The European Commission published on 31 July 2023 its legislative proposal on Commission Delegated Regulation supplementing Directive 2013/34/EU as regards sustainability reporting standards. This proposal sets the standards for companies to use in carrying out their reporting under the framework of the Corporate Sustainability Reporting Directive.
EU law (CSRD) requires all large companies and all listed companies (except listed micro-enterprises) to disclose information on what they see as the risks and opportunities arising from social and environmental issues, and on the impact of their activities on people and the environment.
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The ESRS delegated regulation of the Commission will be formally transmitted in the second half of August to the European Parliament and to the Council for scrutiny. The scrutiny period runs for two months, extendable by a further two months. The European Parliament or the Council may reject the delegated act, but they may not amend it.
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