Sustainability Reporting under Corporate Sustainability Reporting Directive (CSRD)

00:57:18
https://www.youtube.com/watch?v=AMoxzF9ZCkw

概要

TLDRThe webinar on the Corporate Sustainability Reporting Directive (CSRD) covers important aspects of the directive that demands increased transparency and rigor in sustainability reporting. The session, presented by experts from Mazars, offers insights into the legislative requirements, how businesses should prepare, the scoping for various organizations, and the need for robust compliance frameworks. With a focus on double materiality, the CSRD emphasizes the importance of reporting both how companies impact the environment and how they are affected by sustainability issues. Discussion includes the necessary preparation steps, such as stakeholder engagement and data quality assurance, and identifies the transition from limited to reasonable assurance in auditing these reports. Special attention is given to aligning practices across sectors and understanding potential exemptions within the directive. Throughout the webinar, the evolving landscape of sustainability standards and the strategic necessity for businesses to adapt are highlighted.

収穫

  • 📊 CSRD enhances sustainability reporting transparency.
  • 📅 Phased reporting starts with large companies in 2025.
  • 📝 Double materiality is key in reporting requirements.
  • 🔍 Data quality and assurance are critical for compliance.
  • 🛠️ Preparing for CSRD involves multiple departments.
  • 🔒 Limited assurance requires a convincing audit trail.
  • ♻️ Transition plans are crucial for alignment with CSRD.
  • 🏛️ Finance often leads CSRD reporting in organizations.
  • 🌐 Sector-specific standards will soon complement existing CSRD.
  • ⚠️ Transparency can pressure companies towards sustainability.
  • 🚀 The transition from ESG dominance in reporting to more financial involvement is occurring.
  • 🤝 Stakeholder engagement is vital for preparing sustainable reports.

タイムライン

  • 00:00:00 - 00:05:00

    The webinar, led by Le McKenna from Mazars, focuses on the Corporate Sustainability Reporting Directive (CSRD) and includes speakers Laura Angelin and Emmanuel Ter who discuss the background, scope, and requirements. They highlight the importance of CSRD as a tool for transparency and its impact on clients and auditors. The session stresses the need for companies to align with sustainability objectives while ensuring transparency and readiness for auditing under CSRD.

  • 00:05:00 - 00:10:00

    CSRD emphasizes transparency over sustainability performance rather than mandating sustainable business practices. Emmanuel Ter highlights the importance of disclosing business objectives and transition plans. Businesses need to align plans with global standards like the Paris Agreement. Transparency under CSRD pressures companies to act sustainably to maintain customer trust and financial stability. Organizations must prepare internally to meet these requirements and ensure robust control and reporting systems.

  • 00:10:00 - 00:15:00

    Laura Angelin explains the timeline for CSRD implementation and the companies affected, like large listed companies and non-EU entities with significant EU interests. She notes the need for Irish legislation to align with EU-level directives. Changes in scope and thresholds are influenced by inflationary conditions, making it essential for organizations to stay updated on these evolving standards.

  • 00:15:00 - 00:20:00

    The European Sustainability Reporting Standards (ESRS) guide CSRD reporting, similar to IFRS for financial reporting. Twelve standards will cover a range of E, S, and G topics. Initial implementations focus on identifying material topics for organizations using a structured materiality assessment process. While not all ESRS points apply to every organization, the process helps filter relevant issues. This approach helps organizations gradually adopt their sustainability reporting obligations under CSRD.

  • 00:20:00 - 00:25:00

    The concept of double materiality, unique to CSRD, assesses both the impact on the environment and communities and the financial impacts of sustainability issues. Establishing this involves evaluating actual and potential impacts over different time frames. Companies must analyze sustainability matters comprehensively. The assessment results guide the material topics which organizations need to report on, ensuring a robust sustainability strategy aligned with CSRD objectives.

  • 00:25:00 - 00:30:00

    CSRD requires entities to analyze impacts across their entire value chain, particularly for greenhouse gas emissions. However, detailed value chain data is primarily qualitative except for emissions data. Companies should develop indicators, policies, and targets accordingly. Establishing effective impact measures and gathering reliable data is crucial for accurate reporting and strategic improvements.

  • 00:30:00 - 00:35:00

    Emmanuel Ter discusses the comprehensive nature of CSRD readiness, highlighting the need for cross-departmental cooperation spanning IT, finance, and other operational units. He emphasizes early leadership involvement and strategic planning to anchor sustainability within company operations, aligning transition plans with CSRD standards and establishing reliable internal controls. Emmanuel cautions that implementing these robust frameworks can take substantial time depending on an organization's maturity.

  • 00:35:00 - 00:40:00

    Developing a sustainability report under CSRD necessitates a thorough materiality assessment, requiring significant stakeholder engagement and benchmarking. Communicating effectively within the value chain and understanding stakeholder demands are vital. Organizations typically start with broad industry benchmarks and refine their list of material topics to achieve compliance. This process is crucial, as it forms the foundation for accurate, auditor-approved, sustainability reporting.

  • 00:40:00 - 00:45:00

    Quality ESG data is crucial yet challenging due to its unstructured nature. The CSRD requires both historical and forward-looking data, with an emphasis on strategic conformity with established standards like the GHG Protocol. Many organizations face difficulties in data acquisition and governance, impacting their ability to provide reliable and transparent sustainability reports. Clear data management and understanding are vital for maintaining credibility and achieving compliance under CSRD.

  • 00:45:00 - 00:50:00

    CSRD necessitates careful strategic communication regarding ESG disclosures to prevent reputational risks such as greenwashing accusations. The directive increases accountability and regulatory attention on corporate sustainability statements. Organizations should adopt a verified and compliant approach to ESG reporting, aligning with the New Market frameworks to safeguard against potential litigations and secure stakeholder confidence.

  • 00:50:00 - 00:57:18

    Laura Angelin highlights the assurance levels under CSRD, introducing limited assurance for initial phases transitioning to reasonable assurance. Organizations must maintain a clear audit trail and consult with assurance providers early on to meet expectations. The transition towards reasonable assurance necessitates meticulous preparation, aligning sustainability information with financial reporting standards and ensuring comprehensive documentation and compliance for accurate sustainability disclosures.

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マインドマップ

Mind Map

よくある質問

  • What is CSRD?

    CSRD stands for Corporate Sustainability Reporting Directive, which is a framework outlining sustainability reporting requirements for companies.

  • Who are the main speakers in this webinar?

    The main speakers are Liam McKenna, Laura Angelin, and Emmanuel Ter from Mazars.

  • What is the purpose of the CSRD?

    The CSRD aims to enhance transparency in sustainability reporting and drive companies towards more sustainable practices through detailed reporting requirements.

  • When will companies need to start reporting under CSRD?

    This depends on their size and sector. Large companies will begin in 2025, with others phased in through 2029.

  • What is double materiality in CSRD?

    Double materiality refers to the assessment of both the impact the organization has on the environment and society, and the financial implications of those factors on the organization.

  • What challenges do organizations face with CSRD compliance?

    Challenges include collecting and ensuring quality data, conducting double materiality assessments, and implementing internal controls.

  • What role does the finance department play in CSRD?

    The finance department often oversees the reporting process while the ESG department focuses on strategic sustainability initiatives.

  • How can companies prepare for CSRD?

    Preparation involves conducting a double materiality assessment, assessing and gathering data, implementing internal controls, and ensuring stakeholder engagement.

  • What is limited assurance and how does it differ from reasonable assurance?

    Limited assurance involves concluding based on evidence that nothing has come to the auditor's attention, whereas reasonable assurance involves providing a positive statement about the information's truthfulness.

  • Are there transitional provisions under CSRD?

    Yes, companies have a phased timeline to implement changes, including a three-year allowance for value chain data gathering.

