Approval of the Omnibus I agreement

The European Parliament has given the green light to a provisional agreement, reached with Member States, to update sustainability reporting and corporate due diligence rules, as part of the regulatory simplification package. Omnibus I. The objective is to to reduce the administrative burden and strengthen the competitiveness of the European business fabric after a period of high regulatory uncertainty.after a period of high regulatory uncertainty.

New thresholds for sustainability reporting

The agreement significantly limits the number of companies required to submit sustainability reports. Only large companies with more than 1,000 employees and an annual net turnover of more than 450 million euros are required to report.The amendment substantially reduces the scope of the regulation and leaves out most SMEs, including industrial companies. This amendment substantially reduces the scope of the regulation and leaves out most SMEs, including industrial companies.

In addition, it is expressly established that smaller companies may not be obliged to assume reporting responsibilities transferred by large companies, beyond the existing voluntary frameworks.companies, beyond the existing voluntary frameworks.

Due diligence restricted to very large companies

Due diligence obligations are also concentrated in a small number of companies. Only those with more than 5,000 employees and a turnover of more than 1.5 billion euros will be subject to this requirement.including multinationals with equivalent revenues in the European market. The approach is based on risk identification, avoiding disproportionate demands in the value chain.

Elimination of obligations and greater flexibility

The approved text eliminates the mandatory nature of the climate transition plansThis represents an additional relief in terms of administrative burdens. Member States are also given more leeway in defining the penalty system, with fines of up to 3% of net worldwide turnover in the event of non-compliance being maintained as a benchmark.

Timetable for implementation and national transposition

The directive will enter into force twenty days after its publication in the Official Journal of the European Union. Due diligence rules will be applied as of July 2029The company will have to adapt to the new legislation, extending the adaptation deadlines for the affected companies. A key aspect will be national transposition, especially in Spain, where the thresholds, timetable and penalty regime will have to be specified.

Impact for industrial SMEs

This agreement significantly reduces the administrative burdens for industrial SMEs.The new framework seeks to provide greater legal certainty and allow smaller companies to focus their resources on improving their competitiveness, without renouncing voluntary and strategic progress in sustainability. The new framework seeks to offer greater legal certainty and allow smaller companies to concentrate their resources on improving their competitiveness, without renouncing to advance in sustainability in a voluntary and strategic manner.

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