Published on May 01, 2024
The pace of change to regulations and stakeholder expectations, together with the environmental, social, political, and technological forces impacting business, means that running a business has rarely been more challenging or under more focus and pressure.
Whether you are developing, or delivering an operational or strategic role, as a Director, Senior Manager, or specialist you need to be aware of the new Directive on CSDD to ensure you become a trusted advisor within your business.
The increased focus on sustainability and the wider ESG agenda has brought together the prospect of greater and potentially more complex regulation. The challenge for organisations is to understand the different expectations and appetite for enhancements in ESG compliance from different countries and regulatory authorities, the commonalities, and differences in approach; whilst at the same time developing governance systems that make compliance, be that domestic, regional, or global, more streamlined, simpler, and able to add value.
Although the UK is no longer a member of the European Union or a member of either the Single Market or Customs Union, which gives the opportunity for the UK to embark on regulatory divergence; the nature of the Directive on Corporate Sustainability Due Diligence and other EU law is that it is still applicable to companies from the UK and from other countries outside of the European Union. This may mean that there may need to be different processes to ensure compliance with different regulations.
This can also create opportunities both to apply best practice and to demonstrate compliance through existing mechanisms associated with the legal responsibilities for Director’s compliance.
A lack of knowledge or understanding of ESG legislation and the compliance criteria is rarely a good defence should the worst result occur, and it certainly isn’t acceptable to many stakeholders; therefore, it is more important than ever to ensure that Directors, Company Secretaries and Subject Matter Experts fully understand their roles and responsibilities. Furthermore, the best informed and equipped leaders and directors will find the role more satisfying and will bring greater added value to their board and the wider business.
A directorship can be daunting, particularly if you are new to the role. There is a whole new language to learn and new processes and responsibilities that you may well be unfamiliar with. The hectic pace of business can also make it difficult for experienced directors to take time out to reflect and learn of changes that could be relevant to them.
Attending the new course Implications of the New Directive on Corporate Sustainability Due Diligence, presented by our expert trainer Russell Shackleton, will help you fulfil your statutory duties and give you the tools to make a positive contribution to your organisation.
Published on May 01, 2024 by Angela Spall