Companies in scope
- All companies within scope of CSRD (over 1,000 employees) but with additional requirement of over €450 million in turnover.
Reporting scope and criteria
- The required disclosure tables will be reduced in complexity by about two thirds for non-financial entities and even more for financial entities.
- Introduction of a 10% materiality threshold for non-financial entities (no need to assess alignment) and for financial institutions (no need to assess eligibility and alignment). OpEx reporting made voluntary for non-financial entities and introduction of an additional 25% of eligible turnover materiality threshold.
- Reporting on partial alignment allowed and encouraged.
- Proposed changes to Do No Significant Harm criteria for Pollution Prevention and Control and announcement of further simplification of alignment criteria (details not yet known).
- Companies must follow the same assurance requirements they do for CSRD.
Assurance level
- Companies affected by two-year ‘stop the clock’ on CSRD would also not need to report on Taxonomy.
- Two year suspension of certain KPIs for financial institutions and exclusion of companies not any longer in scope of CSRD (as per suggested Omnibus changes) from the denominator in KPIs.
Timeline