CSRD Update: Sustainability Reporting Obligation

On 28 November 2022, the Council of the European Union adopted the Corporate Sustainability Reporting Directive (CSRD), following its prior approval by the EU Parliament on 10 November 2022. This already imposes extended reporting obligations on companies as of the reporting year 2024.

The EU Commission's corresponding proposal to amend sustainability reporting already dates back to 21 April 2021. However, it was not until preliminary political agreement was reached between the Council of the European Union and the European Parliament on 21 June 2022 that the long-stalled legislative process regained momentum - the approval of the European Parliament followed on 10 November of this year.