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New sustainability reporting rules for multinational companies
The European Commission is expected to adopt the first set of European Sustainability Reporting Standards (ESRS) by June 2023.
On 21 April 2021, the EC issued a legislative proposal for the CSRD that would require companies within its scope to report in accordance with ESRS adopted by the EC as delegated acts. The European Financial Reporting Advisory Group (EFRAG) has been appointed as technical advisor to the EC, responsible for providing the ESRS.
On 29 April 2022, EFRAG released the exposure drafts (EDs) on the first set of ESRS and launched a public consultation process involving several groups of stakeholders that ended by August 2022.
The Council has given final approval to adopt the proposal on 28 November.