Which authorities are in charge of supervising compliance with the requirements for the sustainability statement prepared in accordance with the Accounting Directive?
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The CSRD does not introduce any changes to the pre-existing EU supervisory regime, which requires Member States to have in place penalties that are effective, proportionate and dissuasive for the cases of non-compliance by limited liability undertakings, and to establish a national supervisory authority with powers to supervise compliance by issuers of transferable securities admitted to trading on an EU regulated market.
This means that undertakings’ compliance with sustainability reporting requirements will be subject to the national sanctioning regime in place for the management report of limited liability undertakings and of issuers of transferable securities admitted to trading on an EU regulated market.
In any case, the sustainability statement to be included in the management report must always be subject to assurance by a statutory auditor, or by an Independent Assurance Services Provider (IASP) where allowed by a Member State.