CSRD: New EU standards for sustainability reporting – What Swiss companies need to know
The Corporate Sustainability Reporting Directive (CSRD) is an EU directive that came into force at the beginning of 2023 and aims to improve transparency and comparability in sustainability reporting. It replaces the previous Non-Financial Reporting Directive (NFRD) and extends the scope of application to more companies, including those from Switzerland that operate in the EU.
Key points of the CSRD:
- Sustainability declaration: Companies must publish sustainability indicators in a mandatory and standardised manner in the management report of the annual report. This promotes transparency and comparability of the reports.
- Disclosure requirements: The European Sustainability Reporting Standards (ESRS) define the report content and promote measurability and comparability through key figures. This enables a transparent presentation of the sustainability performance of companies.
Reporting obligations and deadlines:
- Large companies of public interest: Companies with more than 500 employees that are already subject to the NFRD must report in accordance with the CSRD from 1 January 2025 for the 2024 financial year.
- Other large companies: From 1 January 2025, all other large companies that are not covered by the NFRD must report on the 2024 financial year. Capital market-oriented small and medium-sized enterprises (SMEs): These companies must report on the 2025 financial year from 1 January 2026.
- Companies from third countries: Companies from non-EU countries that operate in the EU and meet certain criteria must report on the 2027 financial year from 1 January 2028.
- Scope of application: In Germany, around 15,000 companies subject to reporting requirements are affected. Swiss companies that have a large subsidiary in an EU country or generate net sales of more than 150 million euros in the EU and have at least one subsidiary or branch office in the EU are also affected. The Federal Council estimates that around 3,000 to 14,000 Swiss companies will be directly or indirectly affected by the CSRD.
Our services for CSRD compliance:
- Double materiality analysis: Together we carry out a double materiality analysis, which takes into account both the financial relevance of sustainability issues for the company and the impact of the company’s activities on the environment and society.
- ESG data management: we help you to set up a suitable ESG data management system.
- ESG data management: we help you to set up a suitable ESG data management system.
- Roadmap workshop: we help you prioritise the need for action with regard to EU taxonomy data collection, climate risk analyses, greenhouse gas balances or climate strategies. We support you in closing reporting gaps, make CSRD reporting plannable and help to clearly communicate measures for important stakeholder groups.
- CSRD readiness check: we check the CSRD readiness of your sustainability reporting and identify potential for improvement. Reporting support: We ensure that your reporting fulfils the legal requirements of CSRD and the EU taxonomy. We work closely with auditing firms to ensure audit-proof implementation.
Omnibus adaptations and CSRD
On 26 February 2025, the European Commission presented the ‘Omnibus’ package, which proposes simplifications to the regulations in connection with the CSRD and the EU taxonomy. The aim is to reduce the administrative burden by 25 % and by 35 % for SMEs in particular. These proposals still have to be discussed and approved by the European Parliament and the European Council.
The most important proposals in the omnibus package include:
- Reduction in the scope of the CSRD: around 80% of the companies originally required to report are exempt.
- Increase in the thresholds for CSRD relevance for European companies: Only companies with more than 1,000 employees and either a turnover of more than 50 million euros or a balance sheet total of more than 25 million euros are required to report.
- For large non-European companies, for example from Switzerland, little will change: the first-time reporting obligation for the financial year 28 remains in place, but the turnover threshold in Europe increases to € 450 million. The turnover of an individual EU branch must also exceed €50 million.
- Postponement of the reporting obligation by two years: the next wave of companies will report for the first time on the 2027 financial year in 2028
- Scope of reporting: reduction of ESRS data points, prioritisation of quantitative data points, more voluntary data points. No adjustments to the non-EU standard planned to date.
No sector-specific reporting standards. - Duty to examine: Only limited assurance, no extension to reasonable assurance.
- New standards: Introduction of voluntary reporting standards for all other, smaller companies (VSME), which are based on simplified requirements and further reduce the administrative burden. The standard also represents the information limit for what can be requested in the value chain.
Our services for CSRD compliance:
Double materiality analysis
Together, we carry out a double materiality analysis, which takes into account both the financial relevance of sustainability issues for the company and the impact of the company’s activities on the environment and society.
ESG data management
We help you to set up a suitable ESG data management system.
Gap analysis
A gap analysis reveals specific reporting gaps.
Roadmap-Workshop
We help you prioritise the need for action in relation to EU taxonomy data collection, climate risk analyses, greenhouse gas balances or climate strategies.
We support you in closing reporting gaps, make CSRD reporting plannable and help to clearly communicate measures for important stakeholder groups.
CSRD-Readiness Check
Accompanying reporting
We ensure that your reporting fulfils the legal requirements of the CSRD and EU taxonomy. We work closely with auditing firms to ensure audit-proof implementation.
