In advance of an April 1 plenary session of the European Parliament, the Society joined a statement led by the American Chamber of Commerce to the EU (AmCham EU) urging the European Parliament and Council to proceed promptly with the recently released Omnibus stop-the-clock proposal to delay the implementation of effectiveness of the CSRD and CSDDD for Wave 2 and 3 companies pending the undertaking of the legislative process on the broader omnibus simplification proposal. In addition to AmCham EU and the Society, the joint statement was signed onto by EuroChambres, EuroCommerce, and more than a dozen other associations with members whose organizations conduct business in the EU. Previously approved by the European Council on March 26, the European Parliament approved the use of the urgent procedure to adopt the stop-the-clock proposal, which is now subject to a deciding vote today (April 3).
As previously reported, informed by a 50+-member working group, the Society submitted a Position Paper to EU officials in early February that identified and summarized key proposals to help streamline and reduce the reporting requirements, administrative burdens, and compliance costs associated with the CSRD, CSDDD, and Taxonomy Regulation in advance of the omnibus proposal’s February 26 release. In view of the European Commission’s adoption of the proposal, the Society plans to develop an updated position paper to—among other things—outline proposed revisions to the ESRS and address the extraterritoriality implications of the CSRD and CSDDD on US companies.
Based in Brussels, AmCham EU is a membership organization that advocates for American companies committed to Europe on trade, investment, and competitiveness issues. Notably, approximately 60% of AmCham EU members (which, unlike the Society, are organizational rather than individual memberships) also have representation in the Society.
If you have not already expressed an interest in joining the EU omnibus simplification working group and would like to do so, please email Randi Morrison.
This post first appeared in the weekly Society Alert!