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The key changes indicated in the project are primarily raised thresholds for companies in ESG reporting and planned deferrals of reporting. The proposed changes also include CSDDD and CBAM.
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The OMNIBUS Package is a project of planned changes (simplifications) in sustainability reporting. This proposal of the European Commission will still be subject to legislative work.
Using the example of the CSRD Directive: The Directive is subject to adoption by the European Parliament and then by the European Council (this is a long-term process, within which negotiations take place; the need to reach compromises). Then the Directive must be incorporated into the national law of the Member States.
See also: CBAM – latest regulatory changes
1. Company size:
The threshold has been raised for companies with more than 1,000 employees. An additional criterion is turnover above EUR 50 million or a balance sheet total above EUR 25 million. This means that the number of companies covered by the reporting scope will be reduced by 80%.
2. CSRD Reporting Deadlines:
A two-year postponement is proposed for the application of the CSRD requirements (for companies that have not yet started the reporting process).
3. ESRS:
Simplification of the current ESRS format and removal of requirements for sectoral standards.
4. Value chain:
A new standard has been proposed for companies with fewer than 1,000 employees. The standard will limit the scope of information that companies covered by the CSRD can request from their suppliers.
5. Taxonomy:
Optional for companies with fewer than 1,000 employees.
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