CSRD Update – EU Member States Continue to Move Forward on Omnibus Transposition

Ropes & Gray – in conjunction with leading law firms across Europe – has published a new update of its monthly CSRD Transposition Tracker. The Tracker update is available here.

The Tracker describes Corporate Sustainability Reporting Directive transposition – including Omnibus activity – across the 27 EU member states and three EEA EFTA countries. This update includes information and developments as of the end of April, and for some countries into May, as well as additional commentary from the participating law firms. 

The Omnibus I “contents” directive took effect on March 18. Countries are required to transpose it into national law by March 19 next year. As reflected in this Tracker update, several member states have started to make progress on Omnibus transposition.

In other recent CSRD news, earlier this month, the European Commission published updated draft final versions of the European Sustainability Reporting Standards (ESRS) to be used for reporting under the CSRD. In this post, we take a look at the draft ESRS and discuss the related public feedback process.

As noted by the Commission in its announcement, compared to the current ESRS: “The draft revised ESRS reduce mandatory datapoints by over 60% and total datapoints by over 70%. The new ESRS are shorter and clearer, introduce new flexibilities for companies, and simplify the materiality assessment used to determine what must be reported. Overall, these changes are expected to reduce reporting costs per company by more than 30%.”

About Our Practice

Ropes & Gray has a leading ESG, CSR and business and human rights compliance practice. We offer clients a comprehensive approach in these subject areas through a global team with members in the United States, Europe and Asia. Senior members of the practice have advised on these matters for more than 30 years, enabling us to provide a long-term perspective and depth and breadth of experience that few firms can match.

Subscribe to Ropes & Gray ESG, CSR and business and human rights compliance thought leadership here.