New sustainability rules for Swiss companies
Published: Friday, Jan 5th 2024, 10:21
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Large Swiss companies must now report on sustainability issues. Reporting will soon become even more extensive - also because of the EU.
The Swiss electorate only narrowly rejected the Responsible Business Initiative in 2020. This paved the way for the counter-proposal. Although it does not provide for liability, it does include a statutory reporting obligation.
Companies with a turnover of CHF 40 million and 500 employees and financial institutions with total assets of CHF 20 million must now report on non-financial areas. For example, on environmental issues, CO2 targets, employee and human rights and corruption.
The law came into force at the beginning of 2022, but with a one-year transition period. "The new obligations will therefore apply from the 2023 financial year," explains Ingrid Ryser from the Federal Office of Justice. The first reports must therefore be published this year. According to the Office, around 400 companies are affected.
Number of companies affected unclear
The content of the new sustainability reporting regulations is strongly based on earlier EU regulations. "Many Swiss companies have already implemented these rules," says Economiesuisse Executive Board member Erich Herzog. Implementing them is very time-consuming. "You need staff and external advice."
And the cost will increase. The Federal Council wants to lower the hurdle in future to companies with 250 employees. In addition, the reports are to be reviewed by an external auditor. The national government intends to adopt a corresponding bill by the middle of the year.
Stricter rules are coming
An expansion of climate reporting has already been decided. From next year, large companies will have to prepare a report in accordance with the Task Force on Climate-related Financial Disclosure (TCFD) standard. This will require them to report uniformly on how they deal with climate risks.
Switzerland is responding to developments abroad with these stricter requirements. With the CSRD, the EU is currently introducing a new directive on sustainability reporting. In a first step, only large corporations are affected, but the obligations will be extended to smaller companies in the coming years. "The EU is going much further than before," comments Herzog. He is critical of the additional work involved.
The biggest innovation is the so-called double materiality. Companies are now obliged to also report on the impact of sustainability aspects on the company. In other words, not only how the company's activities affect climate change, but also how climate change affects the company.
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