Following months of negotiations in the European Parliament, the amendments to the CSRD proposal have been approved by the JURI committee this Tuesday 15th of March.
Frank Bold is the coordinator of the Alliance for Corporate Transparency, a platform gathering leading civil society organisations that has provided landmark research and evidence-based recommendations for the reform and development of the sustainability disclosure framework in the EU. More recently, we coordinated a multi-stakeholder statement on the need to swiftly implement the CSRD and EU standards as well as a joint letter with investors, asset managers and civil society organisations sent to Members of the European Parliament (MEPs) calling to broaden the scope of the legislation
The final vote of the JURI committee has disappointed stakeholders by delaying the application of the new rules an additional year (compared to the initial proposal of the EU Commission), which is problematic from the perspective of EU’s green transition, as well as the urgent need to cut Europe’s dependency on fossil fuels from Russia.
On the upside, the text approved in the JURI committee includes several significant improvements on climate and human rights reporting, and tackles the problematic exemption for large subsidiaries to disclose sustainability information.
The CSRD proposal will now enter into the final phase of the legislative process with trilogue negotiations. As stated by Frank Bold’s Susanna Arus, Communications and EU Public Affairs at Frank Bold:
“An ambitious agreement needs to be reached before summer between co-legislators to avoid further delays. The final CSRD text should incorporate changes proposed by the Parliament that aim to strengthen the quality and relevance of corporate transparency on sustainability matters and dismiss counterproductive proposals that reduce the scope of companies or delay the implementation of a reform key to the transition and resilience of the EU economy”
Frank Bold organised two online events to present the results of the research on the disclosures made by 300 companies on climate and environmental matters providing targeted presentation and insights for companies in Southern Europe and Central and Eastern Europe.
On Tuesday, October 6th, Filip Gregor, Head of our Responsible Companies section spoke at the conference on ‘Global Supply Chains - Global Responsibility: Human Rights and Decent Work in Global Supply Chains’ organised by the German Ministry of Labour and Social Affairs on the occasion of the German EU Council presidency.
Executive Vice President Valdis Dombrovskis already announced in January that following the publication of the Green Deal and the initiation of the revision of the EU Non-Financial Reporting Directive (NFRD), he would invite EFRAG to “undertake preparatory work for the elaboration of possible EU non-financial reporting standards”.
