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EU: European Parliament adopts CSDDD
On April 24, 2024, the European Parliament announced that Members of the European Parliament (MEPs) had adopted the Corporate Sustainability Due Diligence Directive (CSDDD). This follows the approval of the CSDDD, on March 15, 2024, by the Council of the European Union.
The CSDDD must now be formally endorsed by the Council, signed and published in the EU Official Journal. The CSDDD provides for its entrance into effect 20 days after its publication. EU Member States have two years to transpose the CSDDD into national legislation.
Notably, the provisions of the CSDDD apply in stages to EU companies, and non-EU companies reaching the turnover thresholds in the EU:
- from 2027 for companies with over 5,000 employees and a worldwide turnover higher than €1.5 billion;
- from 2028 for companies with over 3,000 employees and a €900 million worldwide turnover; and
- from 2029 for all remaining companies within the scope of the CSDDD (including companies with over 1,000 employees and a worldwide turnover higher than €450 million).
You can read the press release here and the copy of the CSDDD submitted to the European Parliament here.
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