IBERSOL | Integrated Management Report 2022

INTEGRATED MANAGEMENT REPORT 2022 In addition to what non-financial reporting legislation already implies, the European Union is increasingly demanding and holding organisa- tions accountable for compliance with environmental and social rules upstream and downstream of the value chains in which they oper- ate (and not only within the respective organisational boundaries). In this context, the final version of the Corporate Sustainability Due Diligence Directive (CSDDD) should be approved during 2023 and should start to take effect in 2024. Finally, we would also highlight two additional initiatives of relevance to the Ibersol Group and which should lead to more legislation in the medium term: (i) the so-called “Green Claims Directive”, which prom- ises to regulate commercial communication alluding to sustainability issues of products and services, and (ii) the Social Taxonomy, which promises to regulate and introduce objective criteria in the classifica- tion of economic activities from the perspectives of decent work (for workers), Standards of living and well-being (for end users/consum- ers) and inclusion and sustainability (for communities in general). 35