This week’s EU Omnibus developments
A rundown of who is saying what this week, and what more we know about plans to revise Europe’s sustainability rules
The Parliamentary group at the centre of decision-making on the EU Omnibus will finalise its position on Monday.
The committee on legal affairs, known as JURI, is scheduled to vote at 4pm (Brussels time) on October 13th, ahead of a wider plenary vote the following week.
After much political wrangling, a preliminary deal was agree on Tuesday.
If it’s voted through, it will see Parliament push for the scope of the Corporate Sustainability Reporting Directive (CSRD) to be reduced to just companies with 1,000 employees and €450m turnover.
Non-EU parent companies would only be covered if they generate more than €450m of turnover in the bloc and have an EU subsidiary with turnover of €450m.
Transition plans would be retained in the reporting rules, but heavily watered down in the Corporate Sustainability Due Diligence Directive (CS3D).
The planned EU civil liability regime would also be deleted from CS3D – with a possible review in 2030.
The scope of CS3D would be reduced to cover EU companies with more than €1.5bn in turnover and 5,000 employees, and non-EU companies who generate more than €1.5bn from within the EU.
If the current voting schedule stays in place, Parliament is likely to finalise its negotiating position by the end of the month.
This paves the way for trialogues with the European Commission and Council, the latter of which is hoping to get an agreement wrapped up by the end of the year.