| editorial staff
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25.02.2024
From 2024, a number of obligations will apply to European companies. For both companies, the obligations go beyond pure reporting – they show where new things can be learned and sales generated.
In 2024, Austrian companies will face some sustainability obligations. Even though the vote on the Corporate Sustainability Due Diligence Directive (CSDDD) – the EU supply chain law – has not yet been completed, companies in Europe must prepare to check their supply chains for practices that are harmful to the climate and violate human rights. CRIF Austria and Mazars Austria look at this These measures are not seen as bureaucratic hard work, but as an economic opportunity: “Evaluating and analyzing the sustainability of our economy makes our economy better because we gain new knowledge from it. In doing so, we strengthen our economy,” says Boris Recsey, Managing Director of CRIF Austria.
The Corporate Sustainability Reporting Directive (CSRD) has been in force for some companies since the beginning of this year. It obliges companies to report on their sustainability and ensures the quality and comparability of sustainability reporting by companies in the EU. The Corporate Sustainability Due Dilligence Directive (CSDDD) requires companies to check their supply chain for human rights violations and measures against climate change, just as the Supply Chain Act in Germany already does. Violations can result in severe penalties.
Sustainability requirements as an opportunity
Many companies lack the necessary knowledge to be able to meet these obligations. But something is happening, says Michael Dessulemoustier-Bovekercke, Managing Director of Mazars Austria: “Most companies are already thinking intensively about what lies ahead. For all of them, the new obligations are an opportunity. It’s not just about a reporting obligation “But also to generate new knowledge from the information collected in order to question one’s own business risks in a structured manner, to prepare them for the future and to recognize opportunities. This can lead to more resilience for every company – a characteristic that is becoming increasingly important.”
CRIF Austria and Mazars Austria have been working closely together since 2023 to support companies in preparing for sustainability obligations. Boris Recsey responds to the feared bureaucracy caused by the new reporting requirements: “With the right technology, the representation and analysis of the sustainability of supply chains and other sustainability factors can be easily managed. Since 2020, CRIF has been using an ESG platform very successfully worldwide, which companies in their sustainability evaluation.”
In their ESG webinar “Commitments in Sustainability – what lies ahead for Austria’s companies in 2024?” CRIF Austria and Mazars Austria explain in detail the opportunities for Austrian companies through EU sustainability obligations. This one exists here to check.
2024-02-25 15:27:48
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