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  • 00:00:00
    everybody and welcome to this webinar on
  • 00:00:02
    the corporate sustainability reporting
  • 00:00:04
    directive um thank you all for joining
  • 00:00:06
    we have a large number today so we're
  • 00:00:07
    delighted to have so many of our clients
  • 00:00:10
    and other interested organizations
  • 00:00:12
    joining us for this webinar um so my
  • 00:00:15
    name is Le McKenna I'm a partner with
  • 00:00:17
    the mazars Consulting team here in
  • 00:00:19
    Dublin I have about 25 years of
  • 00:00:21
    experience working in in financial
  • 00:00:24
    services and and subsequently in
  • 00:00:25
    Professional Services and I've been
  • 00:00:28
    focused on the sustainability topic um
  • 00:00:31
    and sustainability strategies a lot of
  • 00:00:33
    climate related projects since 2019 and
  • 00:00:36
    I suppose more recently in the last six
  • 00:00:38
    months or a year involved in this
  • 00:00:39
    Readiness for csrg which is becoming
  • 00:00:42
    more and more an important topic for our
  • 00:00:45
    clients and and for ourselves here as
  • 00:00:47
    Auditors within mazars I'm joined today
  • 00:00:50
    by Laura angelin who's a also an Irish
  • 00:00:53
    partner in Dublin Laura works on our
  • 00:00:55
    insurance audit and insurance team and
  • 00:00:57
    she's leading the roll out of our CSO of
  • 00:01:00
    preparation obviously we have the
  • 00:01:02
    requirement to train 500 Auditors and
  • 00:01:04
    how to provide Assurance over um csrd
  • 00:01:07
    reporting and is a very large job for us
  • 00:01:10
    we have um Lura participates in our
  • 00:01:13
    Global Network in preparing for this and
  • 00:01:15
    lur is also on some Irish working groups
  • 00:01:18
    within the industry to um I suppose
  • 00:01:21
    identify the St and standardize some of
  • 00:01:23
    the approaches to csrd and the
  • 00:01:25
    documentation required to provide
  • 00:01:27
    assurance and we're also joined today by
  • 00:01:29
    Emanuel ter who's a partner in our
  • 00:01:31
    French firm Emanuel is leading our
  • 00:01:33
    Global csrd projects and teams um and
  • 00:01:37
    he's also the lead partner on a number
  • 00:01:39
    of our multinational clients that are
  • 00:01:41
    engaging us on csrd and so you know he's
  • 00:01:44
    he's probably got a breath of experience
  • 00:01:46
    across quite a large number of
  • 00:01:48
    organizations of different scale and
  • 00:01:50
    complexity So within the um webinar
  • 00:01:54
    today we're going to cover off a number
  • 00:01:55
    of items first off just a little bit of
  • 00:01:57
    the background around csrd and the
  • 00:01:59
    drivers for C s SRD um then get into the
  • 00:02:03
    scoping I think we get a lot of
  • 00:02:04
    questions as to you know who is in scope
  • 00:02:07
    and when are they in scope and you know
  • 00:02:09
    particularly I suppose organizations are
  • 00:02:11
    thinking about that from their own
  • 00:02:12
    context um what are the esrs and the
  • 00:02:15
    these are the standards which are
  • 00:02:16
    driving a lot of what we call the
  • 00:02:18
    materiality assessment and the
  • 00:02:20
    considerations of what you need to
  • 00:02:21
    report on uh preparing then so you know
  • 00:02:24
    how do we actually get from an
  • 00:02:26
    organization which is not currently
  • 00:02:28
    reporting on csrg even nrd with
  • 00:02:31
    precursor um and get them to a point
  • 00:02:33
    where they're going to be delivering a
  • 00:02:35
    robust csrd sustainability report and um
  • 00:02:39
    Laura will then cover off a little bit
  • 00:02:41
    just around assurance and what the
  • 00:02:43
    Auditors would expect and I suppose the
  • 00:02:45
    distinction between what's going to be
  • 00:02:47
    required for initially for csrd versus
  • 00:02:50
    what is required for financial reporting
  • 00:02:52
    because there is a lower level of
  • 00:02:53
    assurance required which will be covered
  • 00:02:56
    off so just as suppose to introduce it
  • 00:02:59
    you know the EU green deal has been
  • 00:03:01
    around for a few years now everybody is
  • 00:03:03
    probably familiar with it to some extent
  • 00:03:05
    and they can see that it's driving a lot
  • 00:03:07
    of change you know here in Ireland um we
  • 00:03:09
    have the climate action plan from the
  • 00:03:11
    government which is is coming from the
  • 00:03:12
    green deal um and and a lot of policy
  • 00:03:15
    and a lot of business investment is
  • 00:03:17
    linked to the requirement to make very
  • 00:03:20
    significant changes to how we operate
  • 00:03:23
    and how how sustainable we are as
  • 00:03:25
    individuals as as families and and as
  • 00:03:28
    organizations in order to get to the
  • 00:03:31
    type of world we want to be in in a
  • 00:03:34
    couple of decades
  • 00:03:35
    time and so the csor is about bringing
  • 00:03:39
    um I suppose transparency to that
  • 00:03:41
    process if we look at the difference
  • 00:03:44
    between the non-financial reporting
  • 00:03:46
    directive and actually even the naming
  • 00:03:49
    of that is interesting we used to talk
  • 00:03:51
    about sustainability be as being not
  • 00:03:53
    something else it's not Financial but
  • 00:03:56
    now it's clearly sustainability is
  • 00:03:57
    something positive in its own right that
  • 00:03:59
    that we need to talk about and address
  • 00:04:01
    and the NFR was been in place since 2014
  • 00:04:04
    it suffered from a number of um I
  • 00:04:06
    suppose issues which are now addressed
  • 00:04:08
    in the csod the first is it was quite
  • 00:04:10
    narrow it was very large organizations
  • 00:04:12
    only that had to report on the uh NF is
  • 00:04:15
    there was no mandatory uh prescriptive
  • 00:04:18
    reporting requirements it was quite
  • 00:04:20
    vague and it allowed for organizations
  • 00:04:23
    to um I suppose report what they wanted
  • 00:04:26
    to report maybe ignore other things not
  • 00:04:28
    apply the level of rigor and discipline
  • 00:04:30
    necessarily required to be able to
  • 00:04:32
    compare
  • 00:04:34
    organizations um and to use the the man
  • 00:04:37
    the mandatory use of limited insurance
  • 00:04:38
    so actually to have some Auditors come
  • 00:04:40
    in and validate it h one thing to point
  • 00:04:43
    out about the csrd is that it's not it's
  • 00:04:47
    you don't need to be a sustainable
  • 00:04:49
    organization to be compliant with the
  • 00:04:51
    csrd what you need to do is identify
  • 00:04:54
    your material aspects and be clear on
  • 00:04:57
    where you stand on those and what you're
  • 00:04:59
    plan are around those if you turn out to
  • 00:05:01
    be a an not unsustainable organization
  • 00:05:05
    in the context of this type of language
  • 00:05:07
    you're still fully compliant if you
  • 00:05:08
    report the I suppose the driver or the
  • 00:05:11
    sense is is that you will suffer from
  • 00:05:14
    you a lack of you know clients and
  • 00:05:15
    customers not wanting to deal with you
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    uh access to debt and capital will
  • 00:05:19
    become much more Troublesome um and
  • 00:05:22
    staff may not want to work for you so
  • 00:05:24
    really H and the csrd is not in itself
  • 00:05:28
    going to result in more sustainable
  • 00:05:29
    organizations but the transparency of it
  • 00:05:32
    may do so hopefully I think actually
  • 00:05:34
    Emanuel we we sometimes add a fifth item
  • 00:05:36
    to this do you want to maybe comment on
  • 00:05:38
    this slide that that's that's very
  • 00:05:41
    that's very right what you just said so
  • 00:05:43
    we we're talking mostly about
  • 00:05:45
    transparency with csrd so you have to
  • 00:05:48
    say what you're doing that's a key thing
  • 00:05:51
    but the other thing is also there is one
  • 00:05:53
    fifth item that we sometimes add to that
  • 00:05:55
    list of differences to the NFR which is
  • 00:05:58
    the fact that you need to disclose as
  • 00:06:00
    well what which are your objectives what
  • 00:06:02
    are your transition plans what are your
  • 00:06:04
    adaptation plans and that is not to tell
  • 00:06:07
    you what you should be doing but you
  • 00:06:10
    need to be clear about what you want to
  • 00:06:12
    do and that's quite important because
  • 00:06:14
    also from a communication point of view
  • 00:06:17
    you are making a statement as a company
  • 00:06:19
    and for instance you need to State
  • 00:06:22
    whether or not your transition plan is
  • 00:06:25
    aligned with the Paris agreement of 2015
  • 00:06:29
    and the 1.5
  • 00:06:31
    degree and obviously making a statement
  • 00:06:33
    that your transition plan is far from
  • 00:06:36
    being align with the Paris agreement in
  • 00:06:39
    itself is creating a sense of obligation
  • 00:06:42
    so again there is no formal obligation
  • 00:06:45
    it's all about transparency but through
  • 00:06:47
    transparency comes also some kind of
  • 00:06:49
    pressure because you have to State what
  • 00:06:51
    are your objectives and whether or not
  • 00:06:53
    you are aligned with the Paris agreement
  • 00:06:55
    of
  • 00:06:57
    2015 same as with the taxonomy reporting
  • 00:07:00
    you need to say if you are aligned with
  • 00:07:03
    the EU uh sustainability development
  • 00:07:06
    goals so typically your percentage of
  • 00:07:08
    alignment is something that is revealing
  • 00:07:11
    as well about the values and the
  • 00:07:14
    strategy of the company so again
  • 00:07:17
    transparency but giving you a little bit
  • 00:07:19
    of a direction and making sure that uh
  • 00:07:23
    you uh State whether or not your align
  • 00:07:26
    with the objectives of the EU thank you
  • 00:07:30
    so you know and I suppose that what
  • 00:07:32
    organizations need to be clear on is
  • 00:07:34
    getting to a csrd operating environment
  • 00:07:38
    is is a complex and we'll get into it in
  • 00:07:41
    a bit more detail later on but it's a
  • 00:07:42
    very challenging um transition to make
