In a presentation to Finance Norway’s Sustainability Conference, the Norwegian Financial Supervisory Authority (Finanstilsynet) set out how it will supervise sustainability reporting and related assurance as more Norwegian companies begin reporting under the Corporate Sustainability Reporting Directive (CSRD). For 2025 supervision of 2024 reporting, the authority signalled a thematic approach based on publicly available information and said it will factor ongoing EU regulatory processes, including the Omnibus proposal, into its prioritisation. Finanstilsynet framed its work as supporting financial stability and well-functioning markets, with reporting oversight aimed at ensuring an efficient securities market. Supervision is aligned with European Securities and Markets Authority (ESMA) cooperation and common enforcement priorities, with attention to materiality assessments under the European Sustainability Reporting Standards (ESRS), the scope and structure of the sustainability report, and EU Taxonomy Article 8 disclosures, alongside reviews of annual financial statements and European Single Electronic Format (ESEF) reporting. While 2025 activities are intended to reduce reporting and compliance burdens, the authority noted it may still use necessary tools against individual firms in cases of material rule breaches or missing reporting, and expects companies to comply with the rules in force. On sustainability assurance, Finanstilsynet said early supervisory focus will be on audit firms’ internal organisation of sustainability attestation work, including independence, resourcing, competence, and the methods and tools used. It also highlighted that sustainability auditors should avoid performing more work than necessary to obtain limited assurance.
Norwegian Finanstilsynet 2025-05-27
Norwegian Financial Supervisory Authority outlines 2025 thematic supervision of first CSRD sustainability reports and sustainability assurance work
The Norwegian Financial Supervisory Authority (Finanstilsynet) detailed its 2025 supervision strategy for sustainability reporting under the CSRD at Finance Norway’s Sustainability Conference. It will conduct thematic reviews using public information, align with ESMA priorities, and consider EU regulations. Key focuses include materiality assessments, report structures, EU Taxonomy Article 8 disclosures, and audit firms' sustainability attestation organization.