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August 31, 2023

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Safety leaders ‘at risk’ of breaking sustainability compliance requirements, survey finds

Safety leaders are at risk of breaking sustainability compliance requirements implemented by the EU, a survey has found.

The survey, by compliance and sustainability eLearning company VinciWorks, found 77% of Environmental, Social, and Governance (ESG) leaders have not yet started to prepare for  the European Union’s Corporate Sustainability Reporting Directive (CSRD) reporting.

Bosses at VinciWorks described the findings as concerning and said urgent action was needed in the face of evolving compliance requirements.

Nick Henderson-Mayo, Director of Learning and Content at VinciWorks, said: “The inaugural CSRD reports are slated for submission in 2025.

“Organisations that prioritise preparation over procrastination are better positioned to enact policies and procedures that ensure seamless compliance.

“Despite Brexit, CSRD will have a big impact on British business, particularly those trying to trade with the EU, or who are part of international supply chains.

“By training employees on sustainability and ESG principles, awareness can be cultivated, fostering active support for the organisation’s sustainable objectives.”

CSRD new EU legislation 

Almost 200 ESG leaders and compliance managers responded to the survey and 50% acknowledged that their organisations are likely to fall under the purview of CSRD.

Only 23% of respondents said they had taken the initiative to commence preparations for CSRD reporting, while less than a third (29%) plan to embark on this journey within the next six months.

The top area of concern about the reports were for supply chain information and the second significant challenge to CSRD compliance was awareness and understanding.

But despite the challenges, 89% of ESG leaders and compliance managers said they recognise the value of implementing sustainability reporting within their organisations.

The CSRD is new EU legislation requiring all large and listed companies, even some outside of the EU, to publish regular reports on the social and environmental risks being faced and how their activities impact people and the environment.

It aims to help investors, consumers, policymakers, and other stakeholders evaluate non-financial performance and encourage a more responsible approach to business.

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