We’re often asked at Solsidus Law if we’re esg experts or when we’re amongst peers at focused ESG events such as the ESG SHIPPING AWARDS conference earlier, there’s always a question on how we’re able to support international businesses, regulated funds SMEs or other entities in meeting the obligations set by the CSRD. Aside from the practical answers to such questions (to which I’ll get shortly), these questions reveal a gap between what’s perceived to be required by the directive, and what’s actually required and in fact, what’s ultimately useful in this sector.

✅ The CSRD coming into force in 2023, made it compulsory to report on initiatives taken to comply with rules and regulations as regards environmental, social and governance matters.

✅ The new rules aim at safeguarding investors and other stakeholders by enabling them to access information to best assess the impact of companies’ activities on people and the environment and evaluate risks and opportunities on sustainability.

✅ The first companies will have to apply the new rules for the first time in the 2024 financial year, for reports published in 2025.

✅ So who can best advise reporting companies on these issues?

We’ve participated in several events locally and internationally recently, having an ESG focus, and not a single one of these events managed to cover the topic exhaustively. Because it is impossible. The only advice that’s relevant on this topic, is one which takes into account, the specific industry, or entity that’s receiving it. So, if I’m advising the board of directors of a shipping company on ESG topics, then I better know well those challenges that shipping companies face. For example, what impressed me during the ESG Shipping Awards Conference, was the attention on the wellbeing of crewmen/women onboard a vessel raised by Efi Smyrlaki. And how just this one issue can have tremendous impact on the smooth operation of the whole fleet and the business as a whole. On a similar note, Ms. Angela Stark of Norwegian Cruise Line Holdings Ltd. highlighted the cruise line’s community impact program aimed at fostering meaningful guest interactions with local communities, emphasizing the importance of thoughtful engagement.

Positioned next to the board of directors who are required to not just report but also adopt policies and guidelines that meet criteria promoting sustainability is a fascinating place to be. The incentive to engage advisors who understand your industry and can combine this knowledge with legal and management expertise, should not be just the need to comply or avoid fines: it should be the very essence of CSRD which is to orchestrate a massive evolution in your industry from the inside out.

Massive thanks to two impressive women Helena Athoussaki and Katerina Stathopoulou, FICS for curating this impactful event, and at such a charming location. 🙏