Auditing

Sustainability – Urgent need for action for companies

The draft of the CSR Directive of the EU provides for the significant expansion of mandatory sustainability reporting both in scope and in the group of users. From the financial year 2023 onwards, in addition to the large capital market-oriented companies that have been exclusively affected to date, large limited liability companies and groups as well as small listed companies are now to be obliged to include in their management report information on the impact of sustainability issues in connection with their company.

  • „For many companies the significant expansion of mandatory sustainability reporting will be a major step. If you want to be competitive in the future, you will have to deal with the topic intensively. There will have to be people in all companies who have the necessary expertise in this area.“

    − Anna Margareta Gehrs −

    Partner, German Public Auditor, Certified Tax Adviser

    Detail
  • „For many companies the significant expansion of mandatory sustainability reporting will be a major step. If you want to be competitive in the future, you will have to deal with the topic intensively. There will have to be people in all companies who have the necessary expertise in this area.“

    − Anna Margareta Gehrs −

    Partner, German Public Auditor, Certified Tax Adviser

    Detail

Timely preparation for sustainability reporting

According to initial estimates, the number of companies subject to reporting requirements will increase from 500 to 15,000 as a result of the amended legal situation. In addition to explanations of objectives and measures for the implementation of sustainable management, key figures that have not yet been specifically defined are to be reported. Companies should therefore promptly deal with sustainability aspects and the requirements of sustainability reporting in order to position their company purposefully and prepare it for the future, i.e. in order to be able to play an active role and take advantage of the opportunities this development brings about.

Supply chain due diligence act to be passed

In addition to the CSR Directive applicable throughout Europe, the Act on Corporate Due Diligence Obligations for the Prevention of Human Rights Violations in Supply Chains  (LkSG) was passed in Germany. This law focuses on the issues of "human rights" and "environmental concerns". According to this law, companies (regardless of their legal form) with more than 3,000 and 1,000 employees respectively, will have to set up a risk management system to comply with their due diligence obligations as of 1 January 2023 and 1 January 2024 respectively, and publish a separate report on this. Indirectly, significantly smaller suppliers of corresponding companies may also be affected by this law if customers request them to provide the corresponding information.

Support from Stückmann experts

As both reporting obligations will generally come into force as from 2023, it is important to set up corresponding structures as early as 2022. We will be happy to support you in determining the need for action in your company and in the targeted design and implementation of measures. We will inform you about the current status of the legislation, analyse the value chain with you and support you in implementing the necessary structures.

We'd be delighted to advise you

  • Dipl.-Kfm.
    Anna Margareta Gehrs

    Partner, German Public Auditor, Certified Tax Adviser

    +49 521 2993176

    Detail
  • Dipl.-Wi.-Math.
    Meike Wörmann

    German Public Auditor, Certified Tax Adviser

    +49 521 2993340

    Detail

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