The Impact of the CSRD and the ESRS on Non-Financial Disclosure

• Published in: Symphonya 2024-07 (1), p.117-133
• Main Authors: Fornasari, Tommaso, Traversi, Marco
• Format: Article
• Language: English
• Subjects: Accountability; Climate change; Compliance; Consumers; Corporate strategies; Corporate Sustainability Reporting Directive (CSRD); Disclosure; Employees; Environmental factors; Environmental impact; Environmental, Social, and Governance (ESG); European Green Deal; European Sustainability Reporting Standards (ESRS); Financial reporting; Global Markets; Governance; Human rights; Multinational corporations; Non-Financial Reporting; Performance evaluation; Social responsibility; Stakeholders; Sustainability; Sustainability reporting; Transparency
• ISSN: 1593-0300; 1593-0319
• DOI: 10.4468/2024.1.07fornasari.traversi

The paper examines the evolution of non-financial reporting in Europe, propelled by significant regulatory changes including the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) adoption. With the European Green Deal as a backdrop, we explore how sustainability has transitioned from a compliance obligation to a strategic imperative fundamentally reshaping corporate behaviour. By integrating Environmental, Social, and Governance (ESG) factors into corporate strategies, the new framework enhances transparency, fosters stakeholder trust, and prepares companies for the challenges and opportunities of sustainable operation. We discuss the potential of the European model to set global reporting standards and outline future research directions to assess the effectiveness of standards and their impact on corporate performance, investor behavior, and consumer trust. Il paper esamina l'evoluzione della rendicontazione non finanziaria in Europa, spinta da significativi cambiamenti normativi tra cui la Corporate Sustainability Reporting Directive (CSRD) e l'adozione degli European Sustainability Reporting Standards (ESRS). Con il Green Deal europeo come sfondo, esploriamo come la sostenibilità sia passata da un obbligo di conformità a un imperativo strategico che sta fondamentalmente rimodellando il comportamento aziendale. Integrando i fattori Ambientali, Sociali e di Governance (ESG) nelle strategie aziendali, il nuovo quadro normativo migliora la trasparenza, favorisce la fiducia degli stakeholder e prepara le aziende alle sfide e alle opportunità di un'operazione sostenibile. Discutiamo il potenziale del modello europeo di stabilire standard di rendicontazione globali e delineiamo le direzioni future della ricerca per valutare l'efficacia degli standard e il loro impatto sulle performance aziendali, sul comportamento degli investitori e sulla fiducia dei consumatori.