EU Parliament and Council reach agreement on CSRD -

European Parliament and European Council | 21 June 2022 -

The European Parliament and European Council reached a provisional political agreement on the terms of the EU’s proposed Corporate Sustainability Reporting Directive (CSRD). The CSRD will extend the current sustainability reporting requirements in the EU (namely those under the NonFinancial Reporting Directive (NFRD)), to include more companies and topics and to require more detailed disclosures, and represents a key piece of legislation in the international trend towards increasing sustainability-related reporting by companies. If the agreed text is formally enacted, the requirements of the CSRD will enter into effect between 1 January 2024 and 1 January 2028. The European Sustainability Reporting Standards, which will provide the specific disclosure requirements for companies subject to the CSRD, are also subject to a consultation which closed on 8 August 2022.