Sustainability issues that will dominate the Agenda of Directors and Boards in 2024
2023 marked an important milestone for environmental, social and governance (ESG) initiatives: a year in which companies made substantial investments, both in capital and time, to conduct comprehensive CSRD assessments and dual materiality analyses. For 2024, there is great anticipation of new regulations coming into force that will directly or indirectly affect many companies, requiring the diligent attention of Boards of Directors.
The focus is on climate disclosure, covering the implementation of far-reaching sustainability standards such as the EU's Corporate Sustainability Reporting Directive (CSRD) and the forthcoming US Securities and Exchange Commission regulations.
In the spring, the US SEC's rule on climate change reporting, although delayed, should see the light of day. The rule will require subject companies to invest heavily in internal controls. For those not directly subject, its interest stems from the SEC's global influence on regulators around the world.
Ultimately, further specific regulatory developments are anticipated in areas such as circular economy, waste, packaging, energy efficiency and biodiversity, underlining the need for constant vigilance by advisers in this evolving regulatory landscape.
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