  • 00:07:45
    especially for organizations that
  • 00:07:47
    haven't been reporting on nordd so maybe
  • 00:07:49
    are starting from a a quite immature
  • 00:07:51
    level so it's about you know you need to
  • 00:07:53
    have the data you need to monitor the
  • 00:07:55
    quality of the data you need to have an
  • 00:07:57
    internal control system to to provide
  • 00:07:59
    Assurance over um how much confidence
  • 00:08:02
    you can have in that data and that's to
  • 00:08:04
    report produce the report and then you
  • 00:08:06
    need to get into the the process of
  • 00:08:10
    actually delivering the Assurance
  • 00:08:12
    bringing through the board processes
  • 00:08:14
    reporting reporting it out and look
  • 00:08:16
    ultimately you know maybe we might get a
  • 00:08:19
    Manu to talk about it later but we're
  • 00:08:21
    seeing a transition possibly from a
  • 00:08:23
    sustainability ahead of sustainability
  • 00:08:26
    owning these documents prior to csor to
  • 00:08:29
    possibly others in more the financial
  • 00:08:32
    reporting function getting ownership but
  • 00:08:34
    I'm not going to jump into that now but
  • 00:08:36
    maybe we we'll come back to it at the
  • 00:08:37
    end um so that's I suppose a little bit
  • 00:08:40
    of the background to it Laura now is
  • 00:08:43
    just going to talk about the scoping and
  • 00:08:45
    some more detail on the esrs
  • 00:08:49
    materiality thanks Liam soose as as as
  • 00:08:52
    we've we've heard this already uh in in
  • 00:08:55
    Liam's uh section there the corporate
  • 00:08:57
    sustainability reporting directive is a
  • 00:08:59
    critical piece of legislation and and it
  • 00:09:02
    can be seen as a GameChanger with regard
  • 00:09:04
    to sustainability reporting as it
  • 00:09:06
    basically extend the requirements across
  • 00:09:09
    all sectors and to a larger volume of
  • 00:09:12
    organizations the application of csrd is
  • 00:09:15
    faced around four different group of
  • 00:09:17
    organizations and so around four
  • 00:09:20
    different timing periods for adoption
  • 00:09:22
    and this is presented on the slide there
  • 00:09:24
    the first group of entities in scope are
  • 00:09:26
    the large listed companies with more
  • 00:09:28
    than 500 employees so these are the
  • 00:09:31
    organization that are already in scope
  • 00:09:34
    for reporting certain sustainab
  • 00:09:36
    information under nrd they'll be more
  • 00:09:38
    mature um in their um um ESG and
  • 00:09:42
    sustainability reporting and they are
  • 00:09:44
    expected to report their first csrd
  • 00:09:46
    report in
  • 00:09:47
    2025 reporting on 2024 data the second
  • 00:09:52
    group then will include large EU
  • 00:09:55
    companies being those listed and
  • 00:09:58
    non-listed that meet two of the three
  • 00:10:00
    criteria that we present here on the
  • 00:10:02
    slides and their csrg report will have
  • 00:10:05
    to be published in 2026 reporting on the
  • 00:10:08
    2025 data then from
  • 00:10:12
    2027 reporting on the 2026 data other
  • 00:10:15
    listed entities will be added into the
  • 00:10:17
    scope and again same principle uh
  • 00:10:20
    entities that are meeting two of the
  • 00:10:21
    three criteria presented on the green
  • 00:10:23
    box this this time uh will be in
  • 00:10:27
    scope finally um certain nonu entities
  • 00:10:32
    or groups will also fall uh in scope for
  • 00:10:34
    csrd at a later stage that will be from
  • 00:10:37
    2029 reporting on their 2028 data I
  • 00:10:42
    won't go into too much detail today in
  • 00:10:44
    terms of group considerations under csrd
  • 00:10:47
    there's a number of element uh uh that
  • 00:10:49
    that come into um into play um you will
  • 00:10:52
    have a link in the slides that we
  • 00:10:54
    distribute after the webinar to a
  • 00:10:56
    publication on our website that actually
  • 00:10:58
    has
  • 00:10:59
    helpful decision trees and a number of
  • 00:11:02
    case studies that cover a number of
  • 00:11:04
    scenarios in terms of group structure
  • 00:11:06
    that could be helpful uh if this is of
  • 00:11:08
    interest to you but to be very brief um
  • 00:11:11
    non EU entities or groups that are
  • 00:11:15
    generating more than 150 million
  • 00:11:17
    turnover in the EU will be in scope as
  • 00:11:20
    well as groups uh which have at least
  • 00:11:23
    one subsidiary that is considered as
  • 00:11:25
    large or listed company in Europe will
  • 00:11:28
    be in scope um similar then for
  • 00:11:30
    financial reporting and consolidation
  • 00:11:32
    purposes the csrd does allow for
  • 00:11:35
    subsidiary exemption so if an entity
  • 00:11:39
    um um so an entity can be exempt for uh
  • 00:11:43
    presenting at individual level of
  • 00:11:45
    sustainability report if they are
  • 00:11:48
    Consolidated in a group which publish uh
  • 00:11:51
    which publish at a Consolidated level a
  • 00:11:54
    csrd compliant
  • 00:11:56
    report and Laura just maybe a point I
  • 00:11:58
    should made was just around the there is
  • 00:12:01
    still some uncertainty in the sense that
  • 00:12:03
    the Irish legislation has not yet been
  • 00:12:05
    passed is that correct yes correct so
  • 00:12:10
    the the
  • 00:12:12
    csrd is at European level there's a
  • 00:12:14
    requirement then as as for any directive
  • 00:12:16
    to be transposed uh into Irish law the
  • 00:12:19
    deadline for that is early July
  • 00:12:22
    2024 so this is in progress um so until
  • 00:12:26
    it's done we can always expect some
  • 00:12:28
    changes or are some elements that that
  • 00:12:29
    may evolve and and maybe to um to add on
  • 00:12:33
    that um the the threshold that you see
  • 00:12:36
    here on the slides my if you have looked
  • 00:12:38
    at that uh even a month ago they have
  • 00:12:41
    changed very recently mid October uh
  • 00:12:43
    there has been an amendments at EU level
  • 00:12:45
    and the threshold have been increased by
  • 00:12:48
    25% and this is to reflect uh for the
  • 00:12:51
    current inflationary environment so
  • 00:12:53
    things are evolving but but but this is
  • 00:12:55
    where we are at the
  • 00:12:57
    moment so we have have discussed now who
  • 00:12:59
    will be in scope uh and in the next
  • 00:13:01
    section I will cover what are the actual
  • 00:13:04
    requirements um in terms of what needs
  • 00:13:07
    to be disclosed so the European
  • 00:13:10
    sustainability reporting standard the
  • 00:13:12
    esrs um that's the reporting framework
  • 00:13:16
    that's being implemented for
  • 00:13:17
    sustainability reporting in the EU the
  • 00:13:20
    same way that we have um the IFRS or the
  • 00:13:24
    Irish Gap FS 102 for financial reporting
  • 00:13:27
    a set of standards a framework has been
  • 00:13:30
    adopted officially now since July 2023
  • 00:13:33
    by the European commission and that's
  • 00:13:35
    dedicated to uh reporting on the
  • 00:13:39
    csrd when uh the csrd directive will be
  • 00:13:42
    transposed into Irish law then the esrs
  • 00:13:45
    will then also be officially enforced in
  • 00:13:47
    Ireland so we commonly refer uh to this
  • 00:13:51
    uh these standards as the set one of
  • 00:13:54
    Standards the set two uh will be made um
  • 00:13:59
    of a number of sector specific standards
  • 00:14:02
    and will complement the complement the
  • 00:14:04
    existing requirements under the set one
  • 00:14:07
    at the moment I think it's about 40
  • 00:14:08
    sectors that have been identified by the
  • 00:14:10
    EU um that are under review and and the
  • 00:14:13
    draft of those sector specific standards
  • 00:14:16
    uh uh is ongoing so there's a bit of
  • 00:14:19
    time uh before these new standards um
  • 00:14:21
    will be effectively added into the scope
  • 00:14:24
    um and also to note that very recently
  • 00:14:26
    the European commission has revised
  • 00:14:28
    their expected timeline pushing the
  • 00:14:30
    deadline by two years so it it's an
  • 00:14:33
    evolving uh um environment um but at the
  • 00:14:36
    moment definitely the focus is on this
  • 00:14:38
    uh uh set one of of standard so ad is um
  • 00:14:44
    as it currently stands the isrs are made
  • 00:14:47
    of 12 standards if we can see on the
  • 00:14:51
    previous slide yeah please um there's
  • 00:14:53
    two general standards and 10 topical
  • 00:14:55
    ones um that are covering elements
  • 00:14:57
    related to your your e environment your
  • 00:15:00
    s social and your G
  • 00:15:02
    governance so when you look uh at this
  • 00:15:05
    list of standard there's a broad range
  • 00:15:07
    of sustainability related topics um and
  • 00:15:09
    disappear very clearly here um in terms
  • 00:15:12
    of structure and to bring a little bit
  • 00:15:14
    of of the language that um are using the
  • 00:15:16
    standards the esrs are composed of what
  • 00:15:19
    we call disclosures requirements 82 in
  • 00:15:23
    total across the 12 standards um and
  • 00:15:26
    each disclosure requirement is then
  • 00:15:27
    broken down into data point which are
  • 00:15:30
    really at a very granular level what is
  • 00:15:33
    actually required to be disclosed in
  • 00:15:35
    relation to um uh sustainability matters
  • 00:15:40
    we're talking about more than 1,000 data
  • 00:15:42
    points across the the
  • 00:15:45
    esrs um so reflecting on what we already
  • 00:15:50
    uh we've already seen um disclos in
  • 00:15:53
    organization in Ireland um and you know
  • 00:15:58
    um sustainability disclosures that we
  • 00:16:00
    already see in financial statements for
  • 00:16:01
    example climate change related
  • 00:16:03
    disclosures are often captured um to a
  • 00:16:06
    certain to a good extent within the
  • 00:16:08
    director's report um we see as well um
  • 00:16:12
    we tend to see disclosures related to
  • 00:16:14
    diversity and inclusion um and that
  • 00:16:17
    seems to be captured to a certain extent
  • 00:16:21
    we have the G the gender pay Gap
  • 00:16:23
    requirement in Ireland and that's
  • 00:16:24
