Ready for the CSRD? We accompany you on the way to sustainability reporting
The new CSRD requires companies to disclose their sustainability strategy. By addressing the requirements of the Corporate Sustainability Reporting Directive (CSRD) comprehensively and at an early stage, companies can not only fulfil legal requirements, but also secure strategic advantages over their competitors.
The functional specifications of companies in Germany will soon be one chapter longer – as will their management report. A sustainability report will have to be added here in future. We will support you with these changes and the expansion of your ESG strategy!
What is the CSRD?
The Corporate Sustainability Reporting Directive (CSRD) of the European Union (EU) has been in force since 5 January 2023 and requires companies to disclose their own sustainability strategy. In the coming months, this directive will be transposed into national German law and will then apply to more and more companies.
What does this mean for companies?
The new "CSRD Implementation Act" significantly increases the sustainability reporting requirements for companies: this law obliges affected companies to expand their management report to include comprehensive sustainability reports. However, these sustainability reports include not only financial, but also environmental, social and governance-related aspects.
Why Funk?
We provide support in identifying and assessing the risks and adapting the insurance coverage, for example to potentially higher losses in the event of natural hazards. Working with auditors alone is not enough: because those who audit are not allowed to advise. As the only independent, owner-managed German brokerage house with ESG risk consulting, we offer holistic solutions that include training.
Which companies are affected?
From 2024
Listed and capital market-oriented companies (e.g. banks and insurance companies) that fulfil two of the following criteria:
- > 500 employees
- > EUR 50 million turnover
- > EUR 25 million balance sheet total
From 2025
All (limited liability) companies:
- > 250 employees
- > EUR 50 million turnover
- > EUR 25 million balance sheet total
From 2026
Listed SMEs, captives and non-complex credit institutions:
- > 10 employees
- > 900,000 EUR turnover
- > EUR 450,000 Balance sheet total
From 2028
Companies based in a third country:
- EU turnover EUR 150 million
- Establishment in the EU
- Subsidiary in the EU
2024-2026: If a company fulfils at least two of the three criteria, disclosure must be made.
Important abbreviations
ESG
Sustainability consists of three facets: environmental, social and governance (ESG for short).
ESRS
The European Sustainability Reporting Standards represent the EU-wide uniform and mandatory sustainability reporting standard and define how environmental, social and governance aspects are to be disclosed. The ESRS thus defines the framework for CSRD.
ESG & CSRD – What is the difference?
The main difference between ESG and the CSRD lies in the scope of application: ESG serves as an assessment framework for sustainable investments, while the CSRD legally obliges companies to report in detail on their sustainability performance.
Utilise competitive advantage, strengthen reputation
The extension of the law not only places obligations on companies. It also offers the opportunity to position themselves as pioneers in sustainability management and to strengthen the trust of investors, customers and the public. The introduction of an obligation to verify the reports also ensures that the information is reliable and verified to the highest standards, which can also enhance the company's reputation and attractiveness as an employer.
What does CSRD mean?
We guide you through the CSRD jungle – our approach:
We meet you where you are and accompany you on your journey as a reliable partner with customised solutions.
Kick-off concept
- Recording the current organisational structure
- Recommendations for adjustments to establish reporting capability
- Definition of the scope for the materiality analysis
- Project plan and conceptualisation
Materiality analysis
- Value chain, stakeholder and peer group analysis
- Mapping and structuring value creation
- Workshops to create a "short" list of material ESG aspects
- Workshops to assess significant impacts, risks and opportunities
- Linking and synchronisation of the threshold with risk management
Climate scenario analysis
- Determination of risk scores for climate change and natural hazards
- Checklists, recommendations for action (prevention and risk transfer)
- Risk report on your risk portfolio
- Realisation with our partner IE2S
Due diligence training
- E-learning courses
- Classroom training
- Implementation and customisation if necessary
Report structure
- Ongoing coaching on selected topics relating to reporting requirements, including presentation aspects
CSRD – Start implementation on time!
Our recommendation: Even if you are not yet affected, make effective use of the time until the reporting obligation and get to grips with your company's own sustainability reporting at an early stage. This is because there are already an increasing number of enquiries from stakeholders on sustainability issues, to which companies must provide adequate answers.
Funk Consulting's ESG services help you to fulfil these requirements efficiently, integrate sustainable practices into your business processes and secure your long-term competitiveness.
Your advantages at a glance
Enhance your image and strengthen your reputation with CSRD as a real competitive advantage!
- Building ESG-related knowledge for compliance with the new ESRS requirements
- Optimise processes and save costs
- Objectively identify, assess and minimise business risks
- Improve transparency and credibility
- Strengthening your own supply chain and increasing competitiveness
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