After over 12 months of legal uncertainty, the EU has finalised the Omnibus I reforms and there is certainty as to who will need to report under the EU Corporate Sustainability Directive (CSRD) and EU Corporate Sustainability Due Diligence Directive (CS3D).

To recap and in summary, CSRD required around 46,000 companies established in the EU, and non-EU entities with a large presence in the EU, to report in their annual accounts their ESG impacts and opportunities. Reporting created greater transparency but became very costly and burdensome due to uncertain obligations, information requests across global value chains and untested ESG reporting standards.