EU Parliament has endorsed reduced reporting duties and due diligence requirements for companies!

Here are the key points:
🟢 Lighter Sustainability Reporting: Only larger companies—those with an average of over 1,750 employees and a net annual turnover exceeding €450 million—will need to carry out social and environmental reporting. This means a streamlined approach that focuses on significant contributors.

🟢 Targeted Due Diligence Obligations: Due diligence requirements will now only affect very large corporations, specifically those with over 5,000 employees and a net turnover of more than €1.5 billion. This targets impact at the highest levels.

🟢 No Transition Plans Required: Businesses can focus on compliance without the burden of transition plans, with liability handled at the national level.

🟢 New Digital Portal: A user-friendly portal will provide free access to templates, guidelines, and information on all EU reporting requirements, simplifying the process further.

Check out the full article here: https://lnkd.in/eYDQDmR9