    supporting this but really when you look
  • 00:16:26
    at the other uh topics there
  • 00:16:29
    um there there's a number sorry there's
  • 00:16:31
    a number of new elements um that that
  • 00:16:33
    are involved here and that needs to be
  • 00:16:35
    considered and and and assessed sooner
  • 00:16:38
    than later um it is an extensive scope
  • 00:16:42
    um in terms of sustainability
  • 00:16:43
    information that that are captured under
  • 00:16:46
    csrd um and and you know we we we can't
  • 00:16:49
    understate that but as part of the csrd
  • 00:16:53
    journey when implementing csrd um it's
  • 00:16:56
    expected that in the first place
  • 00:16:58
    entities entities will be able to
  • 00:17:00
    eliminate naturally a number of these
  • 00:17:03
    requirements because they'll be just not
  • 00:17:05
    applicable not relevant to the entity so
  • 00:17:08
    when you will actually start the the
  • 00:17:10
    work and the analysis uh in terms of
  • 00:17:13
    what's relevant to your organization you
  • 00:17:15
    will start from a preliminary list of
  • 00:17:17
    relevant topics and that won't be the
  • 00:17:19
    full uh um 1,000 plus data points that
  • 00:17:23
    I've mentioned there then embedded into
  • 00:17:26
    the SRS one standard is a very
  • 00:17:29
    prescriptive um methodology to conduct a
  • 00:17:32
    double materiality assessment on those
  • 00:17:35
    relevant topics and that will ultimately
  • 00:17:37
    give you a list of material topics so
  • 00:17:40
    you start with everything that's there
  • 00:17:42
    naturally you remove what what is not
  • 00:17:45
    relevant not applicable after that you
  • 00:17:47
    do your materiality assessment which
  • 00:17:49
    will allow you to eliminate a number of
  • 00:17:52
    other um aspects and you end up with a
  • 00:17:54
    list of material topics and these are
  • 00:17:57
    the one that we need to to be uh
  • 00:17:59
    reported on so I'm I'm conscious I want
  • 00:18:01
    to keep time for um question there um so
  • 00:18:06
    I'll I'll just refer to um a document
  • 00:18:11
    that we publication we have on our
  • 00:18:13
    website on esrs that go into a bit more
  • 00:18:15
    detail in terms of this double
  • 00:18:17
    materiality assessment in terms of the
  • 00:18:19
    content the structure and and a bit more
  • 00:18:21
    in terms of the spirit and what we're
  • 00:18:23
    trying to achieve across those those
  • 00:18:24
    isrs um I'll take a couple of minutes uh
  • 00:18:28
    just to focus on double materiality
  • 00:18:29
    assessment It's A New Concept um
  • 00:18:31
    completely New Concept brought in by um
  • 00:18:34
    the the csrd and it will require
  • 00:18:38
    companies to disclose information on
  • 00:18:40
    sustain sustainability matters um under
  • 00:18:44
    that double materiality uh uh principle
  • 00:18:47
    so a sustainability matter will be
  • 00:18:50
    material if it meets criteria of either
  • 00:18:54
    being um material for imp impact
  • 00:18:58
    materiality and financial materiality
  • 00:19:01
    are both so this concept of double
  • 00:19:03
    materiality is introducing the impact
  • 00:19:05
    materiality and the financial
  • 00:19:06
    materiality so when you conduct a double
  • 00:19:09
    materiality assessment um you have to uh
  • 00:19:12
    take into
  • 00:19:14
    account um not only the impact that the
  • 00:19:17
    entity have on their people the
  • 00:19:20
    environment the communities but also how
  • 00:19:22
    the entity itself is impacted by
  • 00:19:25
    external
  • 00:19:27
    factors this this assessment of of
  • 00:19:30
    materiality
  • 00:19:32
    um and focusing on the impact
  • 00:19:35
    materiality
  • 00:19:37
    um will include different elements so
  • 00:19:40
    actual and potential impact will need to
  • 00:19:43
    be consider positive and negative impact
  • 00:19:47
    shortterm medium term longer term so
  • 00:19:50
    it's as I was saying there's a very
  • 00:19:51
    prescriptive uh methodology that that's
  • 00:19:53
    set up there um and and a number of
  • 00:19:56
    elements that needs to be consider
  • 00:19:58
    considered when I when assessing the
  • 00:19:59
    materiality and the impact one when it
  • 00:20:01
    comes to the financial materiality um
  • 00:20:04
    this is probably closer to what we're
  • 00:20:06
    used to uh uh use on the financial
  • 00:20:09
    reporting side uh s um to to to assess
  • 00:20:13
    the effect of sustainability matters on
  • 00:20:15
    the entity's cash flow development
  • 00:20:18
    performance uh uh cost of Capital Access
  • 00:20:22
    to
  • 00:20:23
    finance if we can move on to the last
  • 00:20:25
    slide Liam please um there there's a
  • 00:20:29
    last point that I wanted to make um in
  • 00:20:32
    in respect of the esrs and and really
  • 00:20:34
    what's expected from the companies under
  • 00:20:36
    the standard so csrd brings in the
  • 00:20:40
    necessity to take into account the value
  • 00:20:42
    chain of the entity when considering
  • 00:20:45
    what are the material topics applicable
  • 00:20:46
    to that entity and preparing the
  • 00:20:48
    reporting so the idea behind that is
  • 00:20:51
    that the environmental fprint of a
  • 00:20:53
    specific organization is impacted by
  • 00:20:56
    both the upstream and the stream Valu
  • 00:20:58
    chain participant as well as the The
  • 00:21:01
    Entity itself so as to the entity itself
  • 00:21:05
    and that's what we're present there on
  • 00:21:06
    on the slide the sustainability
  • 00:21:08
    reporting should cover the iros iros is
  • 00:21:11
    a concept uh included in in csrd it
  • 00:21:15
    refers to your impact your risk your
  • 00:21:17
    opportunity so when you have identified
  • 00:21:19
    a sustainability matter relevant to you
  • 00:21:22
    this sustainability matter may have
  • 00:21:24
    impact may have risks may have
  • 00:21:26
    opportunities you have to disclose
  • 00:21:28
    policy Target actions Emanuel referred
  • 00:21:31
    to that earlier um and also include a
  • 00:21:33
    number of indicators and and Matrix um
  • 00:21:36
    under the csrd we estimate that
  • 00:21:39
    approximately a third of the data points
  • 00:21:41
    are quantitative and twoth third are
  • 00:21:45
    qualitative when it comes to the value
  • 00:21:47
    chain the iros the policy the targets
  • 00:21:50
    the actions will also need to be
  • 00:21:51
    disclosed as far as they are relevant to
  • 00:21:53
    the entity's activities but then in
  • 00:21:56
    terms of quantitative disclosure it it
  • 00:21:58
    will be mainly the ghg emission
  • 00:22:00
    disclosures that will be expected so I
  • 00:22:03
    don't want to take as suppose too much
  • 00:22:04
    of a shortcut here but it's expected
  • 00:22:07
    that sustainability disclosures in
  • 00:22:09
    respect of the value chain will be
  • 00:22:12
    mainly quanitative in nature the spir
  • 00:22:15
    the spirit of CSR is to understand and
  • 00:22:17
    present the the environmental footprint
  • 00:22:20
    of the organization including its its
  • 00:22:23
    ecosystem but in terms of quantification
  • 00:22:26
    this is really targeted to the to the
  • 00:22:27
    enti specific metrics um Emanuel can I
  • 00:22:31
    invite you there if you want to share
  • 00:22:33
    any or any insight or add anything to
  • 00:22:35
    that oh definitely I think it's
  • 00:22:37
    something to to really keep in mind that
  • 00:22:39
    when we talk about precise data when we
  • 00:22:42
    talk about indicators and kpis for the
  • 00:22:45
    value chain this is limited more or less
  • 00:22:48
    to the greenhouse gas emissions so
  • 00:22:52
    basically the the biodiversity kpis or
  • 00:22:55
    other kind of kpis or even social kpis
  • 00:22:58
    uh may not be relevant or may not be
  • 00:23:02
    required uh for you to publish and
  • 00:23:06
    that's also taking into account the fact
  • 00:23:08
    that basically it's pretty tough to get
  • 00:23:10
    that information right so we' be talking
  • 00:23:13
    about data later on but at the end of
  • 00:23:16
    the day there is a a point of making
  • 00:23:20
    your information more transparent more
  • 00:23:22
    relevant and for that you need to make
  • 00:23:24
    sure that the information is available
  • 00:23:27
    obviously for ghg uh emissions this is
  • 00:23:30
    something that is possible that because
  • 00:23:32
    the carbon footprint now is a concept
  • 00:23:34
    that is uh relatively widely used at
  • 00:23:38
    least in Europe and second there are
  • 00:23:40
    also some ways through proxies through
  • 00:23:43
    estimates to calculate the carbon
  • 00:23:45
    footprint of your value chain so that's
  • 00:23:47
    basically the only area where there will
  • 00:23:49
    be a strong requirement for data for the
  • 00:23:52
    rest it's going to be more qualitative
  • 00:23:54
    kind of information that would be that
  • 00:23:56
    would be required
  • 00:23:58
    thanks thanks Emanuel so we've clarified
  • 00:24:01
    what is csrd who is in scope we've
  • 00:24:04
    introduced the reporting framework so
  • 00:24:06
    Emanuel if that's okay I'll hand over uh
  • 00:24:08
    to you again to cover some practical
  • 00:24:10
    steps as to how we can prepare for
  • 00:24:13
    csrd thank you Laura so um I'm leading
  • 00:24:19
    our CSR task force uh globally at Mazar
  • 00:24:23
    so I have a chance to see how CSR
  • 00:24:26
    projects are actually
  • 00:24:28
    implemented uh from Ireland to Poland if
  • 00:24:31
    we just look at the EU but in fact we
  • 00:24:33
    are also doing csrd projects in the US
  • 00:24:36
    or even in Asia for Asian clients
  • 00:24:38
    typically with subsidiaries in uh in the
  • 00:24:42
    EU what we observe we see two big phases
  • 00:24:46
    basically the first phase is with
  • 00:24:48
    analysis and planning and the second
  • 00:24:50
    phase is about implementation at the end
  • 00:24:52
    of the day you'll tell me and no big
  • 00:24:54
    deal that's kind of standard ways of
  • 00:24:57
    condu any transformation project and
  • 00:25:00
    that's true however what we need to keep
  • 00:25:02
