Omnibus is on its way, bringing with it “simplification” for the EU’s Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). Ironically, what “simplification” means isn’t quite so simple. To some, it means adopting a common approach and aligning EU sustainability laws; to others, it means deep cuts to reporting requirements. However, the entire Omnibus simplification is predicated on the idea that CSRD is too burdensome for companies to comply with in its current state. A new study from WeAreEurope set out to discover what companies think of the CSRD, and the results are surprising:
“61% of respondents are either very satisfied or [somewhat] satisfied with the CSRD in its current form. Only 17% of respondents are somewhat or very dissatisfied with CSRD…
On the Omnibus CSRD, only 25% of respondents are very or somewhat satisfied…
For those who were disatisfied [sic] with the CSRD, only 39% are satisfied with Omnibus. For those who were satisfied with the CSRD, only 17% are satisfied with Omnibus.”
Most respondents have a more favorable opinion of the current law than of the Omnibus reforms. The study appears to indicate that companies prefer regulatory clarity over uncertainty. The CSRD and the ESRS could certainly use improvements in this regard; 69% of respondents indicated that there is insufficient guidance to support reporting. Whether and how these opinions will shape policymakers’ stances on CSRD remains to be seen.
Members can read more about CSRD reporting here.
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