Sweden: CSRD implemented into national law

In brief

On Wednesday 29 May 2024, the Swedish Parliament voted to adopt a bill to transpose the EU Corporate Sustainability Reporting Directive (CSRD) into local law. The new reporting requirements will enter into force on 1 July 2024 meaning that companies will have to report pursuant to the CSRD for the first time for the fiscal year beginning after June 2024. Accordingly, all companies with a calendar year as fiscal year will have to apply the legislation for the first time for FY2025.

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This is CSRD

  • The CSRD implements new sustainability reporting requirements for all EU countries. 
  • The CSRD replaces the previous NFRD (Non-Financial Reporting Directive) and sets a higher reporting standard than previously. 
  • The purpose of the CSRD is to provide a harmonized reporting standard throughout the EU which in turn will help investors, civil society organizations, consumers and other stakeholders to assess the sustainability efforts of companies.

Key takeaways from the Swedish implementation

  • Pursuant to the EU directive, the first companies in the EU will start reporting under CSRD for FY2024. Due to the timing of the Swedish implementation, Swedish companies will start reporting for the first time for FY2025. 
  • The requirement to submit a sustainability report under the CSRD, compared to the NFRD, is extended to listed SMEs, large or listed subsidiaries and certain large branches of third country companies with significant activities in the EEA.
  • The sustainability report must be audited by an auditor.

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