Extract
[...] Legal Framework of the CSRD Directive : a strengthened legislative structure The CSRD directive establishes a legal framework to strengthen transparency and sustainability of companies in Europe. This framework relies notably on the development of ESRS standards by the EFRAG, an inclusive and rigorous process aiming to establish high sustainability standards These standards play a necessary role in European competitiveness, by harmonizing ESG practices across the Union The directive is structured around clear objectives, oriented towards greater transparency and better ESG risk management by companies Finally, the transposition of this directive into French law requires specific legislative and regulatory adjustments, ensuring effective integration of the new requirements into the national legal framework ESRS Standards Development Process by EFRAG: An Inclusive and Rigorous Process EFRAG has followed a wide and inclusive consultation process for the development of ESRS standards, involving various stakeholders, including companies, regulators, NGOs, and civil society. [...]
[...] The integration of international standards into French law: a necessary alignment i. The NRE Law of 2001: the evolution towards a binding framework of transparency The NRE Law of 2001 marked a decisive turning point in France in terms of Corporate Social Responsibility (CSR) by imposing, for the first time, transparency obligations on listed companies regarding social and environmental aspects. This movement towards transparency was based on a fundamental idea: that public exposure of company practices can improve their conduct. [...]
[...] This cooperation must be accompanied by a constant dialogue to adjust regulations in line with economic and social realities, and to ensure that the transition to a sustainable economy is inclusive, equitable, and beneficial for all of society. In summary, the CSRD directive represents a significant step forward in regulating sustainability practices, but it also poses a major challenge to businesses. The success of its implementation will depend on the ability of businesses to adapt, the support provided by public authorities, and the ongoing evolution of regulatory frameworks to meet the needs of a rapidly changing world. Bibliography Books - D'Eri, A., & Novembre, V. (2022). Future Perspectives on Sustainable Corporate Governance and Disclosures. [...]
[...] Revue internationale des services financiers / International Journal for Financial Services 112-122. - Johnston, F. (2023). A virtuous revolution: selling a service rather than a product. Économie et sens, Le Journal de l'École de Paris November/December 2023. - Lecourt, A. (2024a). Transposition of the CSRD directive (Ord. n° 2023-1142 of 6 Dec relating to the publication and certification of information on sustainability and the environmental, social and governance obligations of commercial companies; Report to the President of the Republic Dec JO 7 Dec. [...]
[...] This pressure comes from various sides: regulators, consumers, investors, and civil society. In France, this evolution is largely reflected in a series of laws that have progressively integrated social and environmental issues into the management of companies. Since 2001, France has introduced obligations of reporting social and environmental for listed companies with the NRE law (new economic regulations). This transparency obligation, initially limited, was later extended by the laws « Grenelle II since 2010, which introduced stricter requirements for companies exceeding a certain turnover and headcount threshold. [...]
