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ARTICLE · 11 NOVEMBER 2024

Irish CSRD Obligations Amended

Arthur Cox
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Part 28 of the Companies Act 2014, as inserted by the European Union (Corporate Sustainability Reporting) Regulations 2024 (the  CSRD Regulations) has been amended by the European Union (Corporate Sustainability Reporting)...

IrelandCorporate/Commercial Law
Suzanne Kearney
Suzanne Kearney
Aisling Carey
Aisling Carey
Golda Hession
Golda Hession
Sarah Thompson
Sarah Thompson
Sarah O'Sullivan
Sarah O'Sullivan
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Part 28 of the Companies Act 2014, as inserted by the European Union (Corporate Sustainability Reporting) Regulations 2024 (the  CSRD Regulations) has been amended by the European Union (Corporate Sustainability Reporting) (No. 2) Regulations 2024.

The CSRD Regulations, transpose the Corporate Sustainability Reporting Directive (CSRD) into Irish law, amending the Companies Act 2014 and the Irish Transparency Regulations 2007.

As set out in our recent update some anomalies had been identified in the CSRD Regulations. The amendments address two of these issues:

  • Artificial Consolidation: The transitional measure, permitting an in-scope EU subsidiary to prepare a "consolidated sustainability report" including all in-scope EU subsidiaries which share a common non-EU parent, was initially only available from financial years beginning on or after 1 January 2028. The amended provision now provides that "artificial consolidation" is available with immediate effect.

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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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