ESG: EU defers deadlines and simplifies reporting (Omnibus Simplification Package)

The Council of the European Union endorsed “Stop-the-clock”, postponing application dates for companies not yet reporting under the Corporate Sustainability Reporting Directive (CSRD) (the second wave) and for listed small and medium-sized enterprises (SMEs) (the third wave). The first application and national transposition of the Corporate Sustainability Due Diligence Directive (CS3D) are also deferred.

Simpler standards ahead.
The European Commission requested EFRAG to develop more proportionate European Sustainability Reporting Standards (ESRS), with a stronger materiality focus and phased-in requirements.

What to do now.