On 28 November 2022, in line with the European Green Deal and the Sustainable Finance Agenda, the European Council approved the Corporate Sustainability Reporting Directive (“CSRD”), under which all large companies and companies listed on regulated markets, including listed SMEs, will be subject to new reporting rules on sustainability.

The new rules shall also apply to non-European companies, generating a net turnover of EUR 150 million in the EU and that have at least one subsidiary or branch in the EU. These companies will also have to deliver a report on their environmental, social and governance impacts.

The CSRD shall enter into force 20 days following publication in the Official Journal of the EU.

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