Leading CSRD: The CFO's New Strategic Playing Field
- Michel P.
- Dec 3
- 3 min read
CSRD fundamentally redefines how companies communicate their performance. The Chief Financial Officer is no longer just the guardian of numbers: they become the architect of a narrative that integrates financial results, societal impacts, and climate risks. For a CFO, this represents an exceptional opportunity to expand their influence and lead a transformation that many executives struggle to structure alone.
CSRD Timeline: Key Deadlines Not to Miss
2025: CSRD reporting for large companies already subject to NFRD (Non-Financial Reporting Directive) on fiscal year 2024
2028: Reporting for other large companies on fiscal year 2027
2029: Reporting for listed SMEs on fiscal year 2028 (opt-out possible until 2028)
2029: Reporting for non-EU groups concerned on fiscal year 2028
Critical challenge: Anticipate double materiality and structure ESG data collection from 2025 onwards
A Strategic Challenge, Not Just Technical
The complexity lies in operational execution: integrating volatile and dispersed data into a framework as rigorous as financial statements. Three obstacles stand out:
Data: incomplete, difficult to trace, rarely consolidated with the same discipline as accounting data.
Governance: collection and validation processes often unclear, responsibilities poorly defined.
Strategic alignment: frequent disconnect between stated ESG ambitions and actual budgetary decisions.
A Proven Roadmap from Industry Leaders
1. Assess Data Maturity
L'Oréal audited over 100 internal indicators before CSRD came into force. Schneider Electric mapped its 15,000 suppliers to identify risk zones. This approach remains relevant regardless of size: quickly identifying where to focus efforts.
2. Establish Cross-Functional Governance
Michelin created an inter-functional committee led by the finance department to align ESG objectives, operations, and budget. At Danone, the CFO directly co-leads the climate committee, avoiding the pitfall of siloed ESG.
3. Conduct Double Materiality Analysis
Nestlé recalibrated its investment priorities around agricultural and climate risks. Veolia used this exercise to restructure its business portfolio based on resilience criteria. The logic remains the same for mid-sized companies: understanding where they generate impact and where they are vulnerable.
4. Structure Reporting with Rigor
Accor and Carrefour unified their ESG and financial systems on consolidated platforms. BNP Paribas deployed an internal control system modeled on SOX standards for its non-financial data.
5. Anticipate External Audit
Danone has practiced non-financial assurance since 2016. Kering pioneered by submitting its environmental profit and loss account to audit as early as 2011, giving it considerable advance preparation.
Action Levers to Activate Immediately
Prioritize auditability: target 5 to 10 robust indicators rather than 40 approximate ones
Integrate carbon cost into CAPEX decisions
Subject budget and ESG to the same level of strategic review
Document methodically to facilitate auditing
Centralize data from the start
Tangible Benefits vs Constraints to Anticipate
Strategic gains:
Easier access to financing and more favorable banking conditions
Strengthened ESG risk management and increased resilience
Clear steering of priorities and optimized resource allocation
Enhanced credibility with investors, clients, and talent
Challenges to manage:
Significant workload in the first year
Dependence on poorly controlled external data
Risk of bureaucratic drift without solid governance
CSRD as a Strategic Maturity Indicator
CSRD reveals which companies govern their impacts and which suffer them. The CFO takes on a strategic balancing role, combining financial rigor, understanding of climate issues, and ability to bring executives along.
For an SME or mid-sized company, engaging an experienced part-time CFO means securing a demanding journey, accelerating compliance, and transforming the finance function into a value creation lever.
Want to structure your CSRD approach with method and pragmatism?Let's discuss your situation and the levers adapted to your company.Contact me: contact@saviaimpact.com
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