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REPORT (COM(2023)0596 – C90386/2023 – 2023/0368(COD))

On the proposal for a decision of the European Parliament and of the Council on amending Directive 2013/34/EU as regards the time limits for the adoption of sustainability reporting standards for certain sectors and for certain third-country undertakings

A-9-2024-0013

Committee on Legal Affairs · Rapporteur: Axel Voss

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Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

Parliament's amended version of the Commission proposal to amend Directive 2013/34/EU on the time limits for adopting sustainability reporting standards. It postpones the deadline for the second set of standards by 2 years, to 30 June 2026, and changes the legal instrument from a decision to a directive. It adds that the Commission should endeavour to adopt eight of the sector-specific standards as soon as each is ready, and should consult Parliament and the Member State Expert Group on Sustainable Finance and Accounting Regulatory Committee at least once a year on EFRAG's work programme. It adds a recital on sector-specific standards, saying they should specify information for all sectors and information depending on sector of activity, and be proportionate to the risks and impacts of each sector.

Committee position. The Committee on Legal Affairs proposes to amend the Commission proposal: change the instrument to a directive, postpone the deadline for the second set of sustainability reporting standards by 2 years, add that the Commission should endeavour to adopt eight sector-specific standards as soon as each is ready, and require annual consultation of Parliament and the committee on EFRAG's work programme.

Key points

  1. Parliament adopts its position at first reading on the proposal to amend Directive 2013/34/EU on time limits for sustainability reporting standards.
  2. The legal instrument is changed from a decision to a directive in the title and in the adoption formula.
  3. The time limit for adopting the delegated acts with complementary sustainability reporting requirements under Article 29b(1), third subparagraph, of Directive 2013/34/EU is postponed by 2 years.
  4. The Commission should endeavour to adopt eight of the sector-specific sustainability reporting standards as soon as each is ready, and may publish them before that date.
  5. A new subparagraph is inserted in Article 29b(1) of Directive 2013/34/EU on adopting eight sustainability reporting standards as soon as each is ready.
  6. Sector-specific standards should specify information for all undertakings and information depending on sector of activity, and be proportionate to each sector's risks and impacts.
  7. The Commission should, at least once a year, consult Parliament and jointly the Member State Expert Group on Sustainable Finance and Accounting Regulatory Committee on EFRAG's work programme for sustainability reporting standards.
  8. EFRAG's work programme should include information on planning, prioritisation and timelines for future draft standards and other deliverables.
  9. The directive enters into force on the twentieth day following its publication in the Official Journal of the European Union.
  10. The Commission is called on to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal.

Who is affected

  • Undertakings in the scope of the corporate sustainability reporting directive, which get more time to prepare for the second set of reporting standards.
  • Small and medium-sized enterprises, which face extra reporting burden that the Commission has committed to reduce by 25%.
  • The Commission, which must postpone adoption of the second set of standards and consult Parliament and the committee annually.
  • EFRAG, whose work programme on sustainability reporting standards must include planning, prioritisation and timelines.
  • Sectors with high sustainability risks or impacts, including those listed in Sections A, B (including oil, gas, mining and coal) to H, K and L of Annex I to Regulation (EC) No 1893/2006.

Figures and deadlines

  • 2 years — postponement of the time limit for adopting the complementary sustainability reporting requirements.
  • 30 June 2024 — date by which the second set of standards was set to be adopted.
  • 30 June 2026 — postponed date for adoption of the second set of standards.
  • 31 July 2023 — date the Commission adopted the first set of general standards.
  • eight — number of sector-specific sustainability reporting standards the Commission should endeavour to adopt as soon as each is ready.
  • 25% — reduction of reporting burdens the Commission has committed to.
  • twentieth day following publication — when the directive enters into force.

Legal basis: Article 294(2) and Article 50(1) of the Treaty on the Functioning of the European Union.