Table 1 From the NFI directive to the... | Emerald Publishing

Table 1

From the NFI directive to the proposed CSR directive

	NFI directive	CSR directive
Objective	Information to the extent necessary for an understanding of the undertaking's development, performance, position and impact of its activity	Information necessary to understand the undertaking's impacts on sustainability matters, and information necessary to understand how sustainability matters affect the undertaking's development, performance and position
Minimum content	Five sustainability matters covered (“environmental, social and employee matters, respect for human rights, anti-corruption and bribery matters”)	Three sustainability matters covered (“environmental, social and governance factors”) Sector-specific, sector-agnostic information defined by EFRAG
Perspective taken	(Ultimately) outside-in	Outside-in and inside-out
Relevant time horizons for materiality considerations	Not specified	Short-, medium- and long-term
(Main) Target group of information	Providers of financial resources	Stakeholders (in a broad sense)
Options to omit information	Safeguard clause Comply or explain principle	Safeguard clause
Links to financial reporting	Optional reporting as part of the management commentary Mandatory references to, and additional explanations of, other information included in the annual report	Mandatory reporting as part of the management commentary Mandatory references to, and additional explanations of, other information included in the management commentary and the annual report
External assurance	Non-mandatory	Mandatory (highlighting the process of materiality analysis)

	NFI directive	CSR directive
Objective	Information to the extent necessary for an understanding of the undertaking's development, performance, position and impact of its activity	Information necessary to understand the undertaking's impacts on sustainability matters, and information necessary to understand how sustainability matters affect the undertaking's development, performance and position
Minimum content	Five sustainability matters covered (“environmental, social and employee matters, respect for human rights, anti-corruption and bribery matters”)	Three sustainability matters covered (“environmental, social and governance factors”) Sector-specific, sector-agnostic information defined by EFRAG
Perspective taken	(Ultimately) outside-in	Outside-in and inside-out
Relevant time horizons for materiality considerations	Not specified	Short-, medium- and long-term
(Main) Target group of information	Providers of financial resources	Stakeholders (in a broad sense)
Options to omit information	Safeguard clause Comply or explain principle	Safeguard clause
Links to financial reporting	Optional reporting as part of the management commentary Mandatory references to, and additional explanations of, other information included in the annual report	Mandatory reporting as part of the management commentary Mandatory references to, and additional explanations of, other information included in the management commentary and the annual report
External assurance	Non-mandatory	Mandatory (highlighting the process of materiality analysis)