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ARTICLE · 27 JUNE 2022

Significant Progress On Corporate Sustainability Reporting Directive

Arthur Cox
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This week the Council and European Parliament reached provisional political agreement on the proposed Corporate Sustainability Reporting Directive ("CSRD").

European UnionCorporate/Commercial Law
Suzanne Kearney
Suzanne Kearney
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This week the Council and European Parliament reached provisional political agreement on the proposed Corporate Sustainability Reporting Directive ("CSRD").

Changes to the original proposal, published by the European Commission in April 2021, include a revised timeframe for application and the extension of sustainability reporting obligations to certain non-EU companies.

Revised Timeframe

The Council press release confirmed that the application of the CSRD will now take place on a phased basis as follows:

  • from 1 January 2024 (reporting year 2025) for companies already subject to the EU Non-Financial Reporting Directive ("NFRD");
  • from 1 January 2025 (reporting year 2026) for large companies that are not presently subject to the NFRD; and

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This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.

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