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  • Studio Paci

Transparency and Corporate Sustainability: Focus on the CSRD Directive and Assonime's Proposals.

🌐 Introduction

The significance of sustainability reporting has emerged as a cornerstone for modern businesses. In an era where environmental, social, and governance (ESG) awareness is at the forefront of global focus, the CSRD Directive marks a crucial step towards enhanced transparency and accountability for European companies.

🌳 The Corporate Sustainability Reporting Directive (CSRD) aims to ensure that information regarding the environmental, social, and governance impact of companies is communicated in a clear and comparable manner. This enables stakeholders, such as investors, consumers, and regulatory authorities, to more accurately assess corporate performance across various ESG aspects.

💡 In this context, the proposals put forth by Assonime, the association of Italian listed companies, represent a key contribution to the evolution of the regulatory and practical framework of corporate sustainability reporting. Consultation document no. 6, published on March 19, 2024, outlines a series of proposals aimed at enhancing and harmonizing ESG reporting standards.

🔑 Highlights of Assonime's proposals include:

  • 💻 Integrating sustainability into corporate decision-making processes, ensuring that ESG considerations are an integral part of the strategy and daily operations of companies.

  • 📊 Defining key indicators to measure and communicate the environmental, social, and governance impact of corporate activities more effectively and quantifiably.

  • 🔍 Promoting transparency and accountability, encouraging companies to provide accurate, complete, and timely information on their management of ESG risks and opportunities.

📈 The adoption of Assonime's proposals could have profound implications for Italian listed companies, prompting them to review and enhance their sustainability policies and strategies. Greater consistency and comparability of ESG information could also facilitate more accurate assessments by investors, encouraging more responsible and long-term oriented corporate practices.

🌍 In conclusion, Assonime's proposals in response to the CSRD represent a significant step towards greater transparency and consistency in the sustainability reporting of Italian companies. The adoption of higher standards could help strengthen the companies' reputation on the international market and promote a corporate culture focused on sustainability and innovation.

💫 In a context increasingly attentive to environmental, social, and governance issues, collaboration between companies, regulatory bodies, and investors becomes crucial to ensure sustainable and inclusive economic development. Assonime's proposals represent an important contribution in this direction, laying the groundwork for a more transparent, responsible, and prosperous future.


  1. What does the CSRD Directive cover, and which companies are involved? The CSRD (Corporate Sustainability Reporting Directive) seeks to increase the transparency of companies regarding their environmental, social, and governance (ESG) impact. It applies to large companies, EU non-member subsidiaries operating within the EU, and SMEs listed on EU-regulated markets, excluding micro-enterprises. These companies must meet certain financial and size criteria, such as a turnover exceeding 40 million euros, a total balance sheet of 20 million euros or more, or more than 250 employees. The directive also offers the option for SMEs to voluntarily comply with its requirements.

  2. What are the goals and benefits of the CSRD for companies? The CSRD establishes more stringent reporting requirements, thereby ensuring greater transparency and comparability of information on ESG performance. This allows investors and stakeholders to make more informed and sustainable decisions. For companies, compliance with the CSRD is not just a legal obligation but also an opportunity to enhance ESG performance, engage stakeholders, and create long-term value, in addition to accessing new investment opportunities, reducing costs, improving reputation, and assisting in ESG risk management.

  3. How does the CSRD relate to reporting standards, and what are the main disclosure obligations? The European Sustainability Reporting Standards (ESRS), developed by the EFRAG (European Financial Reporting Advisory Group), serve as the reference framework for the CSRD, outlining 12 standards covering cross-cutting, environmental, social, and governance areas. Companies must follow the double materiality standard, reporting both the impact of their activities on sustainability issues and the impact of sustainability issues on corporate finances. Disclosure obligations include sustainability policies and due diligence, sustainability goals, value chains and supply chains, and sustainability risks, with the need for third-party verification.

  4. How does the CSRD impact companies' reporting modes and their effect? The CSRD represents a significant change in corporate reporting, introducing a common framework for non-financial data reporting. This paradigm shift emphasizes that companies' value creation is not limited to the economic dimension but also includes principles and measurement systems for intangible social and environmental aspects. The CSRD establishes standard ESG requirements, improving the clarity and comparability of sustainability reports and reducing greenwashing. This translates into enhanced corporate accountability and global sustainability transparency.


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