EU set to adopt voluntary sustainability reporting standard for SMEs
The standard is expected to cover most of requests SMEs receive from banks, investors and large corporates.
The European Commission is set to adopt a voluntary sustainability reporting standards for SMEs of up to 1,000 employees, based on a recommendation approved this week.
The new standard, developed by EFRAG, forms part of the EU’s Omnibus package simplifying sustainability reporting for European firms. Under the current Omnibus draft, only companies of more than 1,000 employees will be included in the scope of the Corporate Sustainability Reporting Directive (CSRD), instead of the original 250-employee threshold.
