Moreover, the Swiss Federal Council has announced its intention to possibly pass implementational provisions regarding non-financial reporting, responsible business conduct and greenwashing prevention. Among other things, the threshold for the obligation to report on non-financial matters is to be lowered from 500 to 250 employees. The Federal Council is expected to adopt the corresponding consultation draft in mid-2024. In the area of supply chain due diligence, the Federal Council is currently analysing the effects of the planned EU CS3D on Swiss companies. The analysis is expected to be available by the end of 2023.On an EU level, the European Commission finally adopted the first set of ESRS. The Standards cover the full range of environmental, social, and governance issues, including climate change, biodiversity, and human rights and are mandatory for all companies obliged to report certain sustainability information under CSRD.
Furthermore, the European Parliament adopted amendments of the CS3D proposal. The amendments foresee i.a. that also activities along the value chain (sellers, suppliers, distributors, and transporters) are considered in the due diligence obligation. The trilogue negotiations on the CS3D proposal are still ongoing.
Internationally, the adoption of the final TNFD recommendations is also worth mentioning. The recommendations for nature-related risk management and disclosure aim to improve the decision making by companies and capital providers to ultimately contribute to a shift in global financial flows toward nature-positive outcomes and goals of the Kunming-Montreal Global Biodiversity Framework.
Our ESG specialists support companies in the financial services sector throughout their sustainability journey – be it for the purpose of avoiding greenwashing, ensuring regulatory compliant ESG reporting or adherence to supply chain due diligence requirements.
