New requirements for sustainability reporting
Starting in 2025, Omega 365 will integrate sustainability reporting into its annual report, audited alongside financial reporting. This new obligation, based on Norway’s adoption of the EU Corporate Sustainability Reporting Directive (CSRD), applies to all large companies in the country.
Published: 20. November 2024
“This change will affect all areas of the organization,” says Arne Myskja, Business Developer for IT Management.
“The reporting will encompass how Omega 365’s operations impact our climate, physical environment, people, and communities. Additionally, it will require us to disclose how we manage operations to mitigate negative impacts and risks – and take advantages of opportunities that this may lead to.”
The four major reporting areas—General, Environment, Social, and Governance—are structured with specific topics in addition to general reporting requirements on how and what to report. The framework consists of 12 standards specifying information requirements for approximately 1,200 data points, all defined with tags and formats.
“These detailed requirements are designed to combat ‘greenwashing,’ where sustainability reports may appear impressive but lack substantial data or meaningful efforts to improve business practices,” explains Myskja.
Arne Myskja, Business Developer for IT Management.
A collaborative effort
To address this significant task, a project group has been established, comprising representatives from Omega 365 Core, Omega Subsea, and Omega 365 Admin. The team includes Rune Halbrend, Kjersti Jondal Thorsen, and Laila Helene Eriksen, with Ingun Weltzin serving as Project Manager. Arne Myskja is also involved, facilitating and supporting the work.
The project group reports to a steering committee consisting of Petter Aalvik, Karina Hovden Stava, Lauren McPherson Simonsen, and Kjell Tore Helgeland.
“The purpose of the Corporate Sustainability Reporting Directive (CSRD) is to drive sustainable business practices. It helps analyze our business practices in the three key areas: environment and climate change, social responsibilities, and governance, says Myskja.
“It is a big task, but with the important aim of the CSRD being to drive accountability and transparency while promoting sustainable practices and investments, it’s an effort worth contributing to. And who knows, Omega might even uncover a new business opportunity along the way,” says Weltzin.
Building a foundation for the future
“Luckily, we do not have to report on all 1,200 data points. We are currently conducting an analysis of our value chain, stakeholders, and Impacts, Risks, and Opportunities (IROs) to determine which topics will be essential in our report. This way, we can rule out topics that can be documented as non-material, reducing the number of data points,” Myskja adds.
The target for the first reporting year is to achieve a result that passes the audit and provides a strong foundation for our ongoing sustainability efforts.
In addition to managing the sustainability section of the annual report, the sustainability work should drive adaptation to more sustainable business practices across daily operations, the quality system, and governance. Omega 365 will be required to report on our strategies for achieving these goals.
“It is important that everyone asked to contribute makes a serious effort to support the team. Omega 365 has grown into a "premier league" company, bringing with it the requirements and expectations that come with such a position,” Weltzin concludes.