1592. (1) The directors of an applicable company referred to in section 1587(1)(c) may limit the sustainability reporting required under section 1590 to the following information:

(a) a brief description of the applicable company’s business model and strategy;

(b) a description of the applicable company’s policies in relation to sustainability matters;

(c) the principal actual or potential adverse impacts of the applicable company on sustainability matters, and any actions taken to identify, monitor, prevent, mitigate or remediate such actual or potential adverse impacts;

(d) the principal risks to the applicable company related to sustainability matters and how the applicable company manages those risks;

(e) key indicators necessary for the disclosures referred to in paragraphs (a) to (d).

(2) The directors of an applicable company that limits the company’s sustainability reporting in accordance with subsection (1) shall report in accordance with the sustainability reporting standards for small and medium-sized undertakings adopted by the Commission pursuant to Article 29c of the Accounting Directive.

(3) (a) For financial years commencing before 1 January 2028, the directors of an applicable company falling within paragraph (b) of the definition of "applicable company" may decide not to include in the company’s directors’ report the sustainability reporting required under section 1590.

(b) In such cases, the directors of the applicable company concerned shall briefly state in the directors’ report why the sustainability reporting was not provided.]