As communicated last week, on 23 June the Council reached a negotiating mandate on the Omnibus proposal, also known as the General Approach, which has now been published (attached). FESI has prepared a table analysing the agreement (also attached).

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MORE DETAILS

FESI has updated its table showing how the Council’s position compares with that of the Parliament’s Draft Report, FESI’s own position and the Omnibus proposal (attached). A few notable proposed amendments included in the Council’s mandate concern the following:

• Scope: for CSRD, the threshold would be 1000 employees and a turnover of over 450 million euro. For CSDDD, 5000 employees and 1.5 billion euro turnover.

• Risk-Based vs Tier 1: focus on Tier 1 but with risk-based approach. Companies to go beyond Tier 1 if there is objective and verifiable information of risks. The review clause to potentially expand beyond Tier 1 was removed from the final document.

• CSRD limited assurance: no reasonable assurance. Commission is empowered to develop standards for limited assurance but this is not mandatory.

• Climate transition plans: obligation to adopt but not to put into effect.

• CSDDD transposition deadline: postponed by a further year (26 July 2028).

In parallel, the Commission just announced that they have extended the deadline for EFRAG to provide advice on the revision of ESRS from 31 October to 30 November 2025.

NEXT STEPS

Many MEPs in the Parliament have already published their suggested amendments to the Rapporteur’s draft report with a view to finding a compromise and reach a position within the JURI Committee. This position will then need to be voted in the Parliament and used in future negotiations with the Council. FESI is analysing these amendments to understand how and where the proposed changes may impact our industry, and to identify areas where further clarification or advocacy may be needed.

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