Corporate Sustainability Reporting Directive Will Apply To Insurers
January 19, 2023
Starting in 2026, the EU’s recently adopted Corporate Sustainability Reporting Directive (CSRD) will require certain captive insurers and other large companies to disclose information on the way they operate and manage social and environmental challenges. EU rules on non-financial reporting currently apply to large public-interest companies with more than 500 employees. The Directive will cover about 11,700 large companies and groups, including insurance companies with more than 500 employees. It was adapted from the Non-Financial Reporting Directive, designed to help investors, policy makers and other stakeholders evaluate the non-financial performance of large companies, and encourages a responsible approach to business. The CRSD does not apply in the UK, but will affect UK companies with securities listed on an EU-regulated market. From 2028, it will also affect UK companies that generate net turnover in the EU above €150 million and those that have a large subsidiary or branch, or a listed subsidiary, in the EU.
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