§1.2 Sustainability information to be reported at consolidated level under Article 29a Accounting Directive (consolidated sustainability statement)

Based on Article 29a Accounting Directive, an undertaking governed by the law of a Member State that is a parent undertaking of a large group (43) must report sustainability information at consolidated level (consolidated sustainability statement) concerning the undertaking’s impacts on sustainability matters, and concerning how sustainability matters affect the undertaking’s development, performance and position. The consolidated sustainability statement must comply with the same requirements specified for the individual sustainability statement (paragraph 1.1 above, points (i) to (v)) (44). These requirements must be complied with based on the following phased approach (45): — for financial years starting on or after 1 January 2024 (i.e. for publication in 2025): public-interest entities that are parent undertakings of a large group exceeding on its balance sheet dates, on a consolidated basis, an average number of 500 employees during the financial year; — for financial years starting on or after 1 January 2025 (i.e. with publication in 2026): the other parent undertakings of a large group (i.e. parent undertakings of a large group that are not ‘ public-interest entities and/or whose group does not exceed on its balance sheet dates, on a consolidated basis, an average number of 500 employees during the financial year ’). A parent undertaking that publishes a consolidated sustainability statement is exempt from the obligation to publish its individual sustainability statement (46). A parent undertaking that is also a subsidiary undertaking is exempt from publishing a consolidated sustainability statement where the information is included in the consolidated sustainability statement or consolidated sustainability reporting of another parent undertaking, provided that certain conditions are met as regards the content of the exempted undertaking’s management report and the publication of the sustainability information by the parent undertaking (47). Large undertakings with securities admitted to trading on an EU regulated market – including small and non-complex institutions, captive insurance undertakings and captive reinsurance undertakings and including third-country undertakings – cannot avail of this exemption (48). Sustainability information to be reported at individual level (sustainability statement) or for parent undertakings of large groups – at consolidated level (consolidated sustainability statement) under Article 4(5) of the Transparency Directive by issuers of transferable securities admitted to trading on an EU regulated market) Based on Article 4(5) of the Transparency Directive, which cross-refers to Articles 19a and 29a of the Accounting Directive, issuers of transferable securities admitted to trading on an EU regulated market (49) (regardless of whether they are governed by the law of a Member State or by the law of a third country), excluding micro-undertakings, must include in their annual financial reports a management report that includes sustainability information at individual level (sustainability statement) or – for parent undertakings of large groups – at consolidated level (consolidated sustainability statement) in compliance with the same requirements specified under paragraph 1.1 above, points (i) to (v). The publication rules are those established for the annual financial report under Article 4 of the Transparency Directive (50). Issuers of transferable securities admitted to trading on an EU regulated market that are large undertakings or SMEs (excluding micro-undertakings) or parent undertakings of large groups as defined in the Accounting Directive, will also have to publish the management report in compliance with the requirements set out in the Accounting Directive and specified under paragraphs 1.1 and 1.2 above. Exemption rules under Articles 19a(8) and 19a(9) of the Accounting Directive also apply. These requirements must be complied with based on the following phased approach (51): — for financial years starting on or after 1 January 2024 (i.e. with publication in 2025): issuers that are large undertakings exceeding on their balance sheet dates an average number of 500 employees during the financial year, as well as issuers that are parent undertakings of a large group exceeding on its balance sheet dates, on a consolidated basis, an average number of 500 employees during the financial year; — for financial years starting on or after 1 January 2025 (i.e. with publication in 2026): other issuers that are large undertakings, as well as to other issuers that are parent undertakings of a large group; — for financial years starting on or after 1 January 2026 (i.e. with publication in 2027): — issuers that are SMEs (excluding micro-undertakings); — issuers defined as small and non-complex institutions provided they are large undertakings or SMEs (excluding micro-undertakings) with transferable securities admitted to trading on an EU regulated market; and — issuers defined as captive insurance undertakings and captive reinsurance undertakings provided that they are either large undertakings or SMEs (excluding micro-undertakings) with transferable securities admitted to trading on an EU regulated market.

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Source: EUR-Lex (Cellar) · retrieved 2026-09-07