BETA


2023/0368(COD) Company law: time limits for the adoption of sustainability reporting standards for certain sectors and for certain third-country undertakings

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead JURI VOSS Axel (icon: EPP EPP) DURAND Pascal (icon: S&D S&D), KARLESKIND Pierre (icon: Renew Renew), TOUSSAINT Marie (icon: Verts/ALE Verts/ALE), STANCANELLI Raffaele (icon: ECR ECR), AUBRY Manon (icon: GUE/NGL GUE/NGL)
Committee Opinion AFET
Committee Opinion DEVE
Committee Opinion ECON POLFJÄRD Jessica (icon: EPP EPP) Bas EICKHOUT (icon: Verts/ALE Verts/ALE), Manon AUBRY (icon: GUE/NGL GUE/NGL), Gunnar BECK (icon: ID ID), Dragoş PÎSLARU (icon: RE RE), Michiel HOOGEVEEN (icon: ECR ECR), René REPASI (icon: S&D S&D)
Lead committee dossier:
Legal Basis:
TFEU 050-p1

Events

2024/05/08
   Final act published in Official Journal
2024/04/29
   CSL - Draft final act
Documents
2024/04/29
   EP/CSL - Act adopted by Council after Parliament's 1st reading
2024/04/29
   EP/CSL - Act adopted by Council after Parliament's 1st reading
2024/04/29
   CSL - Final act signed
2024/04/10
   EP - Decision by Parliament, 1st reading
Details

The European Parliament adopted by 562 votes to 44, with 15 abstentions, a legislative resolution on the proposal for a decision of the European Parliament and of the Council on amending Directive 2013/34/EU as regards the time limits for the adoption of sustainability reporting standards for certain sectors and for certain third-country undertakings.

The European Parliament adopted its position adopted at first reading under the ordinary legislative procedure.

In order to reduce the burden of the reporting requirements on companies, it is proposed to postpone by two years (until 30 June 2026) the deadline for the adoption of the delegated acts containing the sustainability reporting standards that specify the information that undertakings must disclose in relation to the sustainability issues and sector-specific reporting areas in which an undertaking operates referred to in Directive 2013/34/EU.

The amended text stipulates that this postponement should not prevent the Commission from publishing the delegated acts containing the sector-specific sustainability reporting standards before that two-year period has elapsed, and the Commission should endeavour to adopt delegated acts containing eight of the sector-specific sustainability reporting standards as soon as each is ready.

When adopting delegated acts containing sector-specific sustainability reporting standards, the Commission should ensure the information specified by those sustainability reporting standards is proportionate to the scale of the risks and impacts related to sustainability matters specific to each sector, taking account of the fact that the risks and impacts of some sectors are higher than those of other sectors.

The Commission should also take account of the fact that not all activities within a particular sector are necessarily associated with high sustainability risks or impacts. For undertakings that operate in sectors particularly reliant on natural resources, sector-specific sustainability reporting standards would require the disclosure of nature-related impacts on and risks for biodiversity and ecosystems.

In order to foster democratic control, scrutiny and transparency, the Commission should, at least once a year, consult regarding the development of sustainability reporting standards the European Parliament, and jointly the Member State Expert Group on Sustainable Finance and Accounting Regulatory Committee, concerning the work programme of EFRAG. As regards the development of sustainability reporting standards, EFRAG’s work programme should include information on its planning, prioritisation and timelines for future draft standards and other deliverables.

Documents
2024/03/11
   EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
2024/02/07
   EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2024/02/05
   EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2024/01/29
   EP - Committee report tabled for plenary, 1st reading
Details

The Committee on Legal Affairs adopted the report by Axel VOSS (EPP, DE) on the proposal for a decision of the European Parliament and of the Council on amending Directive 2013/34/EU as regards the time limits for the adoption of sustainability reporting standards for certain sectors and for certain third-country undertakings.

The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:

Title

Members proposed to change the title of the proposal to a Directive instead of a Decision.

Reducing the reporting burden

It is noted that EU companies have recently been facing many challenges and heavy bureaucratic burden in times of the COVID pandemic as well as the war in Ukraine and its impact on energy prices etc. The Commission has committed to simplify reporting requirements for companies. It proposed to postpone the adoption of the second set of standards under the Corporate Sustainability Reporting Directive (CSRD) by two years to give companies more time to digest the first set of standards and to focus on their proper implementation. This would mean these standards are adopted in June 2026 instead of June 2024, as currently foreseen.

The report stipulated, however, that this change does not prevent the Commission from publishing the sector specific sustainability reporting standards before that date and the Commission should endeavour to adopt eight of the sector-specific sustainability reporting standards as soon as each is ready.