    in mind is that this is a transformation
  • 00:25:04
    project which is not only for reporting
  • 00:25:06
    but that will also have some impacts in
  • 00:25:08
    terms of operations in terms of strategy
  • 00:25:11
    so one key message maybe from from that
  • 00:25:13
    slide beyond the fact that you have
  • 00:25:15
    those two phases that need to be clearly
  • 00:25:18
    identified one key message is that a
  • 00:25:21
    csrd Readiness project requires the
  • 00:25:23
    involvement of many different
  • 00:25:26
    departments and you need really Embark
  • 00:25:28
    people from the beginning with the same
  • 00:25:31
    vision with the same view on what are
  • 00:25:33
    the objectives of the project and how to
  • 00:25:35
    get there you'll need people from the IT
  • 00:25:38
    department you'll need people from the
  • 00:25:40
    finance department HR
  • 00:25:43
    operations and the on and so forth
  • 00:25:45
    internal audit plenty of people will be
  • 00:25:47
    involved because this is really an all
  • 00:25:49
    encompassing project because this is so
  • 00:25:53
    large and wide uh wide reaching that's
  • 00:25:57
    why you always need to start with uh
  • 00:26:00
    making sure that you have unboarded your
  • 00:26:03
    top leadership what we are doing right
  • 00:26:05
    now we're are doing plenty of
  • 00:26:07
    presentations to the board audit
  • 00:26:09
    committee but also to the board of our
  • 00:26:12
    clients and as well to the executive
  • 00:26:14
    committee of our clients and that's very
  • 00:26:16
    important because then they understand
  • 00:26:18
    and they are uh clear about what are the
  • 00:26:21
    objectives of the project but also they
  • 00:26:24
    understand the implications of csrd
  • 00:26:26
    implications with regards to their
  • 00:26:28
    clients implications with regards to
  • 00:26:30
    potential financing issues the banks
  • 00:26:32
    will cut uh the flow of financing if
  • 00:26:36
    there is no csrd report that is
  • 00:26:38
    compliant and also at some point of time
  • 00:26:40
    if it's not in the right direction let's
  • 00:26:41
    be clear about that so really there are
  • 00:26:43
    some strategic issues that the top
  • 00:26:45
    management needs to be aware about and
  • 00:26:47
    that's why you always need to make sure
  • 00:26:49
    you have the sponsoring at the right
  • 00:26:51
    level then as Laura was explaining you
  • 00:26:55
    move into double materiality assessment
  • 00:26:56
    to know what you're going to disclose
  • 00:26:58
    about what is significant for you what
  • 00:27:00
    is really something material that you
  • 00:27:01
    need to to to talk about and you move on
  • 00:27:05
    with the kind of the traditional way of
  • 00:27:06
    conducting projects with a with a gap
  • 00:27:08
    analysis uh checking also taxonomy which
  • 00:27:11
    is always a specific thing and you need
  • 00:27:14
    to have your compliance road map what we
  • 00:27:16
    observe that this first phase will last
  • 00:27:19
    between two and three months usually
  • 00:27:22
    because you need a lot of back and force
  • 00:27:23
    making sure you have the right
  • 00:27:24
    consultations and so on and so forth but
  • 00:27:26
    you need at three months to to put
  • 00:27:29
    together your compliance role map and
  • 00:27:31
    then you have your implementation phase
  • 00:27:32
    and your implementation phase it depends
  • 00:27:34
    on your maturity if you already have a
  • 00:27:37
    strong NFR kind of reporting or ESG
  • 00:27:41
    report then that a lot of things will be
  • 00:27:44
    relatively easy because you have already
  • 00:27:46
    people who know what they're talking
  • 00:27:48
    about who know uh who have put in place
  • 00:27:52
    this kind of reporting uh processes and
  • 00:27:55
    you will not start from scratch if if
  • 00:27:57
    you have nothing obviously uh you're not
  • 00:28:00
    that mature in terms of ESU reporting
  • 00:28:03
    and it's going to be a much longer
  • 00:28:05
    process so you for phase two a mature
  • 00:28:07
    organization will take about 12 months
  • 00:28:10
    maybe to to get
  • 00:28:12
    there operations a company that has not
  • 00:28:15
    yet really started in terms of ESU
  • 00:28:17
    reporting may may need 18 months you
  • 00:28:20
    have several P just let me talk about
  • 00:28:23
    two of them one is uh internal control
  • 00:28:26
    environment OB that's a new requirement
  • 00:28:29
    for from csrd to align the quality of
  • 00:28:33
    the ESG reporting with the quality of
  • 00:28:36
    the financial information that's a clear
  • 00:28:38
    statement a clear objective of the EU to
  • 00:28:40
    make sure that both information ESG and
  • 00:28:44
    um financial information are with the
  • 00:28:46
    same quality level that's why we we have
  • 00:28:48
    audit right that is being introduced as
  • 00:28:50
    a as a mandatory step for for csrd but
  • 00:28:53
    for that and that's also specifically
  • 00:28:55
    stated in the csrd
  • 00:28:58
    you also need to make sure you have an
  • 00:28:59
    internal control environment and by the
  • 00:29:01
    way in
  • 00:29:03
    20228 when the entire EU is moving
  • 00:29:06
    towards uh reasonable Assurance well you
  • 00:29:09
    need to have a reliable internal control
  • 00:29:11
    environment for the auditor to be able
  • 00:29:13
    to issue its opinion so just one one
  • 00:29:16
    reminder make sure you have the internal
  • 00:29:18
    control environment that will allow you
  • 00:29:20
    to deliver qualitative data but also
  • 00:29:23
    that will allow you to monitor your kpis
  • 00:29:26
    because it's not only about reporting
  • 00:29:28
    it's also about making improvements uh
  • 00:29:30
    let's be very clear the first reporting
  • 00:29:33
    you're going to discover a number of
  • 00:29:35
    things and you'll have some questions
  • 00:29:37
    from the top management why do we have
  • 00:29:39
    this why do we have that and so on why
  • 00:29:41
    are we so bad compared to the uh
  • 00:29:43
    competition so there will be Improvement
  • 00:29:45
    plans that will be launched and without
  • 00:29:47
    internal control you won't be able to to
  • 00:29:49
    follow up on that second point I want to
  • 00:29:51
    to Second module if you want that I want
  • 00:29:54
    to to point out is a transition plan you
  • 00:29:57
    need to disclose a transition plan so
  • 00:29:59
    there are some transitory
  • 00:30:02
    uh Provisions in the csrd or in the esrs
  • 00:30:06
    but you need to have a transition plan
  • 00:30:08
    and most companies they won't be able to
  • 00:30:11
    avoid having a transition plan on E1
  • 00:30:14
    which is about climate change because
  • 00:30:15
    somehow climate change that's something
  • 00:30:17
    that's relevant for all companies right
  • 00:30:20
    so you need to make sure you have a
  • 00:30:21
    transition plan the transition plan is
  • 00:30:23
    something that's quite technical you
  • 00:30:25
    need to put it in place with uh being
  • 00:30:26
    comp with sbti which is a standard to to
  • 00:30:30
    put together the carb accounting if you
  • 00:30:32
    want and those transition plans will
  • 00:30:35
    require you to make sure you have either
  • 00:30:38
    the internal experts uh working on it or
  • 00:30:41
    that you have also the the right people
  • 00:30:43
    assist you in putting them together from
  • 00:30:46
    a technical point of view but also from
  • 00:30:47
    a compliance point of view because the
  • 00:30:49
    transition plans need to according to
  • 00:30:51
    the csrd to comply with a number of
  • 00:30:54
    specific steps so those are the the key
  • 00:30:57
    uh messages I I wanted to to share with
  • 00:30:59
    you is really making sure you have the
  • 00:31:02
    right sponsoring making sure you are on
  • 00:31:05
    boarding all the different departments
  • 00:31:07
    uh which are relevant for this kind of
  • 00:31:09
    project and focus your attention on uh
  • 00:31:14
    key issues that need to be addressed
  • 00:31:15
    early on if you are not a mature uh ESG
  • 00:31:19
    reporting mature company like the
  • 00:31:22
    transition
  • 00:31:24
    plans thank you Emanuel so
  • 00:31:27
    maybe one of the aspects of phase one
  • 00:31:30
    that Emanuel highlighted and obviously
  • 00:31:32
    Laura has also spoken about it which is
  • 00:31:34
    relatively new to most organizations is
  • 00:31:36
    the double materiality analysis and
  • 00:31:39
    Laura pointed out about the impact on
  • 00:31:41
    financial materiality and uh taking both
  • 00:31:44
    lenses but we get a lot of questions
  • 00:31:47
    around this and it's probably within
  • 00:31:48
    phase one the aspect that takes the most
  • 00:31:51
    amount of time uh in order to get it
  • 00:31:53
    right because ultimately if you don't
  • 00:31:55
    report on the material topic the correct
  • 00:31:57
    material topics you're not going to be
  • 00:32:00
    um provide your Auditors are going to
  • 00:32:01
    have challenges around that when they
  • 00:32:03
    come to provide you with limited
  • 00:32:05
    Assurance so maybe the the first thing
  • 00:32:07
    about this is it is it requires quite a
  • 00:32:09
    lot of stakeholder engagement like as a
  • 00:32:11
    at the start of the um materiality
  • 00:32:14
    assessment you're going to draw a value
  • 00:32:15
    chain which would have upstream and
  • 00:32:17
    downstream organizations in your value
  • 00:32:19
    chain and and also the stakeholders um
  • 00:32:22
    and if your stakeholders are uh for
  • 00:32:24
    example uh investment organization
  • 00:32:27
    they're also going to have to report on
  • 00:32:29
    the sfd or so you know they're going to
  • 00:32:31
    be demanding certain things from you and
  • 00:32:33
    require certain data so understanding
  • 00:32:35
    who it is is your stakeholder who is
  • 00:32:38
    going to use this report and for what
  • 00:32:40
    purposes in the future um is key to
  • 00:32:43
    making sure that you you know you engage
  • 00:32:45
    the right organizations you engage the
  • 00:32:47
