Corporate Sustainability Reporting Directive – An Update

Corporate Sustainability Reporting Directive – An Update

15th June 2023

The Corporate Sustainability Reporting Directive (CSRD) entered into force in January 2023. This new directive modernises and strengthens the rules concerning the social and environmental information that companies must report. Large companies (employing more than 250 people) as well as listed SMEs will be required to report according to new official guidelines.

The CSRD seeks to ensure that investors and stakeholders can access the information required to assess investment risks related to climate change and sustainability. These rules also aim to foster transparency regarding the impact of companies on people and the environment.

The implementation timeline for companies is as follows:

  • 2024 financial year: Companies employing more than 500 people
  • 2025 financial year: Companies employing more than 250 people
  • 2026 financial year: Listed SMEs

Companies subject to the CSRD will have to report according to European Sustainability Reporting Standards (ESRS) that were developed by EFRAG, the European Financial Reporting Advisory Group.


Public consultation on the ESRS:

The European Commission is currently consulting on a first set of sustainability reporting standards for companies. The period to provide feedback is until 7 July.

To view the draft ESRS and to contribute feedback to the Commission please visit:


The Malta Business Bureau is the EU business advisory organisation of The Malta Chamber and the Malta Hotels and Restaurants Association. It is also a partner of the Enterprise Europe Network.