APPLICATION DATES
OF THE CORPORATE SUSTAINABILITY REPORTING DIRECTIVE
AND
THE CORPORATE SUSTAINABILITY DUE DILIGENCE DIRECTIVE
ATTN: ALL FULL MEMBERS
ALL TECHNICAL COMMITTEE MEMBERS
Dear Members,
On March 26, the Council of the EU agreed to the Commission’s proposal to postpone the application dates of the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD).
Key Changes:
- CSRD Postponement: A two-year delay for large companies that have not yet started reporting, as well as listed SMEs.
- CSDDD Postponement: A one-year delay for the transposition deadline and the first phase of application (covering the largest companies).
Additionally, the proposal revises the scope of CSRD by limiting reporting requirements to large companies with more than 1,000 employees on average and either:
- Turnover above EUR 50 million, or
- Balance sheet above EUR 25 million.
There will be no sector-specific reporting standards, and the Commission plans to revise the European Sustainability Reporting Standards (ESRS) through a delegated act. This revision aims to reduce the number of mandatory ESRS and provide clearer guidance on the materiality principle.
Kind regards
Emmanuel Vergetis
