Corrections to the Sustainability reporting standards for large undertakings published

The Delegated Regulation (EU) 2023/2772 of 31 July 2023, published in the OJEU of 22 December 2023, supplemented Directive 2013/34/EU of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings as regards sustainability reporting standards (ESRS). Those new provisions apply from 1 January 2024 for financial years beginning on or after this date. A Corrigendum to Commission Delegated Regulation (EU) 2023/2772 was finally published in the OJEU of 19 April 2024. This contains 80 corrections of the Annex I (European sustainability reporting standards (ESRS)) and Annex II (Acronyms and glossary of terms) of the Delegated Regulation.The corrections are notably the following:

• In the ESRS 1 ‘General requirements’, paragraph 91(a), the notion of “”potential financial effects of the events”” should be replaced by “”anticipated financial effects of the events””
• In the ESRS 2 ‘General disclosures’, paragraph 53(c)(ii), the sentence “”how the undertaking assesses the likelihood, magnitude, and nature of effects of the identified risk and opportunities (such as the qualitative or quantitative thresholds and other criteria used as prescribed by ESRS 1 section 3.3 Financial materiality)”” should be replaced by “”how the undertaking assesses the likelihood, magnitude, and nature of effects of the identified risk and opportunities (such as the qualitative or quantitative thresholds and other criteria used as prescribed by ESRS 1 section 3.5 Financial materiality)””
• In the ESRS E1 ‘Climate change’, Appendix A ‘Application requirements’, paragraph AR 33,instead of “”The information required under paragraph 37 (a) is applicable if the undertaking is operating in at least one high climate impact sector””, read “”The information required under paragraph 38 is applicable if the undertaking is operating in at least one high climate impact sector””
• In the ESRS S1 ‘Own workforce’, Table of contents, Appendix A.3, the titre “”Appendix A.3: Application Requirements for ESRS S1-4 Taking action on material impacts on own workforce, and approaches to mitigating material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions”” should be replaced by “”‘Appendix A.3: Application Requirements for ESRS S1-4 – Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions””
• In the in ESRS S1 ‘Own workforce’, Appendix A.2, table, first column, ninth row, the expression “”Gender equality and equal work for equal pay”” should be replaced by “”Gender equality and equal pay for work of equal value””• In the ESRS S4 ‘Consumers and end-users’, Appendix A ‘Application requirements’, paragraph AR 37(d), the sentence “”business opportunities related to the undertaking’s dependencies on consumers and/or end-users may include the achievement of a loyal future consumer base by ensuring, for example, that LGBTQI people are respected and that the undertaking’s selling practices do not exclude such people from the products or services it offers”” should be replaced by “”opportunities related to the undertaking’s dependencies on consumers and/or end-users may include the achievement of a loyal future consumer base by ensuring, for example, that LGBTQI people are respected and that the undertaking’s selling practices do not exclude such people from the products or services it off.