CNMC Challenges Similarity Between Sustainability Verifiers and Account Auditors
The CNMC questions the resemblance of requirements between sustainability verifiers and account auditors in a draft law transposing a EU Directive on corporate sustainability information.
21.05.2024 | Spanish competition authority
The CNMC has analyzed a draft law transposing EU regulations to enhance corporate information on environmental, social, and governance issues, introducing sustainability verifiers. The law modifies various regulations to define which companies must publish a sustainability report, require independent verification, and regulate who can be a verifier. While the CNMC views the new measures positively, it recommends evaluating the verifiers' requirements, revising the entities responsible for verification standards, reconsidering the verification period, differentiating verifiers' fee structures from auditors', adjusting fees charged by the ICAC, and reassessing the exclusion of the ICO concerning competitive neutrality principles.