After the adoption of the Omnibus package, the obligation to report on sustainability now applies only to companies with more than 1,000 employees and, at the same time, annual turnover above EUR 450 million. First wave companies, meaning those that already reported for 2024, remain within the mandatory scope if they meet the new criteria. Other large companies will newly be required to report for 2027, with publication in 2028. However, it is important to verify the situation at group level, because the obligation may arise at the level of the parent company even if individual subsidiaries do not meet the criteria on their own.

Double materiality is a methodological approach required by CSRD, which obliges companies to assess the materiality of ESG topics from two perspectives: impact materiality, meaning how the company affects people, nature and the climate, and financial materiality, meaning how ESG factors affect the company’s financial performance. The results of the assessment determine which ESRS topics are material for the company and must be reported. The process must be documented and verifiable by the auditor.

The length of the process differs in each company. In practice, we see that preparing the first ESRS report under CSRD takes 6 to 9 months, depending on the size of the company, data availability and the complexity of the group structure. The double materiality assessment itself takes 6 to 10 weeks. We recommend that clients start preparation no later than 12 months before the end of the first reporting year.

Yes, CSRD requires mandatory external assurance of the sustainability report. In the first phase, limited assurance is sufficient. In the future, a transition to reasonable assurance is expected. The choice of auditor is up to the company. It may be your existing audit firm, if it has a licensed ESG auditor, or a specialised firm. We help with the preparation of supporting documentation and audit coordination.

We build auditability into the process from day one. For every data point in the report, there is a source document, calculation or methodological note stored in the Flagship Platform. The auditor therefore has access to a complete audit trail without having to search for anything separately.

Every disclosure requirement is covered, justified and linked to data. You know exactly what is mandatory, what is voluntary and why. Data is stored with versioning, access rights and change history. We actively oversee communication with the auditor, answer their questions and provide supporting documentation so that the audit runs smoothly.

CSRD uses its own ESRS standards issued by EFRAG, the European Financial Reporting Advisory Group. If your company already reports according to GRI, part of the data and processes can be transferred, but CSRD introduces a number of new requirements, especially in the areas of financial materiality, climate scenarios and the value chain.

Yes, for companies without a direct statutory obligation, we offer simplified ESG reporting according to the VSME standard or according to the requirements of your customers. You can find more information on our page for ESG reporting for smaller companies.