Adapting to the New EU Corporate Sustainability Reporting Regulations: How Hub360 Can Help
On 5th July 2024, the European Union (Corporate Sustainability Reporting) Regulations 2024 were signed into law by Minister Peter Burke. These regulations, which come into effect on 6th July 2024, are set to significantly change the landscape of corporate reporting across Europe. As part of a broader effort to align with the European Green Deal and the EU’s Action Plan for Financing Sustainable Growth, these regulations impose stringent new requirements on companies, particularly in the areas of sustainability and governance. The introduction of these regulations highlights the growing importance of environmental, social, and governance (ESG) considerations in business operations.
What Are the New Requirements?
The European Union (Corporate Sustainability Reporting) Regulations 2024 mandate that all large companies and listed companies (excluding listed micro-enterprises) report detailed sustainability information within their directors’ reports. These reports must be prepared in accordance with the European Sustainability Reporting Standards (ESRS) and must undergo a limited assurance audit to ensure their accuracy. In addition, the reports need to be digitally tagged, making them easily accessible and analyzable in electronic format.
This shift is not just a regulatory burden; it’s a strategic move by the EU to place sustainability reporting on par with financial reporting. The regulations will be phased in between 2024 and 2028, with a clear expectation that companies will comply fully by the end of this period.
The Role of Hub360 in Compliance
With these new reporting requirements, businesses need robust tools to help them navigate the complexities of ESG reporting. Hub360 is one such tool that can make a significant difference.
Comprehensive Data Management: Hub360 provides an integrated platform where companies can collect, manage, and analyse ESG data. This is crucial as companies will need to ensure that their sustainability reports are comprehensive and based on reliable data.
Digital Reporting Capabilities: Given that the new regulations require digital tagging of reports, Hub360’s advanced digital reporting features become indispensable. The platform allows for seamless integration of sustainability data into electronic formats, ensuring that reports are not only compliant but also easily accessible for digital analysis.
Audit-Ready Documentation: The requirement for limited assurance audits means that companies must be prepared for external scrutiny of their sustainability reports. Hub360’s audit trail capabilities help companies maintain clear, organised, and accessible records that can be easily reviewed during the audit process.
User-Friendly Interface: Hub360’s intuitive interface makes it easier for companies to train their teams and integrate ESG reporting into their regular workflows. This ease of use reduces the learning curve and helps ensure that sustainability reporting is done accurately and on time.
Why Hub360 is Essential
The implementation of the European Union (Corporate Sustainability Reporting) Regulations 2024 marks a significant shift in how companies across the EU will need to operate. With sustainability reporting now as critical as financial reporting, businesses must adopt tools that enable them to meet these new challenges head-on. Hub360 offers a comprehensive solution that not only helps companies comply with the new regulations but also supports them in turning sustainability into a strategic advantage.