Having clear rules on sustainability, reporting and climate targets is essential to the European Union’s competitiveness. Improving the implementation of these rules is a priority, simplifying it without sacrificing the core purpose; the main goals should be strengthened. This is the message behind a joint statement signed by over 300 European organisations, including companies, financial institutions, investors, trade and cultural bodies. Among them is Maganetti, alongside both small and large Italian enterprises, many of which, like us, are benefit corporations.
The joint statement is addressed to the institutions of the European Union, following the “freezing” of the CSRD (the sustainability reporting directive) for two years under the Omnibus package, a step backwards from previous commitments. According to the signatories of the statement, however, rules on sustainability reporting, transition plans, climate targets and corporate due diligence are a fundamental foundation for achieving the EU’s economic and sustainability goals.
Sustainability rules foster transparency and accountability and therefore support competitiveness and growth, as well as the creation of long-term value, the document states. Moreover, companies applying these rules are more likely to be resilient and better prepared to face challenges and opportunities.
The joint statement then sets out a series of technical points to simplify the application without undermining the core purpose of the measures, or their important benefits for businesses across the EU. These points address the scope of the CSRD, company size thresholds, climate transition plans and due diligence criteria.
As Vita magazines noted, these are technically complex matters, but the real point is the call “for a possible path to simplification that does not penalise those who have already made progress, while helping all other market players to join in. Again, not because we should simply be more virtuous, but in order to stand out and remain competitive in the eyes of the market and, why not, the world.”