Documents
2024/01/24
   EP - Vote in committee, 1st reading
2024/01/24
   EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2024/01/12
   EP - Committee opinion
Documents
2023/12/15
   EP - Amendments tabled in committee
Documents
2023/12/13
   ESC - Economic and Social Committee: opinion, report
Documents
2023/12/04
   EP - Committee draft report
Documents
2023/11/29
   EP - VOSS Axel (EPP) appointed as rapporteur in JURI
2023/11/20
   EP - Committee referral announced in Parliament, 1st reading
2023/10/25
   EP - POLFJÄRD Jessica (EPP) appointed as rapporteur in ECON
2023/10/17
   EC - Legislative proposal published
Details

PURPOSE: to amend Directive 2013/34/EU as regards the time limits for the adoption of sustainability reporting standards for certain sectors and for certain third-country undertakings.

PROPOSED ACT: Decision of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

BACKGROUND: reporting requirements play a key role in ensuring proper monitoring and correct enforcement of legislation. Reporting requirements can however also impose disproportionate burdens on stakeholders, particularly affecting SMEs and micro-companies, also given organisational and technological developments that call for original reporting requirements to be adjusted. Their cumulation over time can result in redundant, duplicating or obsolete obligations, inefficient frequency and timing, or inadequate methods of collection.

Streamlining reporting obligations and reducing the administrative burden are therefore a priority.

Article 29b(1), third subparagraph, of the Accounting Directive (2013/34/EU) of the European Parliament and of the Council requires the Commission to provide for sustainability reporting standards by means of delegated acts by 30 June 2024 specifying the information that undertakings are to report with regard to sustainability matters and the reporting areas specific to the sector in which an undertaking operates, in addition to the information that undertakings are already to provide under Commission Delegated Regulation (EU) XX/XXX.

To reduce the reporting burden on undertakings, it is provided that undertakings should be allowed to focus first on the implementation of sustainability reporting requirements laid down in Delegated Regulation (EU) XX/XXX.

In addition, Article 40b of the Accounting Directive sets the adoption date for the ESRS to be used by certain non-EU companies with business in the Union by 30 June 2024. Considering that the reporting requirements for these non-EU companies only applies from financial year 2028 and considering the 2-year postponement of the deadline for adopting the sector specific ESRS, the adoption deadline for these standards should also be postponed by 2 years. This will allow more resources to be dedicated to the development of effective and proportionate sector-specific ESRS, while still giving enough time for these non-EU companies to prepare ahead of financial year 2028.

In line with the Commission’s Communication on ‘ Long-term competitiveness of the EU: looking beyond 2030 ’, this proposal is part of a first package of measures to rationalise reporting requirements. This is a step in a process looking comprehensively at existing reporting requirements, with a view to assess their continued relevance and to make them more efficient.

CONTENT: the proposal intends to postpone time limits for the Commission to adopt delegated acts for sustainability reporting standards for certain sectors and for certain third-country undertakings.

This initiative has the primary objective of allowing companies to focus on the implementation of the first set of ESRS adopted on 31 July 2023, ensure that EFRAG has time to develop sectoral ESRS that are efficient, and limit the reporting requirements to the minimum necessary. Postponing the deadlines for the adoption by the Commission of the sustainability reporting standards for certain sectors - as well as for certain third-country companies - would achieve this objective while leaving sufficient time for companies to prepare for these additional reporting requirements.

More precisely, Directive 2013/34/EU is amended as follows:

- the deadline for the Commission to adopt sector-specific ESRS by way of delegated acts under Article 29b(1), third subparagraph, is set by 30 June 2026 (instead of by 30 June 2024);

- the deadline for the Commission to adopt ESRS for non-EU companies meeting certain thresholds by way of delegated acts under Article 40b is set by 30 June 2026 (instead of by 30 June 2024).

Documents

Votes

A9-0013/2024 – Axel Voss – Provisional agreement – Am 8 #

2024/04/10 Outcome: +: 562, -: 44, 0: 15
DE FR IT PL ES NL BE CZ AT RO SE BG SK FI PT DK HU LT EL EE SI LU LV HR MT IE CY
Total
91
71
60
47
56
28
21
21
18
18
21
14
14
14
20
13
18
8
15
7
7
6
7
5
4
12
5
icon: PPE PPE
154

Denmark PPE

For (1)

1

Hungary PPE

1

Estonia PPE

For (1)

1

Luxembourg PPE

2

Croatia PPE

For (1)

1

Malta PPE

For (1)

1

Cyprus PPE

2
icon: S&D S&D
123

Belgium S&D

2

Czechia S&D

For (1)

1

Slovakia S&D

For (1)

1

Denmark S&D

2

Lithuania S&D

1

Greece S&D

1

Estonia S&D

2

Slovenia S&D

For (1)

1

Luxembourg S&D

For (1)

1

Latvia S&D

For (1)

1

Cyprus S&D

2
icon: Renew Renew
96

Poland Renew

1

Austria Renew

For (1)

