EU member states in the European Council have voted to approve an agreement to significantly scale back sustainability reporting and due diligence requirements for companies under the “Omnibus I” simplification package.
The green light by EU states marks the last major step towards the final adoption of the new rules to dramatically cut back the number of companies covered by key pieces of sustainability legislation, including the Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD), following the approval of the agreement in December by lawmakers in the European Parliament.
