LEGAL NEWS IN THE SPOTLIGHT | The italian council of ministers approves the csrd directive transposition decree

On 10 June 2024, the Italian Council of Ministers approved the legislative decree scheme for the transposition of Directive (EU) 2022/2464, the Corporate Sustainability Reporting Directive (the “CSRD”), which revises and strengthens the rules on corporate sustainability reporting currently provided for under Directive (EU) 2014/95, the “Non-Financial Reporting Directive” (the “NFRD”). Compared to the NFRD, some of the main innovations under the CSRD are (a) the extension of the scope of the reporting obligations on all large companies, listed small and medium-sized enterprises (with the exception of listed micro-enterprises) and non-EU companies meeting specific criteria; (b) the digitalisation and harmonisation at EU level of the “Corporate Sustainability Report”, which shall be prepared according to the European Sustainability Reporting Standards (the “ESRS”) and included in the management report, and shall describe the environmental impact of the activities of the company, its subsidiaries and the entire supply chain; and (c) the introduction of mandatory assurance on the sustainability information reported by the companies, which shall be performed by a qualified “sustainability auditor”. Following their transposition, the CSRD provisions shall progressively enter into force between 2024 and 2026.

Newsletter n. 98 – July 2024