1
3

Finland Renew

3

Hungary Renew

2

Lithuania Renew

1

Greece Renew

1

Estonia Renew

3

Slovenia Renew

2

Luxembourg Renew

2

Latvia Renew

For (1)

1

Croatia Renew

For (1)

1

Ireland Renew

2
icon: Verts/ALE Verts/ALE
68

Italy Verts/ALE

3

Poland Verts/ALE

For (1)

1

Spain Verts/ALE

3

Netherlands Verts/ALE

3

Belgium Verts/ALE

3

Czechia Verts/ALE

3

Austria Verts/ALE

3

Sweden Verts/ALE

3

Finland Verts/ALE

3

Portugal Verts/ALE

1

Denmark Verts/ALE

2

Lithuania Verts/ALE

2

Greece Verts/ALE

For (1)

1

Luxembourg Verts/ALE

For (1)

1

Ireland Verts/ALE

1
icon: ECR ECR
58

Germany ECR

1

France ECR

For (1)

1

Sweden ECR

For (1)

3

Bulgaria ECR

2

Slovakia ECR

For (1)

1

Greece ECR

1

Latvia ECR

For (1)

1
icon: ID ID
48

Czechia ID

For (1)

1
3

Denmark ID

For (1)

1

Estonia ID

For (1)

1
icon: NI NI
41

Germany NI

For (1)

Against (1)

2

France NI

For (1)

1

Netherlands NI

Against (1)

1

Belgium NI

For (1)

1

Czechia NI

For (1)

1

Romania NI

For (1)

1

Latvia NI

Against (1)

1
icon: The Left The Left
33

Netherlands The Left

Against (1)

1

Belgium The Left

Against (1)

1

Czechia The Left

1

Sweden The Left

Against (1)

1

Finland The Left

Against (1)

1

Denmark The Left

Against (1)

1

Greece The Left

2

Ireland The Left

4

Cyprus The Left

Against (1)

1
AmendmentsDossier
29 2023/0368(COD)
2023/12/15 JURI 15 amendments...
source: 757.854
2023/12/18 ECON 14 amendments...
source: 757.858

History

(these mark the time of scraping, not the official date of the change)

