Corporate Sustainability Reporting and ESG when sourcing from China
There are two important developments in sustainability reporting which may affect you if you have sourcing from China.
In October 2021 the Global Reporting Initiative’s (GRI) released a revised version of their Universal Standards, effective for all sustainability reports published from the 1st of January 2023, i.e. your 2022 sustainability report will need to follow the revised Universal Standards.
The EU Non-Financial Reporting Directive (NFRD) Directive 2014/95/EU has also updated with the new EU law on sustainability reporting, CSRD (Corporate Sustainability Reporting Directive) with new rules on which companies who need to report. Earlier it was companies with over 500 employees. Now it has been lowered to 250 employees or more, but with recommendations also for smaller SMEs to start.
Scandic Sourcing has worked with Sustainability audits in the mechanical and electrical industry in China since 2008. The award winning Scandic Supplier Code of Conduct Program is an efficient way to ensure you have a clear overview of your supplier pool in China and drive improvements, where due diligence after materiality priorities has been the basic concept from the beginning.
Talk to us about how we can help getting a China supplier audit program in place to get clear input to your next years sustainability report.
Scandic Supplier Code of Conduct Program