What NZ can learn from the first ESRS-aligned sustainability statements

The European Sustainability Reporting Standards (ESRS) come into force this year and have already had a global impact. The ESRS are part of the EU Corporate Sustainability Reporting Directive - the world’s most comprehensive and stringent non-financial reporting regime; and are already being seen by others globally as the new gold standard for sustainability reporting. Reporting against the ESRS is required for non-EU companies operating in the EU, subject to their EU turnover, and will become a de-facto standard with which NZ exporters will need to comply

The Standards apply a rigorous due diligence approach to sustainability disclosures at a level comparable to financial reporting. Early adopters are showing a range of practical benefits that flow from such a robust approach.

In this webinar, reporting specialist Calum Revfem will reveal useful core ESRS components, like double materiality, as well as insights from the first wave of company applications, that Kiwi organisations can learn from to improve their disclosure and management of material sustainability impacts.

This session will cover: 

• 101 introduction to core ESRS elements that are valuable for any reporting organisation 
• How ESRS has changed sustainability disclosures, for the better 
• Application and best practice – what NZ organisations can learn from the first ESRS-aligned reports 
• Global impact of the regulations and real-world implications for NZ organisations 

About Calum:
Originally from New Zealand, Calum Revfem is an internationally recognised sustainability expert with extensive experience as a reporting and strategic advisor. His reporting expertise includes ESRS, GRI, <IR> and ISSB frameworks. He has provided strategic advice and supported sustainability reports for leading listed and private companies in Aotearoa New Zealand and internationally. Calum co-founded Proxima in 2017 and joined the Norwegian office of Position Green in 2020. 

More about the ESRS:

The European Sustainability Reporting Standards set out detailed reporting requirements for companies within the scope of the EU Corporate Sustainability Reporting Directive (CSRD). The standards cover a comprehensive range of environmental, social, and governance (ESG) topics and are seen as the most stringent and comprehensive mandatory reporting standards in the world. Companies need to assess which topics to report using the double materiality concept, which requires information that is material from either a financial perspective or an impact perspective across the full value chain. 

The ESRS prescribe detailed reporting requirements with two cross-cutting standards, including overarching disclosure requirements with multiple datapoints. Ten topical standards complement these with detailed disclosure requirements covering the full range of sustainability topics. Together, these twelve ESRS require companies to provide information on: 

• their governance and strategy to address material sustainability topics; 
• the impacts, risks and opportunities arising from those topics; 
• policies and action plans to address the topics; and 
• quantitative metrics and targets. 

For European companies, the first set of ESRS became mandatory for some entities for FY24 reporting. Non-EU companies with at least one subsidiary or branch located in the EU and revenue of more than EUR 150 million, will need to comply with the ESRS for their FY28 reporting period.