The Corporate Sustainability Reporting Directive (CSRD) is one of the EU’s most important regulatory instruments, which obliges companies to disclose detailed information about their sustainability practices. The first companies will be required to report as early as 2024. However, some of the directives and requirements for companies are still at the draft stage or individual elements (e.g. XBRL taxonomy or sector-specific standards) will only become mandatory in subsequent years.
Due to this dynamic regulatory environment it is essential for companies and interested parties to keep up to date at all times. The constant development of the CSRD and the EU taxonomy as well as regular adjustments and additions make this a challenge.
In this article, we will show you how to use the best tools and strategies to ensure you never miss any important CSRD news again.
Strategies to follow all CSRD news
Strategy 1: Establishment of a structured information management system
One of the most important strategies is to establish a structured information management system within the company. This strategy includes the systematic collection, filtering and distribution of relevant information on CSRD updates. Such an approach can be supported by the following measures:
- Create a central point of contact: A dedicated team or responsible person who acts as a central point of contact for CSRD-relevant information and distributes it within the company.
- Regular information meetings: Establish weekly or monthly meetings to discuss the latest developments and identify necessary measures.
- Documentation and archiving: Creation of a central archive in which all relevant documents and information on CSRD are stored and made easily accessible, e.g. via the MS Teams channel.
Strategy 2: Building a network of experts and stakeholders
Another effective strategy is to build and maintain a network of experts and stakeholders who regularly report on CSRD and share relevant information. This strategy can be implemented at various levels:
- Participation in industry associations and working groups: Active involvement in relevant industry associations that provide regular information on developments in CSRD and promote exchange between members.
- Cooperation with external consultants: Work closely with external consultants, auditors (WP) and specialized law firms who proactively inform their clients about legal and regulatory changes. In particular, an understanding of the criteria and requirements for CSRD audits by the auditor is helpful.
- Networking at conferences and events: Attending specialist conferences and webinars to network directly with other professionals and experts and share the latest trends and developments.
Strategy 3: Implementation of a proactive CSRD news monitoring system
The third strategy aims to implement a proactive monitoring system that continuously monitors relevant information on CSRD and automatically reacts to changes. This strategy can be supported by technological tools and automated processes:
- Automated alerts and monitoring tools: Use of tools such as Google Alerts that automatically respond to specific keywords and topics and send notifications when new content is published.
- Data analysis and trend monitoring: Use of artificial intelligence or data analysis tools to recognize patterns and trends in the published information and to be proactively prepared for potential changes.
- Regular updates and adjustments: The monitoring system should be regularly reviewed and adapted to new sources of information or changes in the CSRD to ensure that it always remains up-to-date.
These strategies help companies to develop a systematic and proactive approach to stay informed in the dynamic and complex world of CSRD and respond to changes in a timely manner.
Tips and tricks to never miss any CSRD news
With the constant changes and updates around CSRD and the European Sustainability Reporting Standards (ESRS), it is crucial to use practical tools and tricks to avoid missing out on important CSRD news.
1. subscribe to a CSRD newsletter
One of the easiest and most effective ways to stay up to date is to subscribe to specialized news feeds and newsletters. Many organizations and specialist portals offer regular updates on the latest developments in sustainability reporting and CSRD.
Here are some recommended sources:
- CSRD Compass NewsletterEvery 2 weeks you will receive information on a current spotlight topic and practical assistance, e.g. on the implementation of CSRD or the double materiality analysis (DWA). In addition, all relevant CSRD news from EFRAG, the DRSC and other relevant sources are summarized and upcoming CSRD webinars are presented to you.
- EFRAG Newsletter The European Financial Advisory Group (EFRAG) prepares the CSRD and ESRS on behalf of the EU Commission. All relevant updates are sent to subscribers on an ad-hoc basis by newsletter. In addition to many valuable news items, there is also less relevant news, e.g. that EFRAG is looking for employees or that an EFRAG Board meeting is taking place.
- DRSC Newsletter The German Accounting Standards Committee, like EFRAG, often sends relevant news to its readers on an ad-hoc basis, but in German.
- Management consultanciesNumerous CSRD consultancies (e.g. PwC, EY, Deloitte) also offer their clients newsletters that track legal developments. Depending on the size and focus of the consultancy, CSRD-relevant news may be mixed in with numerous other news items.
2. google alerts and similar RSS feeds for CSRD News
Google Alerts is a powerful tool that automatically delivers relevant news directly to your email inbox. By entering specific search terms such as “CSRD”, “ESRS” or“double materiality“, you can receive daily, weekly or monthly alerts about new articles or reports on these topics.
The disadvantage is that, depending on the keyword, an incredible number of articles are classified as relevant. These often include the same CSRD news from different sources, job advertisements for the keyword and events. There are also overlaps if you use several – very similar – keywords.
Here are a few tips on how to use Google Alerts effectively:
- Targeted keywords: Select precise and relevant search terms to maximize the quality of alerts.
- Frequency of alerts: Specify how often you want to receive alerts – either in real time, once a day or once a week.
- Adjustments and optimizations: Regularly check the effectiveness of your alerts and adjust the keywords if necessary to get more relevant results.
3. social media, networks and podcasts
Social media is another powerful tool to be informed quickly and directly about the latest CSRD news. Platforms such as LinkedIn and X (formerly Twitter) offer the opportunity to follow relevant CSRD experts, organizations and discussions.
To make sure you don’t miss any news, most platforms have a notification function so that you can set all new posts from certain people or organizations to always be displayed in your own feed.
In addition to our CSR Tools LinkedIn account, we also recommend following Alexander Spahn, the DRSC and the EFRAG page.
LinkedIn also offers the opportunity to join relevant CSRD groups that deal intensively with ESG topics and CSRD. LinkedIn is particularly useful for obtaining specialist articles and expert opinions.
Search for relevant hashtags such as #CSRD, #ESRS or #SustainabilityReporting to quickly find the latest discussions, news and CSRD help.
CSRD podcasts also offer an uncomplicated way of finding out about current developments and learning about practical approaches for implementation in your own company.
CSRD News Conclusion
By establishing a structured information management system, building a strong network of experts and stakeholders or implementing a proactive monitoring system, companies can ensure that they are always well informed about all updates relating to CSRD.
For smaller companies, the practical tips and tools (newsletters, news alerts and social media) are already very helpful in order not to miss out on the latest developments in sustainability reporting. With you can not only meet the requirements of the CSRD, but also make a valuable contribution to a more sustainable and transparent economy.
