SARAS sets up a working group to assess the quality of the translation of the Corporate Sustainability Reporting Standard

In accordance with the Charter of the Service and on the basis of the Order of the Head of the Service, the committee of experts has been established, taking into account the obligation of the Association Agreement between Georgia and the European Union. Its purpose is to ensure a dynamic approximation with the Directive of the European Commission and the Council of 14 December 2022, as well as to ensure high quality and accuracy of translation, agreement on terminology and implementation of standards. The committee of experts is composed of 11 members from the public and private sectors. 

As is already known, the European Commission developed the Corporate Sustainability Reporting Directive (CSRD) in 2022, which came into force for EU Member States on 5 January 2023. This Directive replaces the Non-Financial Reporting Directive – with an updated edition and requirements. Accordingly, undertakings will be required to prepare their corporate sustainability reports in accordance with the relevant standards. It should be noted that the introduction of new directives in the country is a complex issue. Therefore, the circle of accountable persons that will have to prepare reports with updated requirements will be gradually expanded. 

As part of the dynamic approximation of Georgia with the requirements of the European Union, SARAS is planning various activities within its competence, including working on the translation of the Standard, which will help undertakings to prepare their reports in accordance with the updated Standards.