Commission signals ‘quick fix’ relief for wave 1 ESRS reporters
At a Legal Affairs Committee hearing of the European Parliament on Tuesday 13 May 2025, we understand that the European Commission announced that a ‘quick fix’ delegated act is on the way for large companies that have filed their sustainability disclosures in 2025. The measure will allow these so-called “Wave 1” companies to continue applying existing ESRS phase-in reliefs for their 2025 sustainability reports—effectively freezing additional reporting obligations at FY 2024 levels.
The proposal would keep these reliefs in place until a simplified CSRD regime is established. Given the level of uncertainty that currently exists in this area, these proposals are likely very welcome.
Significant debate on the substance of the “Omnibus” proposals in this area continue, including a series of presentations and Q&A sessions from various academic, standards setting, audit and industry interests in front of the same committee later that day. Worth a listen if you are following along (starting at 16:30).
You can read more about the “Quick Fix” in this summary. (Item 8)
