Companies Act 2014 section 1603

Sustainability reporting for applicable subsidiaries and applicable branches

Section 1603 sets out the sustainability reporting obligations that apply to Irish subsidiaries and Irish branches of non-EU (third-country) parent undertakings, including what must be reported, the standards to be used, and what happens when the parent does not cooperate.

• Irish subsidiaries and branches of non-EU parent companies must publish an annual sustainability report covering environmental, social and governance matters at the group level (or individual level for branches where group reporting does not apply).
• Reports must be prepared either in accordance with EU-adopted sustainability reporting standards under the Accounting Directive, or under equivalent standards recognised by the EU.
• Where the non-EU parent does not supply the necessary information, the subsidiary or branch must still publish whatever information it has and include a statement disclosing the parent's failure to provide the missing data.
• The sustainability report must be accompanied by an independent assurance opinion, and if the non-EU parent does not provide one, the subsidiary or branch must include a statement noting that the assurance opinion was not made available.