CSRD: two-year deferral for standards in certain third country sectors and enterprises
This postponement to June 2026 instead of June 2024 was welcomed with relief in the business world. The Commission justified its decision, claiming that there was a reduction in administrative burden to allow more time for companies to appropriate the first set of CSRD's Corporate Sustainability Reporting Directive.
Indeed, since the entry into force of the CSRD on 1 January 2024, companies with more than 500 employees are already obliged to apply the so-called European Sustainability Reporting Standards. As such, they should defer the assessment of the impact of their activities on the environment and on social and societal aspects (cf.CSRD Directive: sustainability reporting standards launched by the European Commission).
The same text originally intended to supplement the standards « transverse » with so-called sectoral standards, taking into account the specific nature of sensitive sectors of activity, such as oil, mining and energy. It is precisely the adoption of these standards and their respective applications that are rejected. The Commission and the EU Council stress that this postponement will allow companies to« focus on the implementation of the first series of ESRS ». According to the same institutions, this decision gives EFRAG, the body responsible for publishing sustainable development standards, an opportunity to evaluate the reporting of the first batches of ESRS to adopt more stringent standards.« performance ».
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