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On the 29th of April, the European Financial Reporting Advisory Group (EFRAG) released the first draft of sustainability reporting standards for public comment. The proposed standards are designed to promote greater corporate accountability and transparency by requiring companies to report on a wide range of environmental, social, and governance (ESG) issues in a detailed and consistent manner. Furthermore, these standards would also mandate audited assurance on the information disclosed in these sustainability reports. These new rules are being introduced as part of the Corporate Sustainability Reporting Directive (CSRD), which was enacted into law in November 2022. The CSRD is an expansion of the existing Non-Financial Reporting Directive (NFRD) and aims to improve the quality, consistency, and comparability of sustainability reporting across European companies. The goal is to empower investors, consumers and other stakeholders to make more informed decisions about the companies they engage with by providing them with a more comprehensive view of a company’s ESG performance.

In addition to the proposed sustainability reporting standards companies may also consider using ESG-SmartBoard a tool specifically designed to help organizations navigate and comply with the new requirements set out in the CSRD. ESG-SmartBoard is a software that streamlines the process of creating and submitting sustainability reports by providing companies with a user-friendly platform for collecting tracking and reporting ESG data.

One of the key benefits of ESG-SmartBoard is that it allows companies to automate their sustainability reporting process which can save significant time and resources. It also enables companies to easily track their performance on different ESG indicators over time which can help them identify areas for improvement and make more informed decisions about their sustainability strategy.

Furthermore ESG-SmartBoard’s analytics and visualization capabilities allow companies to analyse their data and identify trends and patterns which can help them identify key risks and opportunities and make more informed decisions. Additionally, it can be configured to pre-populate reports with data thus enabling companies to have a better control over their ESG performance and get a more comprehensive understanding of their own ESG performance.

Overall ESG-SmartBoard can be a valuable tool for companies as they work to comply with the new sustainability reporting standards set out in the CSRD as it can help them to more effectively manage and report on their ESG performance while also providing stakeholders with more robust and accurate information about the company’s ESG performance.

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