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Manage and Govern Well
June, 2025 |
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Sustainability
Board's Role is Changing Globally
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While to goals for Sustainability are well-underway, the approaches for regulatory approaches, auditing and oversight are changing globally with considerable divergence.
Marily Nagel, Boardwise partner and expert in this area notes key updates:
The Regulatory Landscape is Fragmented
- The EU’s Corporate Sustainability Reporting Directive (CSRD) is setting a high bar for mandatory ESG disclosures, including double materiality assessments (how ESG issues affect the company and how the company impacts society/environment)
- The EU Omnibus Package is legislative proposal aimed to simplify and streamline certain EU regulations with a focus on sustainability reporting (CSRD) and due diligence (CSDDD) The CSRD applies not only to EU companies but also to non-EU companies with significant EU operations, with phased implementation through 2029
- International Standards: The International Sustainability Standards Board (ISSB) is establishing a global baseline for ESG reporting, now widely adopted or referenced by many jurisdictions. Other frameworks include the GRI (Global Reporting Initiative), CDP, and TCFD-aligned requirements, which are increasingly being harmonized.
- Supply Chain and Due Diligence Laws: The most impactful EU supply chain due diligence law is the Corporate Sustainability Due Diligence Directive (CSDDD) on human rights and environmental due diligence covering operations and business partners. The EU is also implementing laws on biodiversity, restoration, and supply chain due diligence, requiring companies to assess and report on the environmental and social impacts of their operations and supply chains.
- Data, Controls, and Assurance: Multinationals must invest in standardized, auditable ESG data collection and internal controls, often engaging third-party assurance providers to meet investor-grade reporting standards and comply with varying global requirements.
- In the US, Federal ESG regulation is currently in flux, with the SEC’s proposed climate disclosure rule on hold • SEC Disclosure Requirements are on hold with the current administration – the focus is on State Legislation The SEC’s finalized climate disclosure rules (effective May 2024) require large, accelerated filers to include detailed climate-related information in annual reports for fiscal years beginning in 2025.Investor and Stakeholder Expectations are growing. Investors increasingly demand transparency on ESG practices, including board-level oversight, expertise, and alignment with business strategy.
Board committees must pay attention to the of changes and duties related to the work shifts ahead.
Marilyn highlights:
- Boards are expected to integrate Environmental, Social, and Governance (ESG) considerations into their corporate strategy, risk management, and reporting.
- Set clear ESG targets, monitoring progress, and ensuring disclosures are accurate and reliable.
- Ensure boards ESG oversight structure and internal processes are clearly disclosed.
- Oversite may be assigned to the full board, a dedicated ESG committee, or existing committees (e.g., audit, nominating/governance)
Adding to this board attention, colleague Daniel Goelzer notes:
"Audit committees of companies that do business in the E.U., directly or through subsidiaries, should make sure management monitors the progress of the omnibus packages and considers how changes to the scope and requirements of the CSDR ,CSDDD and EUT may affect the company. European Commission (EC) has proposed legislation that would significantly reduce sustainability reporting under the E.U.’s Corporate Sustainability Reporting Directive (CSRD) and postpone implementation of the requirements for many companies. The proposals – referred to as the omnibus packages -- would also narrow the scope of entities subject to CSRD reporting and potentially exclude many U.S. companies that would otherwise be required to comply with the CSRD and related requirements.
Consider how these changes could impact due diligence information requests from customers or suppliers that are subject to these directives. Since E.U. reporting deadlines and requirements are changing, managements and boards should also evaluate whether the company is investing in controls and disclosure procedures that will need to be modified or may even prove to be unnecessary. The scope and requirements of the CSRD are complex, as are the proposals to modify it, and many companies may potentially be affected by the proposed changes may want to consult professional advisors that specialize in this field. "
If you seek advise or assistance, reach out to our team for support.
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