    right stakeholder groups in order to
  • 00:32:50
    assess your materiality and come to a
  • 00:32:51
    conclusion on
  • 00:32:53
    it um one of the I suppose the question
  • 00:32:57
    then becomes how do you gather all of
  • 00:32:58
    the data an organization an insurance
  • 00:33:00
    Organization for example is going okay
  • 00:33:02
    well you know if we want to assess our
  • 00:33:04
    materiality first off we want to make
  • 00:33:06
    sure we're not out of line with
  • 00:33:07
    everybody else but also how do we gather
  • 00:33:10
    all of the information about upstream
  • 00:33:11
    and downstream and what our stakeholders
  • 00:33:13
    believe um so there are a number of ways
  • 00:33:16
    first off we need to do a benchmarking
  • 00:33:18
    exercise whenever you're starting the
  • 00:33:20
    materiality assessment and if you look
  • 00:33:21
    actually you can look yourselves anybody
  • 00:33:23
    at the sasb um database on benchmarking
  • 00:33:26
    data it has I think it has about 80
  • 00:33:29
    different Industries in there at the
  • 00:33:30
    moment and it will highlight what the
  • 00:33:32
    most material items are within each of
  • 00:33:35
    those so for example in Professional
  • 00:33:36
    Services um which obviously Miss ours is
  • 00:33:39
    it has data security ethics diversity H
  • 00:33:43
    an inclusion as as some of the core
  • 00:33:45
    topics um as Emanuel has said everybody
  • 00:33:48
    really has climate as a material item
  • 00:33:51
    but it's what you build on top of that
  • 00:33:53
    that
  • 00:33:53
    matters um so there's a number of I
  • 00:33:56
    suppose thirdparty organizations that
  • 00:33:59
    can provide us with some sort of
  • 00:34:00
    benchmarking material which is is
  • 00:34:02
    relevant we also then need to go out and
  • 00:34:04
    talk to stakeholder groups so that would
  • 00:34:06
    be staff um shareholders investors um
  • 00:34:11
    you know key suppliers and key clients
  • 00:34:14
    and really a lot we generally start with
  • 00:34:18
    staff groups who can represent these
  • 00:34:21
    individuals and then we go out and have
  • 00:34:22
    further conversations with the
  • 00:34:24
    individuals there is an opportunity to
  • 00:34:26
    use some survey type techniques we found
  • 00:34:29
    limited ability to use what we get back
  • 00:34:32
    in the surveys H in order to be able to
  • 00:34:35
    provide the level of assurance that's
  • 00:34:37
    needed in order to satisfy the Auditors
  • 00:34:40
    so at the moment it you know we're doing
  • 00:34:42
    more actual direct engagement Workshop
  • 00:34:45
    documentation review and then using
  • 00:34:47
    survey tools more as a um a validation
  • 00:34:50
    exercise um as opposed to actually
  • 00:34:53
    coming forward with everything another
  • 00:34:55
    Point actually that's that Laura made
  • 00:34:56
    made earlier on was that we're we're
  • 00:34:58
    currently at the first set of the esrs
  • 00:35:01
    which are the global set and we will get
  • 00:35:03
    into industry specific esrs and we also
  • 00:35:06
    ultimately you can get into company
  • 00:35:07
    specific esrs and so while we're at the
  • 00:35:10
    point uh right now where we don't have
  • 00:35:12
    the industry specific ones and they may
  • 00:35:14
    not be here for a little bit of time the
  • 00:35:17
    esrs we don't take it that they are the
  • 00:35:19
    total potential requirements right so
  • 00:35:22
    there's 82 disclosures within the esrs
  • 00:35:24
    but when we're doing the materiality
  • 00:35:25
    assessment you know we step back and we
  • 00:35:27
    go let's take this from the bottom up is
  • 00:35:29
    there anything else that's very specific
  • 00:35:31
    to our organization to our industry
  • 00:35:33
    which isn't yet built into the E ORS um
  • 00:35:36
    and and then you know take it up from
  • 00:35:38
    that point and decide if it's material
  • 00:35:40
    so with the materiality we find it's
  • 00:35:43
    probably 50% of the effort that we apply
  • 00:35:46
    in Phase One of of these projects right
  • 00:35:48
    now and it involves all of that and
  • 00:35:51
    takes a significant amount of time in
  • 00:35:53
    order to get it right and in order to
  • 00:35:54
    get the the um the reporting to a level
  • 00:35:57
    or the analysis to a level that's going
  • 00:35:59
    to satisfy Auditors like ourselves or
  • 00:36:02
    other Auditors in the future um Emanuel
  • 00:36:06
    just maybe with regard to some of the
  • 00:36:08
    challenges do you want to say a few
  • 00:36:09
    words on on
  • 00:36:10
    data sure well I want to be very short
  • 00:36:13
    because I want to leave time of course
  • 00:36:16
    for for questions later on and
  • 00:36:18
    interactions maybe with this those
  • 00:36:21
    listening to us but one thing that needs
  • 00:36:23
    to be U clear to everybody that there is
  • 00:36:26
    a real challenge uh with the ESG data
  • 00:36:29
    compared to what we know about the pure
  • 00:36:32
    data for instance one it's a very much
  • 00:36:34
    unstructured and unstandardized we're
  • 00:36:37
    not talking always about euros and
  • 00:36:39
    dollars for instance we're talking about
  • 00:36:41
    uh liters of water and then kilowatts of
  • 00:36:45
    of energy electricity and that's a
  • 00:36:47
    little tricky the second thing which is
  • 00:36:50
    quite important in terms of ESG data
  • 00:36:53
    that we need to keep in mind is that uh
  • 00:36:57
    with regards to csrd there is a
  • 00:36:59
    historical reporting that needs to be
  • 00:37:01
    done but there is also a very large
  • 00:37:03
    portion that is about prospective
  • 00:37:04
    information I've been talking about the
  • 00:37:06
    transition plan there are other examples
  • 00:37:08
    in the sris that require um prospective
  • 00:37:12
    information and that's something that's
  • 00:37:13
    a little tricky and that companies are
  • 00:37:15
    not necessarily used to do uh all the
  • 00:37:18
    time um there are plenty of those
  • 00:37:20
    elements and that's why in our last CET
  • 00:37:24
    barometer data quality uh was identified
  • 00:37:27
    as one of the main challenges for ES
  • 00:37:30
    reporting and Data Tracking tracking as
  • 00:37:33
    well obviously and that's something that
  • 00:37:34
    we are really uh in on helping our
  • 00:37:38
    clients to make sure that they have
  • 00:37:39
    control around that and that they know
  • 00:37:41
    what they are talking about this last
  • 00:37:43
    point is important that they know what
  • 00:37:44
    they're talking about too often what we
  • 00:37:47
    realize is that people really don't
  • 00:37:49
    really understand and contr rationalize
  • 00:37:53
    the information that they disclose in
  • 00:37:54
    theg reporting too often we have seen
  • 00:37:58
    clients uh reporting numbers with three
  • 00:38:01
    zeros uh in terms of number of liters of
  • 00:38:04
    water consumption for instance uh three
  • 00:38:07
    zeros more than was the actuals and
  • 00:38:10
    nobody noticed because people are not
  • 00:38:13
    used to consider whether this is a
  • 00:38:16
    million liter of water that is a water
  • 00:38:18
    consumption or if it's 10 million liters
  • 00:38:21
    you are used to know if the net result
  • 00:38:24
    is 10 million EUR or 22 million EUR but
  • 00:38:27
    you don't know exactly what is the water
  • 00:38:29
    consumption and you you don't have the
  • 00:38:31
    benchmarks you don't have the the
  • 00:38:33
    referential so that's something that
  • 00:38:35
    really is is critical to understand that
  • 00:38:38
    the data is different and that it's
  • 00:38:40
    really a challenge to extract and
  • 00:38:42
    aggregate the data in a way that can be
  • 00:38:45
    uh controlled by uh the central
  • 00:38:47
    functions of the
  • 00:38:49
    companies if we move to the next uh
  • 00:38:52
    slide and that would be maybe the right
  • 00:38:54
    way to to to finish that that
  • 00:38:56
    presentation is also to remind people
  • 00:38:59
    that with uh the csrd it's a very strong
  • 00:39:04
    strategic exercise but that's also a
  • 00:39:06
    communication exercise which is
  • 00:39:08
    something that uh people subject or
  • 00:39:11
    companies subject to nrd are used to
  • 00:39:13
    because the NFR was really started as
  • 00:39:16
    being a communication exercise in many
  • 00:39:17
    ways but here that's really becoming a
  • 00:39:20
    strategic communication issue because
  • 00:39:23
    green washing is in in the mouth of uh
  • 00:39:27
    everybody and there are plenty of risk
  • 00:39:29
    that are coming with the csrd
  • 00:39:31
    disclosures plenty of new
  • 00:39:32
    responsibilities that will be uh coming
  • 00:39:35
    also for the the audit committee for the
  • 00:39:39
    board and also for the company itself
  • 00:39:42
    there are more and more information that
  • 00:39:44
    are out there about ESG and more and
  • 00:39:47
    more cases of
  • 00:39:49
    litigations uh on uh ESG green washing
  • 00:39:54
    so that's really something that needs to
  • 00:39:55
    be uh dealt with carefully because
  • 00:39:59
    typically for lit companies as well esma
  • 00:40:03
    which is the European Association of uh
  • 00:40:05
    Market Regulators just published uh csrd
  • 00:40:09
    and ESG reporting and one of the top
  • 00:40:11
    priorities to make sure that it's uh
  • 00:40:13
    that it's correct so I can only urge uh
  • 00:40:17
    our clients to adopt a very cautious and
  • 00:40:21
    compliance approach compliant approach
  • 00:40:23
    to ESG reporting to make sure Al that uh
  • 00:40:28
    the company is not taking uh too much
  • 00:40:31
    risk by being overly optimistic maybe
  • 00:40:33
    about its own ESG foodprint so that's
  • 00:40:36
    really a balance that needs to be uh uh
  • 00:40:39
    that needs to be found for each company
  • 00:40:42
    to make sure that they are not taking
  • 00:40:43
    additional risk through this uh ESG
  • 00:40:48
    publication thank you Emanuel so I think
  • 00:40:50
    Laura maybe will just finish off with a
  • 00:40:53
