After months of debate, the European Union has formally signed off on its much-discussed ‘Omnibus I’ package, completing the legislative process to simplify corporate sustainability reporting and due diligence requirements.
The European Parliament Legal Affairs Committee and the Council have now struck a provisional Omnibus I deal that again rewrites the scope of EU sustainability reporting and due diligence rules.
The European Parliament has voted to significantly narrow the scope of the Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD).
On Wednesday the European Parliament unexpectedly rejected its negotiating mandate on the proposed “omnibus” bill aimed at simplifying corporate sustainability and due diligence rules across the EU. More delays, extended discussions seem inevitable. There is a potential for the bill to be reworked in unanticipated ways before a revised vote in November.
On 27 March, the European Commission (EC) formally mandated the European Financial Reporting Advisory Group (EFRAG) Sustainability Reporting Board (SRB) to lead the simplification of the European Sustainability Reporting Standards (ESRSs).
The European Commission’s Omnibus simplification proposal, aimed at scaling back and delaying sustainability reporting under the Corporate Sustainability Reporting Directive (CSRD), generated a heated debate on Monday night. The deep divisions revealed make it clear that consensus will be difficult to achieve.
Big changes are on the horizon for corporate sustainability reporting in Europe with the Omnibus Simplification Package, set to be unveiled on 26 February. To be informed by the EU’s broader Competitiveness Compass, the omnibus aims to streamline regulatory requirements, particularly for small and medium-sized enterprises (SMEs).
This week has seen several substantial news items from Europe on sustainability and Environmental, Social and Governance (ESG) reporting, so we’re bringing you a roundup here.
We’ve seen a glut of Environmental, Social and Governance (ESG) news this week, particularly on climate disclosure, so join us for a whistle-stop tour of points of interest.
The European Commission has formally adopted the revised European Sustainability Reporting Standards (ESRS), together with a new voluntary sustainability reporting standard (VSME) for smaller companies outside the scope of the CSRD.
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