Sustainability reporting in line with the EU CSRD (Corporate Sustainability Reporting Directive) requirements is a focus for almost all Swiss companies with a significant EU presence already. Many are in the process of preparing for the first CSRD report on the 2025 reporting period, either based on ‘artificial consolidation’ or already (voluntarily) changing the basis of their group sustainability report from GRI (Global Reporting Initiative) to CSRD.
About 200 Swiss companies have just issued their first Swiss Sustainability Report (CO 964b) based on Switzerland’s alignment towards the EU NFRD (Non-Financial Reporting Directive, predecessor of the EU CSRD), which was applicable for the first time to the financial year starting on or after 1 January 2023.
The suggested continued alignment towards the European requirements is the logical next step for Switzerland, even more so in combination with keeping some optionality, allowing especially those Swiss entities with a major footprint in regions outside of the EU better alignment with the requirements applicable there.
Key suggestions include:
The consultation is scheduled to end on 17.10.2024.
The suggested transition period is two years after the changes entered into force, that means if the changes were to come into force before 31.12.2024 the new requirements are applicable for the 2027 reporting period (for calendar year end reporters).
What next steps are required depends on your company’s current sustainability reporting status. It will be key to planning ahead for the enhanced requirements in a timely manner.
The most urgent considerations can be summarised in the following five-step approach:
In the evolving landscape of sustainability reporting, PwC stands by your side as your strategic partner. Here is how we can support you:
This approach, combined with our expertise, aims to provide Swiss companies with a straightforward guide to improving their sustainability reporting and overall business sustainability.
Partner, Investor Reporting and Sustainability Platform Leader, PwC Switzerland
+41 58 792 25 37
Erik Steiger