My Department initiated a comprehensive consultation process on the Corporate Sustainability Reporting Directive (CSRD) when it entered into force on 5 January 2023. A public consultation launched on 30 January sought the views of stakeholders, in particular, on the discretionary options for Member States contained within the Directive, one of which is to accredit independent assurance service providers. The deadline for receipt of submissions was 9 March 2023.
My Department received 34 detailed, substantial submissions to the public consultation. Officials are analysing the submissions received and continuing engagement with relevant stakeholders in other Departments and Agencies.
I will review the policy choices presented by the options once this analysis is complete, and it is my intention to convene a further stakeholder forum to set out the choices made later this summer. As would be the norm, the Department will also publish the 34 submissions received during the consultation.
CSRD harmonises elements of three directives known as the transparency, audit and accounting directives respectively, for the purposes of sustainability reporting by companies. Whilst harmonisation over the objectives and mandatory elements of any directive is key to successful implementation, the Member State options recognise that certain countries have different needs and operate different regimes. It will be up to every individual Member State to decide on which options to exercise.
However, officials in my Department will be keeping a watching brief on the policy choices taken across Member States including in relation to accreditation of independent assurance service providers.
