A couple weeks ago, we wrote that the movement in the EU to soften CSRD reporting obligations through the Omnibus simplification package was gathering steam. Two days ago, according to the official summary of the Economic and Financial Affairs Council meeting:
“Ministers engaged in a policy debate on ensuring a globally competitive business environment in Europe through simplification, decluttering and regulatory burden reduction.
Ministers strongly supported the prospect of reducing and simplifying reporting requirements for businesses and expressed a shared commitment to meaningful steps towards regulatory simplification for companies, as an effective way to improve the competitiveness of the EU economy.
Ministers looked forward to the Commission’s planned proposal for an ‘Omnibus simplification package’ that aims at streamlining and reducing regulatory burden on businesses.”
Responsible Investor covered a press conference that followed the Council meeting:
“[Valdis Dombrovskis – who is responsible for the simplification portfolio] clarified that while the primary focus is on sustainability reporting, the Commission is also looking at the possibility of including ‘other elements’ in the Omnibus, but said this is still a ‘work in progress’.
‘We are looking at the possibility of opening the legislation, eliminating certain inconsistencies and overlaps between different pieces of legislation, and taking other steps,’ Dombrovskis said.”
Bloomberg reported that both France and Germany support scaling back the CSRD. The wildcard is what influence, if any, the new US presidential administration will have on the EU’s deliberations.
We’re tracking this closely and will keep you updated.
Members can learn more about CSRD and disclosing ESG generally here.
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Photo credit: Ajdin Kamber – stock.adobe.com
