The Petunjuk Pelaporan Keberlanjutan Perusahaan (CSRD) is a landmark regulatory framework introduced by the European Union to standardize sustainability reporting. It aims to ensure that companies disclose their environmental, socialdan governance (ESG) impacts in a manner comparable to financial reporting. However, the directive doesn’t just stop at mandating reports—it introduces stringent penalties for those who fail to comply.

What Is the CSRD?

The Petunjuk Pelaporan Keberlanjutan Perusahaan (CSRD), which came into effect on January 5, 2023, introduces updated and more robust requirements for companies to disclose social and environmental information. These new regulations extend reporting obligations to a wider range of large enterprises, publicly listed small and medium-sized enterprises (SMEs), and certain non-EU companies that generate more than EUR 150 million in revenue within the EU market.

The directive aims to provide investors and stakeholders with critical insights into the environmental and societal impacts of companies, as well as the financial risks and opportunities tied to climate change and other sustainability challenges. Additionally, it is expected to streamline reporting processes and reduce associated costs over time by standardizing the information disclosed.

The first wave of businesses will begin adhering to the new rules starting in the 2024 financial year, with their initial reports to be published in 2025. Companies falling under the CSRD’s scope will be required to follow the Standar Pelaporan Keberlanjutan Eropa (ESRS). These standards are drafted by the European Financial Reporting Advisory Group (EFRAG), an independent organization comprising a diverse group of stakeholders [1].

CSRD Non-Compliance: What Constitutes a Breach?

Non-compliance under the CSRD can occur in various forms, including:

• Failure to submit mandatory ESG reports.
• Inaccurate or incomplete disclosures.
• Delays in submitting reports within the stipulated timelines.
• Inadequate external assurance for reported data.

Each violation exposes companies to a spectrum of penalties, reflecting the severity and scale of the breach.

Penalties for Non-Compliance

The penalties for failing to comply with the Corporate Sustainability Reporting Directive extend beyond financial costs. They include reputational, operational, and legal repercussions that can disrupt a company’s long-term stability and growth. Below is a detailed breakdown of the consequences:

1. Financial Fines

Financial penalties are among the most direct consequences of non-compliance. While the CSRD delegates penalty enforcement to individual EU member states, fines must meet these criteria:

• Effective: Sufficient to ensure compliance.
• Proportionate: Reflecting the gravity of the violation.
• Dissuasive: Designed to discourage repeat offenses.

Some countries, like Germany and France, have already set precedents with ESG-related fines under their national laws:

• In Germany, companies violating sustainability laws can face fines up to €10 million and in some circumstances, the penalties could be up to 5% of a company’s annual revenue [2].
• In the beginning of 2024, France initiated legal consequences, including possible imprisonment, for corporate leaders who breach the nation’s Corporate Sustainability Reporting Directive. More precisely, any neglect could lead to penalties as high as $81,400 and up to five years of incarceration [3].

Overall, under the CSRD framework, we can expect penalties to include both fixed fines and turnover-based percentages, ensuring larger organizations face proportionate consequences.

2. Operational Consequences

Non-compliance can hinder business operations in several ways:

• Restricted Access to Capital: Many financial institutions prioritize ESG-compliant companies for loans or investments. Non-compliance may limit funding opportunities.
• Ineligibility for Public Procurement: Governments increasingly require sustainability compliance as a condition for participating in tenders.

3. Reputational Damage

Transparency is at the core of the CSRD. Non-compliance can result in public disclosure of violations, tarnishing the company’s reputation among customers, investors, and business partners. A damaged reputation can lead to:

• Loss of consumer trust, particularly as sustainability becomes a purchasing priority.
• Reduced investor confidence, especially among those focused on ESG-centric portfolios.

4. Regulatory and Legal Risks

Non-compliance can lead to additional scrutiny from regulatory authorities, opening the door to further investigations, sanctions, and potential legal disputes. Companies may face lawsuits from stakeholders, including shareholders and environmental advocacy groups, if they are seen as neglecting sustainability responsibilities.

Mitigating CSRD Compliance Risks

Given the scope and rigor of the CSRD, proactive compliance measures are critical. Below are actionable steps to help prepare:

1. Perform a Comprehensive Gap Analysis

Assess your current sustainability practices and reporting frameworks to identify discrepancies with CSRD requirements. Evaluate:

• Data collection processes.
• Alignment with ESRS standards.
• Existing external assurance mechanisms.

2. Invest in Reporting Infrastructure

Adopt digital tools and platforms designed for ESG data collection, management, and reporting. Look for solutions that:

• Automate data integration across departments.
• Ensure compatibility with ESRS standards.
• Facilitate real-time monitoring of ESG performance.

