On Jul. 9, IRE GVT transposed EU CSRD corporate reporting rules.
IRE GVT issued European Union (corporate sustainability reporting) regulations 2024 (StIn 336/2024) transposing CSRD Dir 2022/2464 on reporting requirements.
Follows EU CNCL Dec. 2022 issued sustainability reporting directive, see #153128.
Large and listed companies (except listed micro-enterprises) must provide information on sustainability matters, defined as ESG including human rights matters according to mandatory European sustainability reporting standards in the directors’ report.
Regulations amend provisions of Companies act 2014, providing rules on sustainability assurance standards, oversight including approval, registration of statutory auditors.
As well as audit firms to carryout assurance of sustainability reporting, along with providing for provisions concerning the audit committees’ role.
Effectiveness
Regulations come into effect on Jul 6, 2024.
Implementation timeline for sustainability reporting spans from 2024 to 2028, starting as follows: from Jan. 1, 2024, applicable to public interest entities (500+ employees).
From Jan. 1, 2025, applicable to other larger companies (250+ employees).
From Jan. 1, 2026, applicable to listed SMEs, with opt-out option until 2028.
From Jan. 1, 2028, the requirements for sustainability reporting extend to large subsidiaries and branches of non-EU companies with a net turnover of €150mn in EU.
Transitional provisions apply until Jan. 6, 2030.
Oct. 2024 Further Amendments
On Oct. 4, 2024, IRE GVT published the European Union (corporate sustainability reporting) (no. 2) regulations 2024 (StIn 498/2024), which further amends European Union (corporate sustainability reporting) regulations 2024 (StIn 336/2024).
Makes amendments to the Companies act 2014, specifically sections 1587 and 1594 relating to an applicable holding company that is a public-interest entity.
Regulators
IRE GVT
Entity Types
Auditor; Corp
Reference
StIn 498/2024, 10/4/2024; OG 55/1009, StIn 336/2024, 7/9/2024; CSRD Dir 2022/2464; CA 2014 (IRE); ESG; Citation: StIn 336/2024; StIn 498/2024;
Functions
Accounting; Compliance; Environment; Financial; Human Rights; Legal; Operations; Reporting; Social
