Symposium - Ten years of dual materiality

As of this year, so many Belgian companies are required to report on sustainability according to the Corporate Sustainability Reporting Directive (CSRD). This European directive has since been transposed into national legislation, officially putting the reporting requirement into effect.

From fiscal year 2025, the obligation will be further expanded, and broader groups of companies and businesses will be covered by the CSRD.

In short: sustainability reporting is in full swing in Belgium. The principles of dual materiality will play an increasingly important role in this, now that they are anchored in European legislation through the CSRD.

But what exactly does dual materiality mean? And where does it come from?

The concept began to take shape between 2014 and 2016, in the wake of the growing focus on environmental, social and governance (ESG) issues. The term double materiality was officially launched in the European Commission's non-financial reporting guidelines in 2019. There it was defined as the combination of financial materiality as well as impact materiality.

With the publication of the European Sustainability Reporting Standards (ESRS) in 2023, dual materiality became a core principle as well as a legal requirement for thousands of companies in Europe.

Ten years after the first outline of the concept, it is time to reflect:

• The evolution of non-financial reporting,
• The role of CSRD and ESRS in the context of business impact and risk,
• and the need for a clear data strategy to streamline this reporting.

Because sustainability reporting is coming up to cruising speed. But are Belgian companies ready for it?

Sustainability platform B.Cycle organizes, together with research group EMIB, Engineers of Tomorrow and University of Antwerp, the symposium of the year. A thematic lecture, sector-oriented round table discussion and networking event bring together insights, practical examples and dialogue.

We dive into the origins and interpretation of dual materiality, and consider its impact on the business world. The CSRD, ESRS and NFRD are discussed, along with their integration into Belgian law.

With contributions from EFRAG and the European Commission, we link academic frameworks to concrete business practices. We analyze the first wave of CSRD reports, draw lessons from practice and discuss how to do better in the future. In addition, we delve into data maturity, LCA, LCCA and stakeholder expectations.

After the thematic lecture, participants will be brought completely up to date. During the round table discussion there is room for reflection and exchange within the own sector. Together we will identify the thresholds, risks and solutions.

Do you work in tech, food, textiles or construction? Or do you just have a healthy interest? Wondering what dual materiality and CSRD mean concretely for your data and policy? Then join us on Tuesday, November 18, for insights, tools and an in-depth sectoral discussion.

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