All companies, not just large ones, must comply with ESG reporting rules – otherwise they will face reputational and economic damage. This is not the first regulation on non-financial reporting and it will not be the last. However, for the Corporate Sustainability Reporting Directive (CSRD) to have the desired effect, businesses need to take it seriously, as well as other non-financial reporting requirements, so that they do not become an empty administrative burden. (Jonathan Moore, Senior Associate, Public and Regulatory Affairs, Fieldfisher)