Regulatory Briefing: EU parliament approves new sustainability standards

Adopted with a large majority of 525 votes in favour (60 votes against, 28 abstentions), the European Parliament has agreed to make businesses more publicly accountable by obliging all large companies to regularly disclose information on their societal and environmental impacts under the Corporate Sustainability Reporting Directive, which will apply to nearly 50,000 companies in the EU.

CSRD amends the current EU Non-Financial Reporting Directive, which covers approximately 11,700 companies, by addressing shortcomings in existing legislation and expanding its regulatory scope.