Full definition
Corporate Sustainability Reporting Directive (EU 2022/2464), transposed in France by Ordinance 2023-1142. Sustainability reporting based on 12 ESRS standards, including E1 climate. Covers double materiality (impact AND financial). Post-Omnibus 2026 timeline: application maintained for Wave 1 (~12,000 large EU companies already listed), postponed to 2028 for Wave 2 (large unlisted companies), removed for Wave 3 (listed SMEs) except in specific cases. Affects ~50,000 EU companies, including ~7,000 in France. Do not confuse it with the NFRD it replaces (NFRD covered ~12,000 EU companies across 6 simple ESG themes), VSME (EFRAG’s voluntary standard for SMEs), or BEGES (separate French regulation continuing in parallel). External verification mandatory from the 1st year (limited assurance, future reasonable assurance).