Sustainability-reporting coordination measures apply to credit institutions and insurance undertakings only once they exceed 1000 employees on average (previously also caught smaller large undertakings and listed SMEs in these categories)
What changes
Credit institutions and insurance undertakings below 1000 employees (previously caught via the broader large-undertaking/listed-SME test) lose the sustainability-reporting duty entirely.
Prior rule vs new rule
Credit institution or insurance undertaking that is a large undertaking, or an SME with securities on an EU regulated market
Article 1(3) of Directive 2013/34/EU specifies that credit institutions and insurance undertakings that are large undertakings or small and medium-size undertakings – excluding micro-undertakings – with securities admitted to trading on an EU regulated market are subject to the sustainability reporting requirements set out in that Directive, regardless of their legal form.
More than 1000 employees on average during the financial year
Sustainability-reporting coordination measures apply to credit institutions and insurance undertakings only once they exceed 1000 employees on average (previously also caught smaller large undertakings and listed SMEs in these categories)
Who is affected
Burden drivers
Applies specifically to credit institutions and insurance undertakings.
Source text
The coordination measures prescribed by Articles 19a, 19b, 29a, 29aa, 29d, 30 and 33, Article 34(1), second subparagraph, point (aa), Article 34(2) and (3), and Article 51 of this Directive shall also apply to the laws, regulations and administrative provisions of the Member States relating to the following undertakings regardless of their legal form, provided that those undertakings are large undertakings which, on their balance sheet dates, exceed the average number of 1000 employees during the financial year:
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