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At the Reuters IMPACT conference, Puma's Head of Sustainability, Stefan Seidel, expressed reservations about the stringent requirements of the EU's Corporate Sustainability Reporting Directive (CSRD), set for full compliance by 2024.
Despite Puma's longstanding commitment to sustainability reporting, which spans two decades, Seidel believes the requirements outlined in the CSRD may be excessive. The company must comply with the directive by the 2024 financial year, ensuring that reports published in 2025 address environmental risks, establish quantitative targets, and undergo external auditing.
To gather relevant data for compliance, Puma collects information from its tier one and two suppliers, focusing on emissions, energy consumption, water usage, waste generation, and social aspects such as employee turnover and wages. The company has reduced emissions by 9% between 2017 and 2022 while doubling its business.
During the conference, the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) expressed alignment between their respective reporting frameworks, reducing the potential for redundant reporting. Collaboration with the European Sustainability Reporting Standards (ESRS) aims to facilitate interoperability and minimize the need for duplicating information.
Marcel Haag, a senior official at the European Commission, emphasized that the new disclosure rules would aid companies in effectively communicating and managing their sustainability efforts. Richard Howitt, former CEO of the International Integrated Reporting Council (IIRC), acknowledged that initial compliance costs would necessitate system transformation.
However, the EU and ISSB have implemented additional phase-in periods to alleviate the burden on companies.
While concerns persist among companies regarding the mounting regulatory requirements, Eelco van der Enden, CEO of GRI, drew parallels to objections raised while implementing international accounting standards. He cautioned against overreaction, asserting compliance costs, competitive disadvantages, and business secrets are commonly invoked reasons to resist sustainability reporting.
Photo: The DK Photography/Unsplash
