How EY is Preparing Thermo Fisher Scientific for CSRD
EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets. EY helps protect and create value for all stakeholders and to build a better working world. Thermo Fisher Scientific, a world leader in serving science, is one such stakeholder
“We’ve developed a great partnership with Thermo Fisher, serving as their technical advisor on ESG-related regulations such as the EU CSRD,” explains Lucy Godshall, Principal, EY Climate Change and Sustainability Services.
The Corporate Sustainability Reporting Directive (CSRD) is a new European regulation that has caused a pivotal shift in sustainability reporting.
“The partnership between Thermo Fisher and EY has centred around learning together,” says Chris Shanahan, VP Global Sustainability Supply Chain at Thermo Fisher Scientific.
“We're both learning and taking feedback and it's been very constructive. But companies shouldn't underestimate the work that's involved with CSRD.”
Partnering together on CSRD
EY supports Thermo Fisher in understanding what is most material to them as an organisation as part of its double materiality assessment, identifying potential disclosure gaps and preparing for its first CSRD-compliant report.
“It definitely takes a village and we are learning together as we go, navigating the complexities of the EU CSRD while considering the implications to Thermo Fisher,” says Lucy. “Our approach has been grounded in collaboration and inclusion.”
Early preparation is important to Thermo Fisher, as there will be long term implications to the decisions that the company will make to comply with these regulations. It is critical that decisions are made thoughtfully to avoid unintended consequences.
Partnering to scale impact
Sustainability regulations like the CSRD are driving companies to be more transparent on their performance and be held accountable for their actions. As a global Fortune 100 company, Thermo Fisher has a tremendous opportunity to drive impact, particularly through its sustainability partnerships.
Lucy concludes: “Partnerships in sustainability continue to be a driving force for organisations to scale their impact and we’re extremely proud to be working with Thermo Fisher in this space as it aligns with our purpose at EY to build a better working world and shape the future with confidence.”
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