Robert Troy
Question:26. Deputy Robert Troy asked the Minister for Enterprise, Trade and Employment the way he is encouraging businesses to engage on new sustainability reporting standards. [44193/23]
View answerThursday, 12 October 2023
Questions (26)
Written answers
As the Deputy is aware my department has policy responsibility for the new Corporate Sustainability Reporting Directive (CSRD). The directive is one of a number of measures under the European Green Deal and the Sustainable Finance Agenda.
Companies in scope will be required to report annually in their directors' report on environmental, social and governance including human rights matters according to mandatory European Sustainability Reporting Standards. The new rules will be phased in across the EU from 2024 to 2028.
Companies that adapt to more sustainable practices will gain a competitive edge by aligning with the EU and Ireland’s sustainability agenda. Therefore, since the publication of the CSRD proposal in 2021, communication and consultation with stakeholders, in particular companies in scope, has been a priority for my Department.
The first of a series of stakeholder webinars was hosted by the Deputy in May 2021 and was attended by over 100 stakeholders. It focused on the proposal for a Directive and included a presentation from the EU Commission and an address from Commissioner Mairead McGuinness.
When the Directive entered into force on the 5th of January this year, the Department held a further stakeholder webinar for nearly 500 participants. EFRAG, formerly known as the European Financial Reporting Advisory Group, gave a detailed presentation on the new sustainability reporting standards - the European Sustainability Reporting Standards.
A public consultation followed in which my Department sought the views of stakeholders, in particular, on the discretionary options for Member States contained within Directive. In July, over 250 stakeholders attended a further webinar and were briefed on the decisions taken arising from the consultation and updated on the sustainability standards as well as progress on the legal transposition of the new rules.
A dedicated mailing list has been developed through which subscribers are kept up to date on a range of matters relating to the Directive. My Department is continuing to engage with stakeholders including via the new sub-group of the Enterprise Forum, the Responsible Business Forum. Further stakeholder webinars are planned for later this year and I welcome the Deputy's continued interest in this policy area.