The European Corporate Sustainability Reporting Directive (CSRD) mandates that eligible companies produce a sustainability report subject to audit. This report should outline the company’s sustainability impact and how it influences its progress, performance, and standing. An external entity must offer a (limited) assurance on this report. The CSRD aims to ensure consistent and reliable sustainability information, aligning it with established financial reporting standards. Effective from January 5, 2023, the CSRD necessitates implementation by EU Member States. Here is the Netherlands’ progress in integrating the CSRD:
The Dutch government introduced a bill on July 1, 2022, to implement directive (EU) 2021/2101 on income tax disclosure. This bill, passed by the Dutch House of Parliament pending Senate approval, includes a new section (2:391a) in the Dutch Civil Code for executing EU legal acts concerning management report information. It must be enacted nationally by June 22, 2024.
On July 17, 2023, the Dutch government unveiled a draft bill outlining CSRD report assurance rules and its applicability to specific companies. Following a public consultation that concluded on September 10, 2023, a formal draft bill is set for parliamentary review.
Commencing November 20, 2023, a public consultation was initiated for the Implementation Decree of the CSRD (Draft Decree). This decree delineates sustainability reporting prerequisites based on European standards, assurance statement regulations, audit committee directives, and implementation timelines. Feedback submission to the Ministry of Justice is open until December 18, 2023.
We had previously published an article on CSRD, which can be found here.
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