European Union (Corporate Sustainability Reporting) Regulations 2024 (S.I. No. 336/2024).

The present Regulations transpose Directive (EU) 2022/2464 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting. The Regulations are in 3 Parts. Part 1 provides for the citation, construction and commencement. Part 2 makes consequential amendments to the Companies Act 2014 and inserts a new Part 28 on Sustainability Reporting, whilst Part 3 makes amendments to the Transparency Regulations 2007. The Regulations require all large companies, and all listed companies (except listed micro-enterprises) to provide information on sustainability matters, defined as environmental, social and governance (‘ESG’) including human rights matters according to mandatory European Sustainability Reporting Standards in the directors’ report. The Regulations amend relevant provisions of the Companies Act 2014, providing rules on sustainability assurance standards and oversight including the approval and registration of statutory auditors and audit firms to carryout assurance of sustainability reporting, along with providing for provisions concerning the audit committees’ role. The sustainability reporting is gradually applicable across the period 2024 to 2028.