Board Agenda's Governance Watch Podcast: EU non-financial reporting reforms are an 'opportunity'

White & Case partner Di Yu and counsel Lachlan Low recently featured on Board Agenda's Governance Watch podcast to discuss the implications of the newly announced reforms to EU non-financial reporting rules.

Di Yu, a partner in the White & Case global M&A and corporate practice, highlighted the significance of the EU's new "omnibus" legislation, which simplifies aspects of sustainability reporting and due diligence reforms. She noted, "Having this package now and having the EU take this step can be a source of comfort both stateside and also within the EU and UK. The reporting obligations were going to be significant and there were going to be significant costs associated with that. Now is an opportunity for companies to actually take another look and figure out: are they within the scope of the rules? If so, exactly what reporting requirements are required?"

Di Yu further added that the reforms are "intended to promote competitiveness, reduce administrative burden for companies and just give people a little bit more time to figure out exactly what it is they need to do."

The changes involve amendments to the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD), aiming to delay their implementation and potentially reduce the number of companies within their scope by 80%.

In addition to this, the podcast covered developments in executive pay and proxy advice. Lachlan Low, counsel in White & Case's M&A and corporate practice, remarked on the new guidelines on executive pay from the Investment Association, stating, "It's very much the benchmark and it will be interesting to see how it plays out this year…when remuneration policies are up for renewal, and to see if companies actually do take advantage of the flexibility that is offered."

Listen here: EU non-financial reporting reforms are an 'opportunity'

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