    little bit on auditing and Assurance
  • 00:40:55
    levels yeah thanks Liam so I was
  • 00:40:58
    referring earlier to the csrd being a
  • 00:41:01
    game changer with regard to
  • 00:41:02
    sustainability reporting this is also
  • 00:41:04
    very true with regard to the Assurance
  • 00:41:06
    requirement that will now be in place so
  • 00:41:09
    in Ireland until now there was no
  • 00:41:11
    Assurance required for entities subject
  • 00:41:14
    to mandatory sustainability reporting
  • 00:41:16
    under NFR this is something completely
  • 00:41:18
    new um that is brought in by the the
  • 00:41:22
    csrd so the requirement during the
  • 00:41:25
    implementation phase
  • 00:41:26
    when I say implementation phase I'm
  • 00:41:28
    referring to 2025 to 2029 for the four
  • 00:41:31
    groups to come into scope um the
  • 00:41:35
    entities will be uh required to obtain
  • 00:41:37
    limited Assurance on their
  • 00:41:39
    sustainability reporting it is then
  • 00:41:42
    expected that the limited Assurance will
  • 00:41:44
    be replaced by reasonable Assurance at
  • 00:41:47
    some point indication at the moment are
  • 00:41:50
    referring to reporting in 2030 so in
  • 00:41:53
    2029 data that's the initial timeline
  • 00:41:56
    online but is yet to be confirmed uh um
  • 00:41:59
    so we we'll see when that transition but
  • 00:42:02
    the intention is there and this is
  • 00:42:04
    important to know from the beginning
  • 00:42:06
    because you know from day one in in the
  • 00:42:08
    project knowing that it will move to a
  • 00:42:10
    reasonable um assurance that allow us to
  • 00:42:13
    get ready from the beginning and and
  • 00:42:14
    don't have to do this kind of catch up
  • 00:42:16
    or or or um amendments um at at a later
  • 00:42:20
    date um briefly to touch on the
  • 00:42:23
    difference between the two level of
  • 00:42:24
    assurance um limit Assurance is when a
  • 00:42:28
    practitioner will include in their
  • 00:42:31
    conclusion um a negative sense so based
  • 00:42:34
    on the procedures performed nothing came
  • 00:42:37
    to our attention whereas under
  • 00:42:39
    reasonable assurance and reasonable
  • 00:42:41
    Assurance it was what we do uh on
  • 00:42:44
    statutory audit it's a positive
  • 00:42:46
    conclusion that it's provided so the
  • 00:42:48
    financial statements give a true and
  • 00:42:49
    Fair View of the financial position of
  • 00:42:52
    the company so you can see that the
  • 00:42:53
    extent of procedures required and the
  • 00:42:55
    audit report um would be broader under
  • 00:42:58
    reasonable Assurance versus limited
  • 00:43:00
    Assurance in the first place um so a
  • 00:43:04
    third party an auditor will have to be
  • 00:43:06
    engaged by by organizations in order to
  • 00:43:08
    review their sustainability report um
  • 00:43:10
    and that can be the statutory auditor
  • 00:43:13
    that is already engaged to do the
  • 00:43:14
    financial statement um
  • 00:43:17
    audit just to finish and then we'll move
  • 00:43:20
    on to the Q&A um I just wanted and and
  • 00:43:23
    I'm putting my Auditors cap on there I
  • 00:43:25
    wanted to share two comments two
  • 00:43:26
    recommendation um with you um on the
  • 00:43:29
    Assurance topic the first one is the
  • 00:43:32
    importance to consider from day one of
  • 00:43:35
    the csrd Readiness project in your
  • 00:43:38
    organization The Limited reasonable
  • 00:43:40
    Assurance review that will be perform so
  • 00:43:43
    this is to ensure that from the
  • 00:43:44
    beginning you have a proper audit trail
  • 00:43:46
    that is kept um that the work perform
  • 00:43:49
    the analysis you run the various aspects
  • 00:43:52
    that have been considered are all
  • 00:43:54
    documented that the decisions the
  • 00:43:56
    conclusion re reached are supported so
  • 00:44:00
    if you think about the double
  • 00:44:01
    materiality assessment that we've
  • 00:44:02
    discussed previously the degree of of
  • 00:44:05
    Judgment of interpretation is is high is
  • 00:44:08
    a topic material if not what led me to
  • 00:44:11
    that conclusion um should I consult with
  • 00:44:14
    this type of stakeholders how have I
  • 00:44:16
    decided that um all of that it's very
  • 00:44:19
    it's very critical to have from the
  • 00:44:21
    beginning uh a very clear audit Trail
  • 00:44:24
    and supporting evence that can
  • 00:44:26
    ultimately be provided to the Assurance
  • 00:44:28
    provider so they can review and
  • 00:44:30
    corroborate your conclusions and then
  • 00:44:32
    ultimately your your green
  • 00:44:34
    disclosures the the second Point um that
  • 00:44:37
    it could be beneficial to engage early
  • 00:44:40
    with your anticipated Assurance provider
  • 00:44:43
    even if that's only going to uh you know
  • 00:44:45
    be in 206 2026 or 2027 for you um we
  • 00:44:50
    have to remember that uh csrd Assurance
  • 00:44:54
    is new for everyone um and by having
  • 00:44:56
    this early engagement you can ensure
  • 00:44:58
    that you get the inputs and the views
  • 00:45:00
    from the party will be ultimately
  • 00:45:02
    assessing your disclosures so getting an
  • 00:45:05
    understanding of their um their
  • 00:45:07
    expectation in terms of assessment
  • 00:45:10
    documentation governance all of that can
  • 00:45:13
    prevent surprises at a later stage but
  • 00:45:15
    most importantly can prevent um having
  • 00:45:17
    to revisit certain aspects or to go back
  • 00:45:20
    and document again things that you've
  • 00:45:22
    done um in the past so I'll I'll stop
  • 00:45:26
    here um these were kind of the the the
  • 00:45:29
    the key points we we wanted to share
  • 00:45:31
    with you uh thank you very much for for
  • 00:45:34
    uh joining us today on that and Liam
  • 00:45:36
    I'll end over to you and I think we we
  • 00:45:38
    have received some interest some
  • 00:45:39
    interesting questions yeah we have we
  • 00:45:42
    have quite a number of questions so I
  • 00:45:43
    might try and bundle them together I
  • 00:45:45
    I'll maybe take one and then I'll I'll
  • 00:45:47
    ask Emanuel the next one so we've had a
  • 00:45:49
    couple of questions around timing and I
  • 00:45:50
    think Emanuel said you know you're
  • 00:45:52
    looking at probably 12 weeks is to do
  • 00:45:55
    phase one and then you're looking at a
  • 00:45:57
    year to 18 months or maybe longer
  • 00:46:00
    technology implications you know to to
  • 00:46:02
    deliver the project I think the key
  • 00:46:04
    thing we're finding is that
  • 00:46:07
    organizations are being asked questions
  • 00:46:08
    they haven't seriously considered in the
  • 00:46:11
    past and so um it's one thing to be able
  • 00:46:14
    to get to the point that you can
  • 00:46:15
    actually deliver a report which your
  • 00:46:17
    Auditors will stand over it's another
  • 00:46:20
    thing for you to be proud of what that
  • 00:46:22
    report says and not to be racing at the
  • 00:46:25
    last minute to try and control the I
  • 00:46:27
    suppose The Narrative around negative
  • 00:46:29
    reporting so I think what we're seeing
  • 00:46:31
    is
  • 00:46:33
    um most organizations well I would say
  • 00:46:35
    the vast majority of organizations that
  • 00:46:37
    are going to be reporting at the end of
  • 00:46:39
    2024 are already um well through their
  • 00:46:42
    project um there are we are seeing
  • 00:46:44
    strugglers at this point but um they are
  • 00:46:47
    challenged in the sense that they're you
  • 00:46:49
    know if they need to capture data from
  • 00:46:51
    the start of 2024 they're not going to
  • 00:46:52
    be able to do so if they're if they're
  • 00:46:54
    not already delivering their project
  • 00:46:56
    now we that's not to say we aren't still
  • 00:46:58
    being asked to Tender for projects even
  • 00:47:01
    now for 2024 year end but really we've
  • 00:47:04
    probably seen since September
  • 00:47:06
    organizations that are really in the
  • 00:47:08
    2025 year end start to engage um more
  • 00:47:12
    effectively on this so I think we're
  • 00:47:14
    probably looking at you know 18 months
  • 00:47:18
    to two two and a half years really to
  • 00:47:19
    get on top of all of
  • 00:47:21
    this Emanuel a question for you which is
  • 00:47:24
    is probably there's there's a couple of
  • 00:47:25
    there's one question which is very
  • 00:47:26
    specific around the role of Enterprise
  • 00:47:28
    risk management in the entire process
  • 00:47:31
    but maybe you can put it in the context
  • 00:47:33
    of ownership and of the implementation
  • 00:47:36
    and the delivery of csrd more generally
  • 00:47:38
    if there's an Enterprise risk management
  • 00:47:40
    link please put it
  • 00:47:44
    in you're mute there sorry apologies um
  • 00:47:49
    yes uh well that's quite important to
  • 00:47:52
    include the ERM approach uh
  • 00:47:56
    in the materiality assessment phase for
  • 00:47:59
    instance because typically what many
  • 00:48:02
    companies have been doing in the past
  • 00:48:04
    they were uh reporting on risk mapping
  • 00:48:09
    and uh including uh ESG kind of risk
  • 00:48:13
    that they were disclosing about and
  • 00:48:14
    that's very consistent with the approach
  • 00:48:16
    that needs to be followed for the
  • 00:48:18
    materiality assessment and typically
  • 00:48:20
    those risk mapping could be in many
  • 00:48:22
    cases the basis or the feeding the
  • 00:48:26
    materiality assessment so Enterprise
  • 00:48:28
    risk management uh is really part of the
  • 00:48:32
    resources that are going to be uh
  • 00:48:35
    included in the modality assessment uh
  • 00:48:39
    process thank you and then more
  • 00:48:41
    generally on ownership of sustainability
  • 00:48:44
    the the the entire
  • 00:48:45
    process so on on the ownership what we
  • 00:48:48
    observe is that if we look at the NFR
  • 00:48:51
    reports very often it was uh owned by
  • 00:48:55
    the ESG Department of the company of
  • 00:48:57
    large companies they all have ESG
  • 00:48:59
    department and so on and so forth now we
  • 00:49:03
