This week’s EU Omnibus developments
European Council adopted its negotiating position on the Stop-the-Clock proposal on Wednesday.
It agreed to support the delays to the Corporate Sustainability Reporting Directive (two years) and the Corporate Sustainability Due Diligence Directive (one year).
Parliament is expected to vote twice on the Stop-Clock-Proposal in the next few days: on Tuesday, MEPs will decide whether to fast-track the proposal through the legislative process, and on Thursday, they’re likely to vote on the proposal itself.
The European Roundtable for Industry (ERT) welcomed Council’s agreement to support the Commission proposal, saying “it is hoped similar urgency will now be shown by the European Parliament”.
The lobby group, whose members are the CEOs of 61 major companies including Vodafone, Michelin, Heineken, GSK and BMW, met with European Commissioner Valdis Dombrovskis this week, for what it described as “a first exchange of views” on the omnibus proposals.
“We had the opportunity to compare notes on the proposals adopted on 26 February and the position set out by ERT in early January,” it said, referring to its call for sweeping reforms to CSRD, CS3D and the Taxonomy.
Its January statement included a request to add the Carbon Border Adjustment Mechanism to the omnibus package – which has since happened – as well as the EU Batteries Regulation and tax laws.
Meanwhile, the Commission mandated its advisory body EFRAG to provide technical guidance on the revision of the European Sustainability Reporting Standards by October 31st, with a public consultation in the pipeline.
Financial services commissioner Maria Luis Albuquerque outlined her expectations in a letter , stressing the need to move fast to streamline reporting requirements and urging EFRAG to work with companies that have to use the standards.