Effort to Halt EU CSRD Fails: Law Takes Effect Fiscal 2024

A motion by center-right parties to water down the European Union Corporate Sustainability Directive failed this week in the European Union Parliament.

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By a vote of 359-261, the European Union parliament rejected a motion by conservative legislators to stop companies from having to report on environmental, social, and governance issues starting in fiscal year 2024, according to a report in Bloomberg law.

Opponents called for the vote because of concerns that the mandatory sustainability reporting would place excessive administrative and financial burdens on companies. Opponents have unsuccessfully called on the European Commission to narrow their scope.

The law officially takes effect for fiscal 2024 with reports for the largest companies affected due in 2025 for 2024 compared with 2023 metrics.

The Enterprise Engagement Alliance is holding a live EEA YouTube show on how preparation is proceeding on the new law in Europe and the US on Oct. 26 at 11 am ET US. Register here to attend the live session. Otherwise, it will be available within a few days on the EEA YouTube channel and library.

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