Reading time : 7 min
Written by Florian Masseube
The implementation of the European directive CSRD (Corporate Sustainability Reporting Directive) requires several adjustments to ensure clarity, consistency, and applicability of legal texts in France. Here is a summary of the main changes proposed by the bill.
Why are these adjustments necessary?
The initial adaptation work of the CSRD directive by economic actors revealed inaccuracies, omissions and inconsistencies to be strengthened in the transposed texts. These adjustments aim to:
- Remove certain requirements
- Étendre ou préciser des exemptions pour aligner les pratiques nationales avec la directive.
- Garantir l'harmonisation avec les autres codes juridiques français.
Main changes
1. Competence of members of the specialized committee
The article 7 removes the obligation for a member of the specialized committee (responsible for sustainability issues) to have specific expertise in financial, accounting, or legal audit matters. This requirement, not provided for by the CSRD directive, is deemed unnecessary.
2. Extended exemptions for the publication of sustainability information
Article 7 extends the scope of the exemption from the publication of sustainability information under consolidation to companies controlled by a "consolidating entity," in order to adopt the same exemption scope as provided by the CSRD directive by substituting the notion of "consolidating company that exercises control over these companies" with that of "consolidating entity." As a result, this amendment allows for the inclusion in the consolidation scope of a company of subsidiaries that would not be commercial companies.
3. Harmonization with the mutuality code
The article 8 adapts the mutuality code to apply the same exemption for the publication of sustainability information to so-called "combining" mutual companies. This ensures equal treatment with commercial companies.
4. Clarifications in the environmental code
The article 9 specifies that the publication of sustainability information, such as the greenhouse gas emissions report, also helps meet the obligations of companies with more than 500 employees as provided in article L.229-25 of the environmental code.
5. Update of specific codes
- Insurance code, social security code, rural and maritime fishing code: Article 10 applies the exemption for combining companies, similar to commercial companies.
- Monetary and Financial Code: Article 11 ensures consistency with Article L.451-2, particularly regarding the publication of governance reports for listed companies.
6. Transitional provisions for auditors
The article 12 provides two important clarifications:
- The usual verifications by auditors with companies still subject to the extra-financial performance declaration remain unchanged.
- The derogatory rule on the duration of the first mandate for certifying sustainability information applies even if multiple auditors are appointed.
In summary
These adjustments provide clear answers to the needs identified during the initial stages of implementing the CSRD directive. By ensuring legal and practical consistency, they facilitate the transition to more harmonized and accessible sustainability reporting for all concerned companies.
For more information or to prepare for the new requirements, do not hesitate to consult a specialized advisor or the official texts.
Sources :
- Draft law containing various provisions for adaptation to European Union law in economic, financial, environmental, energy, transport, health, and movement of persons matters
- Impact study of the draft law containing various provisions for adaptation to European Union law in economic, financial, environmental, energy, transport, health, and movement of persons matters
- Legislative file