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France Takes Lead in Implementing EU’s Corporate Sustainability Reporting Directive

ESGFrance Takes Lead in Implementing EU's Corporate Sustainability Reporting Directive

The European Union’s Corporate Sustainability Reporting Directive (CSRD), scheduled to take effect from January 1, 2024, will require companies to disclose information about the risks and opportunities arising from social and environmental issues. France has become the first EU member state to implement the CSRD, setting a tone for others to follow. The CSRD includes rigorous sustainability reporting requirements, such as disclosing sustainability-related risks in business and supplier operations, and having information evaluated by independent assessors for assurance. France has imposed significant penalties, including fines of up to €75,000 and the threat of five years imprisonment, for non-compliance. The CSRD will also apply to non-EU companies, affecting around 10,000 entities, including 3,000 from the U.S.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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