“The delay must give the necessary time to improve the directive,” the document added, specifically regarding its scope, which France argues should not apply to companies smaller than 5,000 employees and whose revenue does not exceed €1.5 billion.
“We need to focus on legislation that complicates the daily lives of your companies and slows down their growth,” French economy minister Eric Lombard said on Thursday in his annual new year greetings, calling for a simplification of the CSRD and for postponing the due diligence directive until the day “it will be simplified.”
In November, European Commission President Ursula von der Leyen said Brussels would review and simplify three of the bloc’s laws imposing disclosure requirements on businesses: the CSRD, the CSDDD, and the EU taxonomy, which classifies economic activities according to their environmental and climate impacts.
The European Commission is expected to unveil this review, known as the omnibus, on Feb. 26.
Earlier this month, French President Emmanuel Macron also made that message clear. “We need to make a massive regulatory break, but we also need to review regulations, including recent ones, which are hampering our ability to innovate,” Macron said.
Germany also called for a two-year delay to the implementation of the reporting rules, as well as “a significant reduction in the content of CSRD,” in a letter addressed to von der Leyen dated Dec. 17.
Sofiane Zaizoune contributed to this report
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