Omnibus negotiations surrounding the Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD) are due to reach a critical junction in mid-October. This is when the EU Commission, Council, and Parliament are all supposed to have their negotiating positions adopted so that trilogue may begin. However, while the Commission and Council appear ready to go, with negotiating positions already finalized, Parliament appears to be lagging. Responsible Investor reported on pessimism surrounding the EU’s Omnibus efforts:
“While the European Commission and Council of the EU have finalised their negotiating positions, the Parliament has yet to do so. Lawmakers working on the simplifications to the bloc’s corporate sustainability and due diligence rules are meeting weekly, and technical discussions are taking place on a daily basis, sources have told Responsible Investor…
However, one EU observer told RI that some MEPs think it unlikely that the Parliament will manage to have a vote by its 13 October deadline, given there are more than 800 amendments to discuss.”
The trilogue process will result in the final package of amendments, but getting there may not be easy. Political tensions in Parliament are running high and nothing is concrete with positions changing day by day. Even if Parliament reaches a negotiating position by October 13, it is unlikely that we’ll have final amendments in hand before the end of the year. The omnibus process continues to move forward, however slowly that might be.
Our members can learn more about the CSRD here and the CSDDD here.
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