Reporting, reporting, reporting
In this month’s post we’ll focus on reporting as a key aspect of good governance.
We spent 4 days at the International Broadcasting Convention (IBC) in Amsterdam last week speaking to around 60-70 companies, representing both customers and vendors in the space. The customers represent some of the largest media brands in the world, the vendors some of the largest tech companies in the world.
Of the companies we spoke to, only a small number were aware of the new EU Corporate Sustainability Reporting Directive (CSRD) which comes into place next year.
But why should they be? Well, because a further 50,000 companies will now fall under its scope and will need to report - in detail - on their carbon emissions.
So what does that mean / what’s new from a compliance perspective?
More detailed reporting is required for carbon emissions (supply chain or Scope 3 are now included) with new topics such as Human Rights due diligence being introduced.
It requires 3rd-party verification of companies’ disclosure.
CSRD has a phased timeline with certain provisions coming into effect in 2024 and others later.
Additional UK-specific regulation is anticipated in 2024 and is expected to be similar to CSRD in terms of scope.
There are two choices for how to approach compliance; proactive and reactive. Reactive will be fine as long as you’ve got the resources and skill-sets in place when you need to scramble; but being proactive gives you the ability to plan your response and gain an advantage on your competitors.
In summary, CSRD compliance is not to be taken lightly and the inclusion of Scope 3 / supply chain emissions has huge implications for companies supplying European Media and Entertainment brands.
Senior Execs and Boards need to give their companies clear direction and support otherwise they run the risk of being caught out.
Giving weight to the point above, Evalu8 Director, Stuart Frier has advised that Evalu8 will be adding CSRD compliance to both 2024 ESG and Board appraisals for their clients - “New Reporting directives need to be driven from Board-level down.”
For more understanding of how EU & UK regulation will effect your business, please contact peter@youdoplay.org.
