CSRD Sustainability Reporting For Non-listed SMEs: European Regulators Remain Challenged

IF 1.3 Q1 LAW European Company and Financial Law Review Pub Date : 2023-11-27 DOI:10.1515/ecfr-2023-0019

Sina Allgeier, Robert Feldmann

引用次数: 0

Abstract

438The recently adopted Corporate Sustainability Reporting Directive (CSRD) requires all large undertakings as well as listed SMEs to report on sustainability matters. Albeit not in the direct scope of the CSRD, non-listed SMEs will be de facto obliged by their business partners and investors to report accordingly. Hence, a separate reporting standard for non-listed SMEs is of pivotal importance. The CSRD, however, fails to endow the European Commission with the necessary delegated legislative power. Yet, EFRAG plans to develop standards specifically designed for non-listed SMEs. The European Commission may and should publish those standards as non-binding recommendations under Art. 288 para. 5 TFEU. Prior to that, the Commission must feed those standards into the endorsement procedure established by the CSRD regarding delegated acts.439

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CSRD非上市中小企业可持续发展报告:欧洲监管机构仍面临挑战

438最近通过的《企业可持续发展报告指引》规定，所有大型企业及上市中小企业均须就可持续发展事宜作出报告。虽然非上市中小企业并不在《企业责任报告》的直接范围内，但它们的业务伙伴和投资者实际上有义务作出相应的报告。因此，为非上市中小企业制定单独的报告标准至关重要。然而，CSRD没有赋予欧盟委员会必要的授权立法权。然而，EFRAG计划为非上市中小企业制定专门的标准。欧洲委员会可以而且应该根据第288条第1款将这些标准作为不具约束力的建议公布。5 TFEU。在此之前，委员会必须将这些标准纳入CSRD关于授权法案439所制定的认可程序

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来源期刊

European Company and Financial Law Review LAW-

CiteScore

1.00

自引率

16.70%

发文量

期刊介绍： In legislation and in case law, European law has become a steadily more dominant factor in determining national European company laws. The “European Company”, the forthcoming “European Private Company” as well as the Regulation on the Application of International Financial Reporting Standards (“IFRS Regulation”) have accelerated this development even more. The discussion, however, is still mired in individual nations. This is true for the academic field and – even still – for many practitioners. The journal intends to overcome this handicap by sparking a debate across Europe on drafting and application of European company law. It integrates the European company law component previously published as part of the Zeitschrift für Unternehmens- und Gesellschaftsrecht (ZGR), on of the leading German law reviews specialized in the field of company and capital market law. It aims at universities, law makers on both the European and national levels, courts, lawyers, banks and other financial service institutions, in house counsels, accountants and notaries who draft or work with European company law. The journal focuses on all areas of European company law and the financing of companies and business entities. This includes the law of capital markets as well as the law of accounting and auditing and company law related issues of insolvency law. Finally it serves as a platform for the discussion of theoretical questions such as the economic analysis of company law. It consists of articles and case notes on both decisions of the European courts as well as of national courts insofar as they have implications on European company law.