The CSRD (Corporate Sustainability Reporting Directive) is a new European Union legislation aiming at improving the transparency and consistency of companies' sustainability reporting. On December 16, 2022, the Directive (EU) 2022/2464 was published in the Official Journal of the European Union, amending Regulation (EU) No. 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU concerning the submission of sustainability reports by companies.
Companies are required to disclose information under the following five reporting areas: business model; policies, including due diligence processes; the outcome of those policies; risks and risk management; and key performance indicators relevant to the business.
In order to align with Directive (EU) 2022/2464 concerning Sustainability Reports, the CyPAOB has proceeded to amend the Auditors Law N53(I)/2017, which is currently at the Law Office of the Republic for legislative review.