CSR directive to enhance company transparency and accountability presented at MCESD meeting

During its most recent meeting, the Malta Council for Economic and Social Development’s (MCESD) met with representatives from the Malta Financial Services Authority (MFSA) and Malta Business Registry (MBR).

At the meeting, they presented the new Corporate Sustainability Reporting Directive (CSRD) and its impact on enterprises and the economy.

The CSRD aims to enhance company transparency and accountability regarding their sustainability performance, making it a “vital topic for discussion” at MCESD.

Ryan Borg, Deputy Counsel, EU and International Affairs within MFSA, detailed the CSRD’s goals, scope and phased implementation.

He provided the social partners with insights into the new sustainability disclosure requirements and their implications for EU businesses. Furthermore, MCESD members engaged in the discussion and shared comments and recommendations.

The focus revolved around the directive’s impact on listed companies and other large entities, requesting clarity on compliance requirements and the directive’s value addition for companies.

Employers emphasised the importance of understanding how the directive will affect their operations, while unions advocated for a gradual implementation process to ensure smooth adoption.

During the second part of the MCESD meeting, executive chairman Jeffrey Pullicino Orlando and Ruth De Brincat from the National Skills Council (NSC) highlighted its commitment to an evidence-based skills agenda.

Additionally, they announced the launch of the National Skills Strategy in 2025, focusing on digital skills and the green economy for future-proof youngsters.

Here, social partners emphasised the need for lifelong learning, supported by government incentives and motivated employees.

They noted the importance of data interpretation and communication skills for youths and underscored the necessity of skills forecasting, noting the equal importance of skills from MCAST and University of Malta.

Commenting on the meeting, MCESD chairperson David Xuereb noted that both discussions highlighted the importance of aligning economic strategies with the evolving job market.

“The CSRD and National Skills Strategy are crucial steps towards preparing our workforce for future challenges and driving sustainable growth,” he added.

Present at the meeting were the Minister for Education, Sport, Youth, Research and Innovation Clifton Grima and Parliamentary Secretary for Social Dialogue Andy Ellul.