IOGP position on the European Commission proposal on the update of the Corporate Sustainability Reporting Directive

This document provides IOGP’s recommendations in view of the Commission proposal on the update of the Corporate Sustainability Reporting Directive (CSRD).

Context

IOGP acknowledges the growing needs and expectations of stakeholders for more transparency and communication on business activities and impacts on social, environmental, consumer and human rights aspects, amongst others.

Corporate reporting will play an important role in this endeavor. Therefore, our industry supports meaningful corporate reporting policies relating to the disclosure of non-financial information pertaining to sustainability issues. We believe that effective non-financial reporting is in the interest of the industries’ shareholders as much as in the interest of society.

Overview

• Introduction
• Materiality and Flexibility
• Sustainability reporting standards
• Giving companies enough time to adapt
• Some definitions still need to be clarified
• Recognition of sensitive information, assurance, penalties and sanctions, and
  alignment with existing legislation