FERMA has published its Position Paper on the Omnibus Sustainability Rules Simplification Package (Omnibus I) following its introduction by the European Commission. While welcoming the proposed amendments to the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CS3D), FERMA stresses that reporting requirements should serve as a practical compass for effective sustainability risk management and not merely as compliance measures. The paper highlights the importance of an ERM-based approach to addressing sustainability risks, which are considered integral to overall business governance and competitiveness.

Enhancing Reporting and Risk Management

Valentina Paduano, FERMA Vice President, stated, “FERMA welcomes the introduction of the Omnibus I and efforts to streamline sustainability reporting requirements. While the EU needs to keeps its ESG ambitions high, however, it must also apply a more pragmatic approach to ensure that CSRD and CS3D have a meaningful impact at both company and societal level, in turn amplifying the resilience and competitiveness of the EU economy. ”