Yesterday, the European Council and the Parliament’s Legal Affairs Committee agreed on terms to simplify the CSRD and CS3D that include, among other things, reduced applicability (CSRD: companies with more than 1,000 employees and annual turnover higher than >€450 million | CS3D: companies with more than 5,000 employees and annual turnover higher than over >€1.5 billion); risk-based due diligence; and elimination of the climate transition plan requirement.
Informed by a robust working group, the Society has engaged in the Omnibus Simplification process as follows:
- Society Letter & Response to EFRAG ESRS Revisions Public Consultation Survey | September 2025
- Society Position Paper: Reducing Reporting Requirements, Burdens, and Costs Associated with the EU CSRD, CSDDD, and the Taxonomy Regulation | June 2025
- Society Response to EFRAG ESRS Revisions Public Consultation Questionnaire | May 2025
- Society et al: Joint statement in support of a fast-track adoption of the longer transition periods of the CSRD and the CS3D | March 2025
- Society Letter re CSDDD to Lucie Rouselle, Cabinet of EU Commissioner for Democracy, Justice, Rule of Law and Consumer Protection McGrath | February 2025
- Society Position Paper: Reducing Reporting Requirements, Burdens, and Costs Associated with the EU CSRD, CSDDD, and the Taxonomy Regulation | February 2025
Next steps: a vote by Parliament’s Legal Affairs Committee on December 11 and by the full Parliament on December 16. See this memo from Ropes & Gray.
This post first appeared in the weekly Society Alert!