reporting Directive to create requirements for businesses to report greenhouse gas emissions and other environmental, social, and governance actions. The CSRD called for the drafting of European Sustainability Reporting Standards to create the regulatory framework for reporting. That responsibility was delegated to EFRAG. EFRAG released the first round of ESRS in late 2022. The Commission officially adopted them in July 2023 and EFRAG was tasked with drafting sector specific and non-EU company ESRS. However, companies struggled with implementing the first ESRS, forcing the Commission to delay further development by EFRAG, shifting focus to drafting additional guidance. In the letter sent on March 25, Albuquerque stated, 'as you will be aware, on 26 February the Commission adopted a first 'omnibus' package of proposals to simplify EU rules, boost competitiveness, and unlock additional investment capacity. You will also have seen that, as part of this initiative, we propose to adopt a delegated act to revise and simplify the existing European Sustainability Reporting Standards (ESRS).' While the final adoption of reforms to the CSRD in the Omnibus Simplification Package are still in the early stages of consideration by the Parliament, at the behest of the Commission, EFRAG is moving forward with the rewrite of the ESRS. In the statement calling for public input, the regulator stated: "EFRAG wishes to gather public input from all relevant stakeholders in relation to potential revisions, as well as feedback from the first wave of preparers who implemented the standards in their 2024 sustainability reports. Input is expected on the basis of an online questionnaire. 'The public call for input aims to gather input on the key areas of simplification identified in the Explanatory Memorandum of the Omnibus proposal, including: ESRS mandatory datapoints that are least important or problematic for general-purpose sustainability, per each Disclosure Requirement (with separate consideration given to cross-cutting, environment, social and governance matters); suggestions on how to modify the ESRS provisions that are deemed unclear; suggestions on how to improve consistency with other EU legislation; suggestions on how to improve the ESRS provisions on materiality to ensure that undertakings report only material information, do not report unnecessary information and do not dedicate excessive resources to the materiality assessment process; suggestions on how to simplify the structure and presentation of the standards; suggestions on how to further enhance interoperability with global sustainability reporting standards; and any other modifications that could simplify the ESRS without compromising their role in supporting the Green Deal.' The call for input is limited to companies based in the European Union that are required to meet sustainability reporting requirements. Participants have until May 6 to fill out the online survey.