    do a lot of uh calls presentations and
  • 00:49:06
    projects on csrd Readiness for clients
  • 00:49:11
    almost all of them uh in all of them
  • 00:49:14
    sorry in all of them we have the finance
  • 00:49:16
    department involved and in most of them
  • 00:49:19
    we have the lead of the project that has
  • 00:49:22
    moved from the ESG Department to the
  • 00:49:25
    finance department and which is
  • 00:49:27
    basically turning um things in the right
  • 00:49:31
    order in my mind because that's really
  • 00:49:33
    looking at csrd as being a transparency
  • 00:49:36
    reporting exercise and the finance
  • 00:49:40
    department is used to the tricks of
  • 00:49:43
    reporting sometimes more than the ESG
  • 00:49:45
    department and that is really putting
  • 00:49:47
    back the ESG department at the core of
  • 00:49:50
    what it should be which is basically
  • 00:49:52
    working on the strategy and at making
  • 00:49:55
    sure that the company is on the long run
  • 00:49:58
    sustainable so we are seeing again a a
  • 00:50:02
    realignment of the roles and
  • 00:50:03
    responsibilities of the various
  • 00:50:05
    departments within the the companies
  • 00:50:07
    with Finance taking the the role for
  • 00:50:09
    reporting and the ESG Department taking
  • 00:50:12
    the lead for the for the operations and
  • 00:50:16
    the ESG strategy thank you um Laura
  • 00:50:20
    maybe if I bundle a couple of questions
  • 00:50:22
    here together so one is around
  • 00:50:24
    exemptions with regards the esrs and the
  • 00:50:26
    transitional requirements but then
  • 00:50:28
    there's a second question around um er
  • 00:50:31
    frag announcement in October around the
  • 00:50:33
    delayed release of the standards and
  • 00:50:35
    does that have any any impact on what
  • 00:50:39
    should be done now yeah yeah so I
  • 00:50:41
    suppose to start maybe with the the
  • 00:50:43
    exemptions um the the short answer is is
  • 00:50:46
    yes embedded within the SRS um um are a
  • 00:50:50
    number of transitional Provisions um so
  • 00:50:54
    not to go into the the level of detail
  • 00:50:55
    but three categories the first one which
  • 00:50:57
    is very important um is the fact that
  • 00:51:00
    there is no requirement for disclosures
  • 00:51:02
    of comparative information in the first
  • 00:51:04
    year so basically first report you
  • 00:51:07
    provide the information for the current
  • 00:51:09
    year and then coming to the second one
  • 00:51:11
    you bringing the prior year in so
  • 00:51:13
    there's no there's no exercise to do on
  • 00:51:16
    comparative in the first year the second
  • 00:51:18
    one is um a threeyear
  • 00:51:22
    delay um for collecting information
  • 00:51:25
    around the value chain that is uh that
  • 00:51:27
    is a loow now this is on the principle
  • 00:51:30
    of comply or explain so it's requirement
  • 00:51:34
    is there to um comply with with the
  • 00:51:37
    disclosures requirement but if it's not
  • 00:51:40
    possible uh because of the complexity or
  • 00:51:43
    the time uh uh needed to gather all the
  • 00:51:46
    right information you have this
  • 00:51:48
    threeyear period though for elements
  • 00:51:50
    that are not complied with and not
  • 00:51:52
    disclosed you will have to show uh um in
  • 00:51:56
    your report why information is not
  • 00:51:58
    available the plan for remediating and
  • 00:52:01
    the timeline for the remediation so um
  • 00:52:05
    it's not that you can leave aside
  • 00:52:06
    certain elements you still have to have
  • 00:52:08
    a plan in place um to know how to get
  • 00:52:11
    there in terms of the disclosures and
  • 00:52:13
    then the third group um um certain
  • 00:52:16
    specific uh disclosures related to
  • 00:52:18
    entities so entity specific disclosures
  • 00:52:21
    um will be subject to exemptions and
  • 00:52:23
    have a sort of a a faed in um um
  • 00:52:29
    approach that uh certain elements we
  • 00:52:31
    need to disclose from year one certain
  • 00:52:33
    elements are tagged as being required
  • 00:52:35
    only from from year two um and and then
  • 00:52:38
    maybe a quick word on the on the second
  • 00:52:40
    question so um the sector specific
  • 00:52:44
    standards will
  • 00:52:47
    bring a more structured framework in
  • 00:52:51
    terms of what expected from each o of
  • 00:52:53
    the sectors but but still as part of
  • 00:52:56
    your assessment under the set one um
  • 00:52:59
    standards and and this is coming from um
  • 00:53:02
    the esrs 2 um you still have to consider
  • 00:53:07
    the material sustainability matters for
  • 00:53:09
    your entity so from that an element of
  • 00:53:13
    sector specific um aspects relevant to
  • 00:53:16
    you will be captured so what the sector
  • 00:53:19
    specific uh um standards will bring up
  • 00:53:22
    is a more structured align making sure
  • 00:53:24
    that uh you know there's better
  • 00:53:26
    comparability within the organization
  • 00:53:28
    but still an element of sector specific
  • 00:53:31
    information will be captured naturally
  • 00:53:33
    as part of the assessment that you do
  • 00:53:36
    thank you Laura um we have a number of
  • 00:53:39
    very specific questions about scoping
  • 00:53:41
    going from NOS to Charities to UK
  • 00:53:44
    companies to International groups and I
  • 00:53:46
    would say to individuals that maybe if
  • 00:53:48
    they want to you everybody wants us to
  • 00:53:51
    tell them the answer to their particular
  • 00:53:52
    situation so if you want to email us we
  • 00:53:55
    can do that afterwards individually as
  • 00:53:56
    opposed to try and uh address your
  • 00:53:59
    specific situation and then say well we
  • 00:54:01
    don't really know if this applies to you
  • 00:54:02
    because you haven't given us the detail
  • 00:54:04
    so if you do want to know the answer to
  • 00:54:06
    that you can email us afterwards um
  • 00:54:08
    there's a couple of questions around I
  • 00:54:10
    suppose systems um so you know how are
  • 00:54:13
    we going to capture the data and gather
  • 00:54:15
    the data and certainly yeah we think you
  • 00:54:17
    know we certainly in mazars have a
  • 00:54:19
    global system that we use for our csrd
  • 00:54:22
    preparedness um which will have you know
  • 00:54:25
    climate module a social module an
  • 00:54:28
    ethical module so there is yeah you're
  • 00:54:30
    going to need to start to consolidate
  • 00:54:33
    this data in using spreadsheets to for
  • 00:54:36
    example report your uh carbon emissions
  • 00:54:39
    and being able to stand over that from
  • 00:54:41
    an insurance perspective is very
  • 00:54:43
    difficult so more and more we are seeing
  • 00:54:45
    systems being put into place which
  • 00:54:46
    obviously that draws out the time
  • 00:54:49
    required to deliver these projects I
  • 00:54:51
    don't know Emanuel were you did you want
  • 00:54:52
    to jump in no to to your point actually
  • 00:54:55
    we've done there are a number of new
  • 00:54:58
    systems new editors who are putting out
  • 00:55:02
    um ESG reporting system that claim to be
  • 00:55:05
    align with csrd so that's a good thing
  • 00:55:08
    it's not uh the right solution for
  • 00:55:10
    everyone depending on the size and
  • 00:55:12
    complexity of the information of the
  • 00:55:14
    organization but what we've done at
  • 00:55:16
    Mazar our Global team
  • 00:55:18
    as csrd task force has already reviewed
  • 00:55:22
    200 of the softwares he reporting
  • 00:55:25
    softwares that are out there in Europe
  • 00:55:28
    and has rated them them so we have done
  • 00:55:31
    already this kind of work of reviewing
  • 00:55:33
    200 of those systems and we've been able
  • 00:55:36
    to rank them depending on what is the
  • 00:55:38
    objectives and find a way as well for uh
  • 00:55:42
    our clients to to match their
  • 00:55:44
    requirements so we've been working quite
  • 00:55:46
    a lot on this uh ESG uh reporting
  • 00:55:49
    systems we are not recommending
  • 00:55:51
    specifically one of those systems but uh
  • 00:55:54
    we have a view on uh how those systems
  • 00:55:58
    could fit with the specific requirements
  • 00:56:01
    of each
  • 00:56:03
    company thanks Emanuel um probably just
  • 00:56:05
    one last question um just around
  • 00:56:08
    greenhouse gas reporting and you know is
  • 00:56:10
    there standards within it no you you
  • 00:56:12
    would use the greenhouse gas protocol
  • 00:56:14
    and you would apply the same sort of
  • 00:56:16
    scope and boundaries as would apply in
  • 00:56:18
    the greenhouse gas protocol to do that
  • 00:56:21
    yeah this is this is actually the the
  • 00:56:23
    recommendation Al the guidance
  • 00:56:25
    uh that is being issued by in esrs eana
  • 00:56:29
    is basically to look at the at the
  • 00:56:31
    greenhouse gas protocol yes so
  • 00:56:34
    unfortunately we've come to the end of
  • 00:56:35
    our time and we have a large number of
  • 00:56:38
    additional questions so I would say many
  • 00:56:41
    of them are from Anonymous attendees
  • 00:56:43
    where people have included their name we
  • 00:56:45
    we'll go back to them we have your email
  • 00:56:47
    address from the registration if you
  • 00:56:48
    have the anonymous attendees if you want
  • 00:56:50
    to submit your question to myself or or
  • 00:56:53
    any of the other team members you could
  • 00:56:55
    do so these slides will be circulated
  • 00:56:57
    and I think our email addresses are um
  • 00:57:00
    included here in the last page so again
  • 00:57:03
    thanks so much for uh uh we have a very
  • 00:57:06
    large crowd here today we're delighted
  • 00:57:08
    to have so many people engaged and we
  • 00:57:10
    appreciate you coming along and uh thank
  • 00:57:12
    you very much and have a great day bye
  • 00:57:15
    now byebye
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  • CSRD
  • Corporate Sustainability
  • Sustainability Reporting
  • Double Materiality
  • Assurance Levels
  • ESG
  • Compliance
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  • EU Green Deal