- 11 May 2023
- 2 min
We've supported the world's leading steel and mining company, ArcelorMittal, in becoming one of the first organisations to produce an integrated annual review that consciously moves towards new EU regulation, the Corporate Sustainability Reporting Directive (CSRD).
The recently published review considers CSRD principles ahead of the 2024 enforcement date, making it one of the first annual reviews to start to align with the new environmental, social and governance (ESG) reporting requirements. The Task Force on Climate-related Financial Disclosures (TCFD) approach was also applied to the structure of each chapter. The result is a leading annual review that pushes reporting boundaries and highlights an increasingly factual, transparent, structured and balanced review with alignment towards reformed reporting practices.
The passing of the CSRD in late 2022 is a significant milestone that brings greater accountability to ESG reporting across the EU. It will lead to widespread reformation of long-established reporting practice, and it is the catalyst for significant change to the annual reporting status quo.
Emperor has worked closely with ArcelorMittal, which has sustainability at the heart of its purpose, to produce its integrated annual review for the past two years. The approach has been to purposefully evolve the review, challenge reporting norms, whilst taking account of regulatory developments, and reflect ArcelorMittal’s journey to full integration.
With the CSRD, there is no ambiguity. Sustainability information, which includes a wide range of topics across ESG, is defined through 12 standards that must be included in the ‘front end’ of organisations’ annual reports. The data and narrative created to respond to CSRD requirements demands the same degree of rigour and sophistication as financial information.
The CSRD is a significant development that requires knowledgeable resources throughout an entire organisation – and Emperor is proud to be supporting organisations to meet these new requirements. From finance teams to risk management, legal and operations: all need to start making decisions on ESG governance over responsibilities and resourcing.
Sue Francis, Senior Consultant at Emperor, said: “Supporting this initiative is both exciting and challenging, there were no existing examples to follow and external guidance was limited. ArcelorMittal are to be commended for their vision and courage in publishing a ground-breaking, balanced and transparent review. We are proud to be part of such a forward thinking and committed team.”