The Directive aims at developing an operational quality accounting standard and to enable companies to better develop and manage their sustainability strategies.
The initial proposal was already modified in terms of the transposition deadline and different application deadlines based on the size of the companies, as well as the language used in the consolidated reports for companies with foreign subsidiaries.
The political agreement was reached by unanimity. However, the Czech Republic expressed their reservations in the annex. “Even though we would prefer to keep the sustainability reporting obligations on a voluntary basis, we perceive that there is a strong general support for the proposal. Having said that, we believe that the text is ripe for the general approach and you have our support”, said the country representative, in giving assurances.
Thierry Breton, European Commissioner for Internal Market, positively evaluated the text and the fact it is a step in the action plan on sustainable finance. The European Parliament's competent committee could adopt its negotiating position in mid-March with a view to launching interinstitutional negotiations.
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