EFRAG to deliver first ESRS simplification update by 20 June and final standards by October 2025
The European Financial Reporting Advisory Group (EFRAG) has committed to delivering advice for streamlining the European Sustainability Reporting Standards (ESRS). The group’s chair Patrick de Cambourg confirmed a first draft will be released by 20 June with a second version by mid-July. Parliament is not expected to agree on its final negotiating position until at least October 2025.
EFRAG, which was requested to give technical advice on modifying the sustainability standards by the European Commission, has said its “approach will build on the experience of first-wave companies that implemented ESRS”. The technical expert group will address overlaps between topical and cross-cutting standards, improve accessibility of application requirements and preserve alignment with International Sustainability Standards Board requirements.
The proposals will focus on streamlined, decision-useful standards that reduce reporting effort while preserving quality and consistency. The revision process will take its lead from the latest omnibus proposals but will remain flexible to accommodate any changes in the final version.
The European Parliament’s chief negotiator on the European Union Omnibus has unveiled his position today, setting the tone for upcoming negotiations.
Jörgen Warborn, a Swedish politician belonging to Europe’s centre-right European People’s Party (EEP), has published a draft report on how to reform the Corporate Sustainability Due Diligence Directive (CS3D) and the Corporate Sustainability Reporting Directive (CSRD).
The 63-page document calls for a more aggressive reduction in the number of companies covered by the EU’s environmental and social disclosure standards. While the European Commission has proposed raising the threshold for CSRD so that only companies with more than 1,000 employees are in scope, Warborn will push for this to be raised to 3,000 employees and deletion of climate transition plans.
The report will serve as the foundation for the next stage of negotiations within EPP – European Parliament’s biggest and most influential party – as well as among other parties. Warborn will present the document to the JURI committee of Parliament, which is responsible for overseeing the Omnibus negotiations, later this month. At that point, other parties will be invited to submit amendments, and technical discussions will begin in July.