Is your China operation ready for CSRD? How should you prepare for value and supply chain reporting under EU's new Corporate Sustainability Reporting Directive (CSRD)?
The EU's ambitious CSRD proposal significantly extends the scope of the current sustainability reporting requirements from the current Non-Financial Reporting Directive (NFRD). CSRD also expands the number of companies covered by the rules to almost 50,000 EU companies as it is intended to apply both to essentially all listed companies and to companies that meet two out of the following three conditions: (i) EUR 40 million net turnover, (ii) EUR 20 million in assets, and (iii) 250 or more employees.
Included in the new requirements are obligations to report on the entire value chain that may affect companies that produce or source in China, or supply to EU companies. There is a strong focus on the supply chain, with an aim of more transparency around how companies work with suppliers and environmental, social and governance (ESG) risks in their supply chains. Sourcing and managing data on and from suppliers will be one of the key challenges facing organizations and we expect European parent companies and third-party buyers to soon start asking for such data.
As a part of CSRD, the EU further aims to harmonize sustainability reporting and bring it on par with financial reporting on standardized sustainability related disclosures. The reporting standards are being developed in cooperation with Global Reporting Initiative's (GRI), whose sustainability standards are the ones most used by EU companies today. Illustrating the complexity of the existing international framework, GRI has separately published newly revised Universal Standards.
The question then becomes; how to implement this on the ground in China? FBCS is delighted to join SwedCham China's event and invite legal and operational sourcing service providers to learn valuable insight and practical guidance on how your company can prepare for value and supply chain reporting.
Topics will include (focus on practical implementation):
Bård Breda Bjerken, Senior lawyer, Wikborg Rein law firm
Per Linden, Founder and CEO of Scandic Sourcing
Janne Pihlajaniemi, General Manager Tobii Dynavox (Suzhou) Co. Ltd
Moderator: Therese Trulsen, Chief representative and Senior lawyer, Wikborg Rein Law firm
About Wikborg Rein
Wikborg Rein law firm is the only Nordic law firm with offices in China. Established in Norway in 1923 and now with offices in Oslo, Bergen, London, Singapore and Shanghai, they are in 2022 celebrating their 20th anniversary in China. Their Shanghai office continue the success with a core team of Chinese, English and Norwegian lawyers on the ground in Shanghai. The Shanghai office typically assists on establishment and regulatory issues, audits, and legal advice required by Chinese subsidiaries of international companies, such as compliance and crisis management, US, UK and EU sanctions, participation in negotiations, contract drafting and review, as well as dispute resolution in or related to China. In addition, we assist, Chinese clients within China on outbound investment and financing matters independent of Nordic links – under both English and Norwegian law.
About Scandic Sourcing
Scandic Sourcing provide consulting services in supplier management in China. Scandic Sourcing has worked with sustainability audits in the mechanical and electrical industry in China since 2008. The award winning Scandic Supplier Code of Conduct Program is an efficient way to ensure you have a clear overview of your supplier pool in China and at the same time drive improvements.
Tobii Dynavox is the global leader in assistive technology for communication. Our custom designed solutions enable people with disabilities such as cerebral palsy, ALS and spinal cord injury to communicate with a voice of their own, develop literacy skills and live more independently. To date, hundreds of thousands of people worldwide have benefited from our integrated solutions, which include hardware, software, clinically developed language systems, special education tools, training, and dedicated support. We offer an extensive funding support system to reach as many people as possible. Headquartered in Sweden, Tobii Dynavox employs around 500 people with offices in the US, the UK, Norway and China, and reselling partners in 60+ countries.