In a major shift toward corporate accountability, the EU has recently overhauled its sustainability reporting rules under the Non-Financial Reporting Directive (NFRD) pertinent to large, listed companies, banks, and insurers with 500+ employees. The new Corporate Sustainability Reporting Directive (CSRD), adopted in December 2022, not only strengthens these requirements but also creates additional, complex challenges.
The CSRD extends reporting obligations to encompass all large companies and companies listed on EU regulated markets, excluding very small enterprises. An article authored by Stefanos Sofroniou, Senior Associate at Elias Neocleous, explores the implications of the new rules on an estimated 50,000 companies that will be impacted compared to the roughly 11,700 currently covered under the NFRD.
To view the full article in the Cyprus Mail, please click here.
For any further queries, please contact Stefanos Sofroniou at Elias Neocleous & Co LLC.