The EU directive on non-financial reporting (NFRD) is currently being revised. A resolution of the EU Parliament indicates that far-reaching changes are being sought. Although these are not legally binding at present, they underline the expectations of the EU Commission to extend the reporting obligation and to impose additional, binding CSR obligations on companies.
The tightening of the EU reporting obligation is currently being prepared by a multi-stakeholder project task force of EFRAG (European Financial Reporting Advisory Group). This work is expected to be completed by the end of Q1 2021. If an agreement is reached at the EU level and transposed into national law quickly, reports could be published in accordance with the new regulation for the first time from 2024.
