Shin & Kim LLC (led by Managing Partner Oh Jong-han) said on the 4th that it held a seminar titled "EU CSRD practical guide for Korean corporations" at Gran Seoul in Jongno-gu, Seoul, on the 3rd.
With the implementation of the "Omnibus I" directive in Mar., the scope of application for the European Union (EU) Corporate Sustainability Reporting Directive (CSRD) changed.
The seminar was organized to improve domestic corporations' understanding of these regulatory changes and to share response measures. Shin & Kim prepared the event in cooperation with Frank Bold, a European law firm specializing in EU ESG (environment, society and governance) regulations.
In the first session, Jung Young-il, head of Shin & Kim's ESG Center, gave a presentation on "Overview of CSRD application structure and disclosure standards by pathway after Omnibus I." Jung divided the CSRD application structure into three pathways and explained the respective application requirements and disclosure standards.
Jung said, "Each corporation must build a reporting system in line with the European Sustainability Reporting Standards (ESRS) while continuously monitoring the legislation and enforcement status of member states where it has subsidiaries or branches."
The second session featured a presentation by Filip Gregor of Frank Bold, head of the corporate accountability team, on "CSRD application and points to note."
Gregor said, "When determining whether CSRD applies, detailed legal and accounting reviews are necessary, including the scope and method of definitions and calculations, the scope of consolidation, and the reference period," adding, "Korean corporations need to refer to the trials and errors and actual reporting cases of European corporations that have applied CSRD first."
Managing Partner Lee Yong-woo of Shin & Kim said, "I hope this served as an opportunity for domestic corporations to understand the EU sustainability regulations that have changed after Omnibus I and to examine response directions suited to each business structure."