Simplification and requirement reduction are key words in 2024 Commission Work Programme
Published 25 October 2023
Category: Impact and ESG
On 17 October 2023, the EU Commission adopted their 2024 Commission Work Programme focusing mainly on strengthening EU’s competitiveness through reduction of burdens on businesses and rationalisation of reporting requirements. A key takeaway is the postponement of the sector-specific European Sustainability Reporting Standards (ESRS).
The EU Commission annually adopts their work programme containing the most important actions for the coming year. The work programme is addressed to the public as well as other institutions and informs about the EU Commission’s political commitments towards reviewing existing legislation, withdrawing proposals and presenting new initiatives.
One of the initiatives in the 2024 Commission Work Programme is a proposal for a two-year postponement of the deadline for adoption of the sector-specific ESRS supplementing the CSRD. Originally, they were planned for 2024. With the proposal the Commission wishes to reduce the current reporting burden on companies by allowing them to direct their focus towards implementing the first set of ESRS adopted by the EU Commission on 31 July 2023 and currently subject to scrutiny. Further, it will allow time for further development and adjustment of the sector-specific ESRS.
Other proposals included in the 2024 Commission Work Programme worth mentioning are, among others, a proposal to review and amend the existing Regulation (EU) 2016/1011 (the “Benchmark Regulation”) (see following overview for further information and proposal) as well as a Commission Delegated Directive amending Directive (EU) 2013/34 and proposing adjustments of size criteria for undertakings and thereby decreasing the reporting requirements (see following overview for further information).
The 2024 Commission Work Programme can be accessed here.
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