ESG Reporting with Board
The EU Sustainability Reporting Directive (CSRD) will require companies above a certain size to report on sustainability from 2025 onwards. ESG is the abbreviation for environment, social and governance. Binding European reporting standards (ESRS) are also being introduced for ESG reporting.
The CSRD, proposed by the European Commission in April 2021, aims to improve and harmonize sustainability reporting standards across the European Union (EU). The directive builds on existing reporting frameworks such as the Non-Financial Reporting Directive (NFRD) and introduces new requirements to improve the quality, comparability and transparency of sustainability information published by companies.
The Corporate Sustainability Reporting Directive (CSRD) has similarities with International Financial Reporting Standards 16 (IFRS 16), a global accounting standard for lease accounting. Both the CSRD and IFRS 16 are regulatory initiatives aimed at improving the transparency, comparability and consistency of financial reporting.
A commonality between the CSRD and IFRS 16 is that they are both part of a broader regulatory framework aimed at standardizing accounting practices. While IFRS 16 focuses on lease accounting, the CSRD focuses on sustainability reporting, in particular the obligation for companies to disclose ESG-related information.
ESG Reporting with Board as CPM solution
The Board CPM Platform serves as a comprehensive corporate performance management (CPM) solution where dashboards can be created without programming using the innovative toolkit approach. During the initial integration, your data is loaded into Board from various upstream systems such as SAP or Oracle, databases, or even Excel files. Thanks to the programming-free environment, the departments can then build the key figures and dashboards independently. This allows the CSRD guidelines to be used as more than a pure compliance tool and to integrate ESG reporting into your corporate strategy in a sustainable way.
Single-point-of-truth, where all data comes from one connected system instead of different silos like HR, controlling and sales, makes the data basis for your ESG reporting consistent. This means that in the future you can also rely on your data and not just your intuition.
Depending on the reporting standard, your key figures are transferred and individually prepared so that you are always well informed.
Overview of the most important standards
The Global Reporting Initiative(GRI) is an internationally recognized framework for sustainability reporting. It was developed to
Help companies report on their environmental, social and governance performance. The GRI guidelines include comprehensive guidelines for reporting on a wide range of sustainability topics, such as environmental impact, human rights, labor conditions, product stewardship and more. The use of the GRI framework enables companies to systematically and transparently report on their sustainability performance and supports the comparability of reports.
The Sustainability Accounting Standards Board (SASB) is a non-profit organization that develops standards for corporate sustainability reporting. The SASB standards establish specific topics and metrics that help companies report on financially material sustainability issues relevant to their industry. The SASB standards are used by investors, companies and other stakeholders to promote more consistent and comparable ESG reporting and help companies improve their sustainability performance.
For more information about ESG, such as when you are affected, click here.
We at Bluebird help you to achieve your goals and are always at your side with our professional know-how as well as with our technical expertise.
As a leading consultancy in the field of Corporate Performance Management (CPM/EPM), we specialize in supporting our clients in the design, planning, implementation and optimization of their systems and business processes. We see ourselves as innovative thinkers in the industry.
We use our many years of experience to develop customized solutions for our customers. Depending on the requirements, we use proven business tools or support customers with our own product developments. We like to develop solutions that don’t fit into a box.
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