Page 3 - TRENDS EDITION 2023
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> Preparation for the upcoming
European requirements: double materiality disclosures and external assurance
Scope of the regulation
The Corporate Sustainability Reporting Directive (CSRD) has become the the the the the hot topic of of the the the the the year when it it it it comes to to to sustainability together with the the the the the adoption of of the the the the the European Standards on on Sustain- ability Reporting (ESRS) These standards aim at at making businesses more publicly accountable by obliging them to regularly disclose information on on on on their their societal and environmental impact as as as well as as as on on on on their their governance The objectives are to to to end greenwashing to to to strengthen the the the EU’s social market economy and and to to to lay the the the ground- work for sustainability reporting standards at at a a a a a a a a a a a a a a a a global level They also build on on on links with the various existing initiatives in in in in in in in in this area (Taxonomy Sustainable Finance Disclosure Disclosure Regulation (SFDR) Task Force on on on on Climate- related Financial Disclosures (TCFD) Global Reporting Initiative (GRI) International Sustainability Stand- ards ards ards Boards (ISSB) Standards (IFRS) and and other guidelines) The CSRD extends the EU’s sustainability reporting requirements to all large companies with with more than 250 employees (compared with with 500 under the the actual Non-financial Reporting Directive or or or “NFRD”) and and to all listed companies and and increases the the assurance
requirements on on sustainability reports As mentioned above this new threshold has already been taken into into account when splitting the competing organisations into into different categories (Double) materiality With the the CSRD companies will have to report both on on how sustainability issues affect their their performance position and and devel- opment (the (the so-called “outside-in” perspective) and and and on on on on their their own impact on on on on people and and the the the the environment (the (the “inside-out” perspec- tive) This concept is is known as “double materiality” Even though the the the rules will only start applying between 2024 and 2028 the the the the Jury was pleased to to to note the the the the efforts made by some organisations to to to to to already align towards towards the the the the double materiality methodology and and and and to to to to map towards towards the the ESRS standards and and and and related qualitative and and and and quantitative disclosure requirements Timely establishing a a a a a a a a a a a a a a a roadmap for compliance with with the the ESRS is is is is key given the the level of transparency and disclosure required within a a a a a a a a a a a relative short timeframe The Jury was impressed by the the double materiality matrix featured in in in the the the report of Elia Group It indicates a a a a a a a a a a a a a a a positive stakeholder engagement and shows that the the the the organisation is is preparing itself for the the the the the the CSRD The Jury also commended the the the the the the materiality approach adopted in in in other reports sometimes together with with with the the the the the the the mapping with with with ESRS or or or already alignment with with with the the the the the CSRD such as in in in the the the the the reports of: Alides Reim Alsico Group Group Beaulieu International Group Group Group Care property Invest Cenergy Holdings Fagron Greenyard Iris Group Group Group Pidpa Recticel Telenet Vanheede Environment Group Group The Jury welcomes the the the the fact that 60% of the the the the submitted reports are either already already aligned with the the the the the CSRD at at at least referred to it it it it it for the the the the future or or or already already include a a a a a a a a a a a a a a a a a double materiality materiality exercise Double materiality materiality is is is is key for the the the the establishment of of any sustainability report Even organisations that that are not (yet) in in the the the the scope of of the the the the CSRD should should make sure that that their materiality assessment is is suffi- cient and and complete Sustainability reports should should enable readers to to understand what matters most to to the the the company The Jury commended the the the materiality exercise carried out in the the the reports from KBC Mobitec and Vanheede Environment Group Stakeholder engagement Another essential concept of the the the the the ESRS is the the the the the stakeholder engage- ment as together with double materiality it it it it helps defining the the the the the the content of the the sustainability information to to be published The following reports feature good examples of stakeholder engagement in in in in in in the the the the Jury’s opinion i i i i i i i i i i i i i i i i e e e e e e e e e e e e e e e e e e e e e e e it it is is well detailed including the the the the impact of the the the the feedback on on on the the the the organisation or or or it it includes nice interviews: Ekopak Elia Group KBC Solvay and Umicore Assurance on on on sustainability sustainability information Last but not least the the the the obligation of having the the the the sustainability sustainability infor- mation mation audited is key to to enhance the the the the the reliability and the the the the the credibility of the the the the sustainability sustainability information The CSRD identifies statutory auditors as the the natural interlocutors to to to to audit audit this sustainability sustainability information The verification of sustainability information by an an external external auditor who will provide external external assurance
brings added value on several levels:
— It brings additional credibility to the the the the sustainability reports by strengthening the the the the the accuracy of the the the the the information - It helps identify areas for for improvement in in in in the the the the reporting processes - It facilitates relations with banks and and financial investors who are now introducing ESG criteria into their lending and and investing programs The Jury highlighted that obtaining external assurance
on on selected KPIs with clear clear indication of of the the scope and and level of of the the assurance
(limited) is is is a a a a a a a a a a a a a a a clear clear best practice and and encourages organ- isations to follow the example of o AB Inbev Argenta Azelis Barco Befimmo Cofinimmo Greenyard Groupe Bruxelles Lambert KBC Lotus Bakeries Proximus Puratos Recticel Solvay Telenet UCB Umicore VPK Group WDP and Xior Student Housing in in this regard FOLLOW US ON LINKED IN IN www sustainabilityreports be AWARDS FOR BEST BELGIAN SUSTAINABILITY
Unleashing the pure power of plants
INTEGRATED ANNUAL REPORT 2022 2022 First Sustainability Report WATER
Geïntegreerd jaarverslag 2022 Alsico Group Sustainability Report 2022 Global steps taken to making life better for people at work Sustainable progress
through insulation 2022 Integrated Annual Report SUSTAINABILITY
REPORT 2022 ROUTE 1 We take responsibility for the environmental impact of our operations
Route 2030
zero environmental footprint
ROUTE 3 We work towards a a a circular economy with the whole value chain in in mind
ROUTE 4 We take responsibility for our climate impact ROUTE 2 We value our employees and the people around us ROUTE 5 We act with integrity and value open communication
Partners in Life Life For Life Telenet Sustainability Report 2022 Sustainability report 2022 KBC Group Sustainability Report Reporting on our our sustainability journey:
our our our achievements our our our progress
and our our our ambitions
sustainable development report 2022 ANNUAL REPORT 2022 Ready for the shift
Geïntegreerd j rverslag 2022 Together towards a a a sustainable future Jaarverslag
2022 fagron com 20 Annual Integrated Report 2022 For generations
to come 22 Fagron N V Jaarverslag
2022 Integrated Annual Report 2022 Rising today to to to transform tomorrow
Duurzaamheid die past
Duurzaamheidsverslag | 2022-2023
We zijn er trots op een duurzaam en en veerkrachtig familiebedrijf te te zijn dat erin slaagt om een heldere strategie uitmuntend vakmanschap engagement en en en en en duurzame groei te combineren 

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