3. Engage External Auditors and Consultants

Partner with ESG experts to ensure the accuracy and credibility of your reports. External consultants can provide insights into best practices and help identify potential compliance risks.

4. Develop a Dedicated Compliance Team

Appoint a team responsible for overseeing sustainability reporting. This team should include representatives from key functions such as finance, operations, and governance.

5. Establish Training Programs

Educate employees at all levels about the importance of ESG reporting and the implications of non-compliance. This ensures buy-in across the organization and reduces errors in reporting.

Bagaimana Seneca ESG Dapat Membantu Bisnis Anda

Menavigasi kepatuhan CSRD dan tuntutan pelaporan ESG yang lebih luas bisa jadi sangat membebani. Seneca ESG menawarkan solusi perangkat lunak yang disesuaikan untuk menyederhanakan proses pengumpulan, analisis, dan pelaporan data. Dirancang untuk terintegrasi secara mulus dengan alur kerja yang ada, alat-alat ini memberdayakan bisnis untuk memenuhi tujuan keberlanjutan secara efisien.

1. AERA: Manajer GHG

The Manajer Gas Rumah Kaca AERA menyederhanakan perhitungan dan pengelolaan emisi gas rumah kaca (GRK), membuat kepatuhan terhadap standar seperti Protokol GHG dan ISO 14064 menjadi mudah. Alat ini membantu bisnis:

• Melacak Cakupan Emisi GRK 1, 2, dan 3.
• Mengidentifikasi titik panas emisi GRK untuk intervensi yang ditargetkan.
• Memanfaatkan data dari 50.000+ faktor emisi untuk memastikan pelaporan yang akurat.

2. EPIC: Untuk Perusahaan

EPIK adalah solusi manajemen ESG komprehensif yang disesuaikan dengan kebutuhan perusahaan. Solusi ini mendukung perusahaan dalam mencapai kepatuhan CSRD sekaligus memajukan tujuan kinerja ESG mereka. Fitur-fitur utama meliputi:

• Keselarasan dengan standar pelaporan ESG global seperti ESRS, GRI, dan TCFD.
• Alat untuk ketertelusuran dan auditabilitas, memastikan data yang andal dan proses jaminan yang lancar.
• Kemampuan untuk penetapan tujuan dan pelacakan kemajuan, memungkinkan bisnis untuk mengukur dan mencapai tujuan keberlanjutan mereka.

3. ZENO: Untuk Lembaga Keuangan

ZENO memungkinkan lembaga keuangan untuk mengevaluasi kinerja ESG dari portofolio mereka menggunakan metodologi penilaian yang dapat disesuaikan. Dengan ZENO, organisasi dapat:

• Desain kartu skor ESG khusus disesuaikan dengan strategi investasi dan preferensi pemangku kepentingan.
• Mengintegrasikan data pihak ketiga untuk memperkaya evaluasi ESG mereka.
• Memudahkan pengelolaan dan keterlibatan inisiatif, memastikan kontribusi aktif terhadap keuangan berkelanjutan.

Dengan lebih dari 70 kerangka pengungkapan bawaan, termasuk ESRS, GRI, SASB, dan TCFD, solusi Seneca ESG dirancang untuk menyederhanakan pelaporan sekaligus memenuhi tuntutan CSRD dan peraturan lainnya yang terus berkembang. Didukung oleh pemantauan waktu nyata dan teknologi berbasis AI, alat-alat ini membuat keberlanjutan menjadi mudah bagi perusahaan dan lembaga keuangan.

Pikiran Akhir

The CSRD is more than a regulatory challenge—it is an opportunity for companies to demonstrate leadership in sustainability. By aligning operations with the directive’s requirements, businesses can mitigate risks, improve stakeholder confidence, and position themselves for long-term success.

However, the penalties for non-compliance are steep, and companies must act quickly to establish robust reporting mechanisms. The time to act is now, as proactive measures taken today will not only ensure compliance but also reinforce a company’s reputation as a sustainable and responsible organization.

Referensi:

[1] https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/company-reporting-and-auditing/company-reporting/corporate-sustainability-reporting_en

[2] https://www.business-reporter.com/sustainability/complying-with-the-corporate-sustainability-reporting-directive#:~:text=For%20some%20countries%20such%20as,of%20a%20company%27s%20annual%20revenue.

[3] https://trellis.net/article/france-will-jail-corporate-directors-who-fail-adhere-new-csrd-requirements/