The CSRD, for which ESRSs are being developed, will apply to all large companies, as well as small and medium-sized ones - but only those listed on a regulated market. For public SMEs, EFRAG will develop, and the European Commission will issue, a special set of standards, simplified from those that will apply to large companies. Small and medium-sized unlisted companies will not be subject to the reporting requirement.
A few days ago, during a meeting Sustainability Reporting TEG at EFRAG discussed the idea of creating yet another standard, which would be intended for all micro, small and medium-sized enterprises not covered by the CSRD. The standard will be issued in such a way that it will be voluntary. Companies will be able to use it, thus:
- will be able to succinctly present their sustainability activities and achievements;
- will collect and transparently present ESG data to be asked for by larger counterparties in the value chain;
- learn how to report sustainability, because some of them may hit the regime set by the CSRD in subsequent growth years.
A voluntary standard for all micro, small and medium-sized enterprises will be created by the method of bottom-up, that is, it will include from scratch those data and information that, on the one hand, are needed for transparent sustainability reporting and, on the other hand, are obtainable at relatively low organizational and financial cost by small organizations. We will discuss the work on the new standard as it is implemented by the working teams at EFRAG.
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