Since the ESG reporting obligations in the EU, i.e. the Corporate Sustainability Reporting Directive (CSRD) entered into force earlier this year, the transposition clock has been ticking for Member States with a deadline expiring on 6 July 2024.
At the time of writing, the Czech Republic, Hungary, Romania and Slovakia have proposed draft laws implementing the CSRD, while Bulgaria and Croatia have set up working groups to prepare draft legal acts. In any event, even in jurisdictions where transposition may be delayed, entities should be aware that they may be required to provide reportable information to companies in their supply chain from other Member States. In addition, as the Directive is phased in, companies, not covered by the first or second stage, should also be prepared for certain sustainability disclosures required by larger companies in the supply chain.
