On September 26, the European Commission launched infringement proceedings against the Netherlands and 16 other member states for failing to transpose the Corporate Sustainability Reporting Directive (CSRD) into national law.
The sustainability reporting rules apply since the financial year beginning on or after January 1, 2024, and the deadline for implementation was July 6. In announcing the infringement proceedings, the Commission wrote: “In the absence of transposition of these new rules it will not be possible to achieve the necessary level of harmonisation of sustainability reporting in the EU and investors will not be in a position to take into account the sustainability performance of companies when making investment decisions."
The draft legislation containing the rules for accountants and accounting firms and the reporting obligations are currently still in the process of implementation into Dutch law.
The Netherlands has two months to respond to the formal notice and proceed with the implementation of the CSRD. If the 2-month deadline is not met, the European Commission may take the case to the Court of Justice of the European Union.
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