Catherine Connolly (Galway West, Independent)
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69. To ask the Minister for Enterprise, Trade and Employment further to Parliamentary Question No. 51 of 26 October 2022, the status of his Department’s work regarding the transposition of the Corporate Sustainability Reporting Directive; when the stakeholder forum is scheduled to take place; when the public consultation will open for submissions; and if he will make a statement on the matter. [62038/22]

Dara Calleary (Mayo, Fianna Fail)
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I understand that the Corporate Sustainability Reporting Directive will be signed shortly by the Presidents of the EU Parliament and the Council and is expected to be published in the EU official journal before the end of the year. This will start the 20-day countdown for the directive to enter into force. Ireland and other Member States will then have 18 months to give effect to the new rules in national law.

The impact of the directive will be to enhance the disclosure by certain types of companies on their performance in relation to environmental, social and governance matters, and to deter greenwashing. Companies that are in scope of the new rules will be required to report annually in their directors’ report according to mandatory EU sustainability standards. The first reports will be published in 2025 but companies will need to begin their preparations well in advance.

This is a significant change in how such companies are publicly accountable for their impact on people and the environment. At the same time, the new reporting rules present an opportunity for Irish businesses to gain a competitive advantage through demonstrating their responsibility in relation to sustainability matters.

My officials have commenced work on the project to give effect to the new rules in Ireland. A stakeholder forum will be held in January 2023 to update and give guidance on the Directive and next steps. A public consultation will be launched at the same time seeking stakeholder views on the discretionary Member State options available under the Directive.

I would encourage companies and other stakeholders to engage with the event and, to contribute to the public consultation thereafter.