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body
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events/8/summary
  • The European Parliament adopted by 562 votes to 44, with 15 abstentions, a legislative resolution on the proposal for a decision of the European Parliament and of the Council on amending Directive 2013/34/EU as regards the time limits for the adoption of sustainability reporting standards for certain sectors and for certain third-country undertakings.
  • The European Parliament adopted its position adopted at first reading under the ordinary legislative procedure.
  • In order to reduce the burden of the reporting requirements on companies, it is proposed to postpone by two years (until 30 June 2026) the deadline for the adoption of the delegated acts containing the sustainability reporting standards that specify the information that undertakings must disclose in relation to the sustainability issues and sector-specific reporting areas in which an undertaking operates referred to in Directive 2013/34/EU.
  • The amended text stipulates that this postponement should not prevent the Commission from publishing the delegated acts containing the sector-specific sustainability reporting standards before that two-year period has elapsed, and the Commission should endeavour to adopt delegated acts containing eight of the sector-specific sustainability reporting standards as soon as each is ready.
  • When adopting delegated acts containing sector-specific sustainability reporting standards, the Commission should ensure the information specified by those sustainability reporting standards is proportionate to the scale of the risks and impacts related to sustainability matters specific to each sector, taking account of the fact that the risks and impacts of some sectors are higher than those of other sectors.
  • The Commission should also take account of the fact that not all activities within a particular sector are necessarily associated with high sustainability risks or impacts. For undertakings that operate in sectors particularly reliant on natural resources, sector-specific sustainability reporting standards would require the disclosure of nature-related impacts on and risks for biodiversity and ecosystems.
  • In order to foster democratic control, scrutiny and transparency, the Commission should, at least once a year, consult regarding the development of sustainability reporting standards the European Parliament, and jointly the Member State Expert Group on Sustainable Finance and Accounting Regulatory Committee, concerning the work programme of EFRAG. As regards the development of sustainability reporting standards, EFRAG’s work programme should include information on its planning, prioritisation and timelines for future draft standards and other deliverables.
docs/4
date
2024-04-10T00:00:00
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url: https://www.europarl.europa.eu/doceo/document/TA-9-2024-0189_EN.html title: T9-0189/2024
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EP
events/8/summary
  • The European Parliament adopted by 562 votes to 44, with 15 abstentions, a legislative resolution on the proposal for a decision of the European Parliament and of the Council on amending Directive 2013/34/EU as regards the time limits for the adoption of sustainability reporting standards for certain sectors and for certain third-country undertakings.
  • The European Parliament adopted its position adopted at first reading under the ordinary legislative procedure.
  • In order to reduce the burden of the reporting requirements on companies, it is proposed to postpone by two years (until 30 June 2026) the deadline for the adoption of the delegated acts containing the sustainability reporting standards that specify the information that undertakings must disclose in relation to the sustainability issues and sector-specific reporting areas in which an undertaking operates referred to in Directive 2013/34/EU.
  • The amended text stipulates that this postponement should not prevent the Commission from publishing the delegated acts containing the sector-specific sustainability reporting standards before that two-year period has elapsed, and the Commission should endeavour to adopt delegated acts containing eight of the sector-specific sustainability reporting standards as soon as each is ready.
  • When adopting delegated acts containing sector-specific sustainability reporting standards, the Commission should ensure the information specified by those sustainability reporting standards is proportionate to the scale of the risks and impacts related to sustainability matters specific to each sector, taking account of the fact that the risks and impacts of some sectors are higher than those of other sectors.
  • The Commission should also take account of the fact that not all activities within a particular sector are necessarily associated with high sustainability risks or impacts. For undertakings that operate in sectors particularly reliant on natural resources, sector-specific sustainability reporting standards would require the disclosure of nature-related impacts on and risks for biodiversity and ecosystems.
  • In order to foster democratic control, scrutiny and transparency, the Commission should, at least once a year, consult regarding the development of sustainability reporting standards the European Parliament, and jointly the Member State Expert Group on Sustainable Finance and Accounting Regulatory Committee, concerning the work programme of EFRAG. As regards the development of sustainability reporting standards, EFRAG’s work programme should include information on its planning, prioritisation and timelines for future draft standards and other deliverables.
docs/4
date
2024-04-10T00:00:00
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events/8/summary
  • The European Parliament adopted by 562 votes to 44, with 15 abstentions, a legislative resolution on the proposal for a decision of the European Parliament and of the Council on amending Directive 2013/34/EU as regards the time limits for the adoption of sustainability reporting standards for certain sectors and for certain third-country undertakings.
  • The European Parliament adopted its position adopted at first reading under the ordinary legislative procedure.
  • In order to reduce the burden of the reporting requirements on companies, it is proposed to postpone by two years (until 30 June 2026) the deadline for the adoption of the delegated acts containing the sustainability reporting standards that specify the information that undertakings must disclose in relation to the sustainability issues and sector-specific reporting areas in which an undertaking operates referred to in Directive 2013/34/EU.
  • The amended text stipulates that this postponement should not prevent the Commission from publishing the delegated acts containing the sector-specific sustainability reporting standards before that two-year period has elapsed, and the Commission should endeavour to adopt delegated acts containing eight of the sector-specific sustainability reporting standards as soon as each is ready.
  • When adopting delegated acts containing sector-specific sustainability reporting standards, the Commission should ensure the information specified by those sustainability reporting standards is proportionate to the scale of the risks and impacts related to sustainability matters specific to each sector, taking account of the fact that the risks and impacts of some sectors are higher than those of other sectors.
  • The Commission should also take account of the fact that not all activities within a particular sector are necessarily associated with high sustainability risks or impacts. For undertakings that operate in sectors particularly reliant on natural resources, sector-specific sustainability reporting standards would require the disclosure of nature-related impacts on and risks for biodiversity and ecosystems.
  • In order to foster democratic control, scrutiny and transparency, the Commission should, at least once a year, consult regarding the development of sustainability reporting standards the European Parliament, and jointly the Member State Expert Group on Sustainable Finance and Accounting Regulatory Committee, concerning the work programme of EFRAG. As regards the development of sustainability reporting standards, EFRAG’s work programme should include information on its planning, prioritisation and timelines for future draft standards and other deliverables.
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events/4/summary
  • The Committee on Legal Affairs adopted the report by Axel VOSS (EPP, DE) on the proposal for a decision of the European Parliament and of the Council on amending Directive 2013/34/EU as regards the time limits for the adoption of sustainability reporting standards for certain sectors and for certain third-country undertakings.
  • The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
  • Title
  • Members proposed to change the title of the proposal to a Directive instead of a Decision.
  • Reducing the reporting burden
  • It is noted that EU companies have recently been facing many challenges and heavy bureaucratic burden in times of the COVID pandemic as well as the war in Ukraine and its impact on energy prices etc. The Commission has committed to simplify reporting requirements for companies. It proposed to postpone the adoption of the second set of standards under the Corporate Sustainability Reporting Directive (CSRD) by two years to give companies more time to digest the first set of standards and to focus on their proper implementation. This would mean these standards are adopted in June 2026 instead of June 2024, as currently foreseen.
  • The report stipulated, however, that this change does not prevent the Commission from publishing the sector specific sustainability reporting standards before that date and the Commission should endeavour to adopt eight of the sector-specific sustainability reporting standards as soon as each is ready.
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