What changed between the adopted text of 13 Nov 2025 and the adopted text of 16 Dec 2025

Removed:Article 2 – paragraph 1 – point 4 – point b – point i a (new), Article 29a – paragraph 3 – subparagraph 2: (ia) the second subparagraph is replaced by the following: / ‘In the event that not all the necessary information regarding its value chain is available, the undertaking shall explain the efforts made to obtain the necessary information about its value chain, the reasons why not all of the necessary information could be obtained, and its plans to obtain the necessary information in the future.’;

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 4 – point b – point ii, Article 29a – paragraph 3 – subparagraph 4 a: ‘The first subparagraph is without prejudice to information requests made for purposes other than the reporting of sustainability information as required by this Directive, including Union requirements on undertakings to conduct a due diligence process.’;

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 4 – point b a (new), Article 29a – paragraph 3 – subparagraph 5a (new): (ba) the following subparagraph is added: / ‘5a. The reporting obligations set out in this Article are without prejudice to Directive (EU) 2016/943. Therefore, undertakings shall not be required to disclose information on intellectual capital, intellectual property or know-how, business information or technological information which constitutes trade secrets as defined in Article 2, point (1), of Directive (EU) 2016/943.’;

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 4 – point b b (new), Article 29a – paragraph 8 – subparagraph 1: (bb) in paragraph 8, the first subparagraph is replaced by the following: / ‘Provided that the conditions set out in the second subparagraph of this paragraph are met, a parent undertaking which is a subsidiary undertaking shall be exempted from the obligations set out in paragraphs 1 to 5 of this Article (the “exempted parent undertaking”) if such parent undertaking and its subsidiary undertakings are included in the consolidated management report of another undertaking, drawn up in accordance with Article 29 and this Article. A parent undertaking which is a subsidiary undertaking of a parent undertaking that is established in a third country shall also be exempted from the obligations set out in paragraphs 1 to 5 of this Article where: / (i) such parent undertaking and its subsidiary undertakings are included in the consolidated sustainability reporting of that parent undertaking that is established in a third country and where that consolidated sustainability reporting is carried out in accordance with the sustainability reporting standards adopted pursuant to Article 29b or in a manner equivalent to those sustainability reporting standards, as determined in accordance with an implementing act on the equivalence of sustainability reporting standards adopted pursuant to the third subparagraph of Article 23(4) of Directive 2004/109/EC; / (ii) the parent undertaking is a financial holding undertaking in accordance with Article 2(15), that does not have any subsidiaries in the…

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 4 – point b c (new), Article 29a – paragraph 9: (bc) paragraph 9 is replaced by the following: / ‘9. The exemption laid down in paragraph 8 shall also apply to public-interest entities subject to the requirements of this Article.’;

Removed:Amendments 50 and 138

Removed:Article 2 – paragraph 1 – point 5

Removed:Directive 2013/34/EU

Removed:Article 29aa

Removed:Amendment: deleted / (deleted)

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 6 – point -a, Article 29b – paragraph 1 – subparagraph 2 a (new): (-a) in paragraph 1, the following subparagraph is inserted after the second subparagraph: / ‘The Commission, after consultation with relevant stakeholders, shall develop voluntary sector-specific guidelines to assist undertakings in the same sector in conducting their materiality assessment. These guidelines shall provide tailored support for identifying and disclosing sector-relevant sustainability impacts, risks, and opportunities, ensuring consistency and comparability across companies operating in the same sector.’;

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 6 – point a, Article 29b – paragraph 1: (a) in paragraph 1, the third, fourth and sixth subparagraphs are deleted;

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 6 – point a a (new), Article 29b – paragraph 2 – subparagraph 1: (aa) in paragraph 2, the first subparagraph is replaced by the following: / ‘The sustainability reporting standards shall ensure the quality of reported information, by requiring that it is simple, accessible, streamlined, understandable, proportionate, relevant, verifiable, comparable and represented in a faithful manner. The sustainability reporting standards shall: / (a) to the extent possible, be quantitative in nature; / (b) avoid double reporting and any overlap with obligations stemming from other legislative instruments; / (c) avoid imposing a disproportionate administrative and financial burden on undertakings; and / (d) ensure to the greatest extent possible interoperability with internationally recognised standards set by global standard-setting initiatives for sustainability reporting as required by point (a) of paragraph 5.’;

Removed:Amendments 236, 295 and 296

Removed:Article 2 – paragraph 1 – point 6 – point b

Removed:Directive 2013/34/EU

Removed:Article 29b – paragraph 4 – subparagraph 1

Removed:Amendment: (b) in paragraph 4, the first subparagraph is replaced by the following: / ‘Sustainability reporting standards shall take account of the difficulties, including legal limitations stemming from this Directive, that undertakings might encounter in gathering information from actors throughout their value chain, especially from those which are not subject to the sustainability reporting requirements laid down in Article 19a or 29a and from suppliers in emerging markets and economies. Sustainability reporting standards shall specify disclosures on value chains that are proportionate and relevant to the capacities and characteristics of undertakings in the value chains, and to the scale and complexity of their activities, especially those of undertakings that are not subject to the sustainability reporting requirements laid down in Article 19a or 29a. Sustainability reporting standards shall not specify disclosures that would require undertakings to obtain from undertakings in their value chain which, on their balance sheet dates, do not exceed the average number of 1 750 employees and a net turnover of EUR 450 000 000 during the financial year any information that exceeds the information to be disclosed pursuant to the sustainability reporting standards for voluntary use referred to in Article 29ca.’;

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 8, Article 29ca – paragraph 1: 1. To facilitate voluntary reporting of sustainability information by undertakings other than those referred to in Articles 19a(1) and 29a(1) and to limit the information that can be requested from such undertakings for the purposes of this Directive, the Commission shall adopt a delegated act by [4 months after entry into force of this Directive] in accordance with Article 49 supplementing this Directive to provide for sustainability reporting standards for voluntary use by such undertakings.

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 8, Article 29ca – paragraph 2: 2. The sustainability reporting standards referred to in paragraph 1 shall be based on Commission Recommendation 2025/4984 and proportionate to the size of the undertakings, and be relevant for the capacities and the characteristics of the undertakings for which they are designed and to the scale and complexity of their activities. They shall also, to the extent possible, specify the structure to be used to present such sustainability information. Undertakings within the value chain may choose a template for reporting of sustainability information, so that undertakings requesting information are not required to assess or map the size categories of all entities in their value chain.

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 8, Article 29ca – paragraph 3 (new): 3. The Commission shall, at least every four years after the date of its application, review the delegated act referred to in paragraph 1 and, where necessary, it shall amend it to take into account developments relevant to sustainability reporting.

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 8, Article 29ca – paragraph 4 (new): 4. When amending delegated acts pursuant to paragraph 3, the Commission shall take into consideration technical advice from EFRAG.’;

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 10, Article 33 – paragraph 1 – subparagraph 2: By way of derogation from subparagraph 1, Member States may provide that the members of the administrative, management and supervisory bodies of an undertaking, acting within the competences assigned to them by national law, do not have collective responsibility for ensuring that the management report, or consolidated management report, where applicable, is prepared in accordance with Article 29d.’;

Removed:Amendments 237 and 297

Removed:Article 2 – paragraph 1 – point 11 – point b

Removed:Directive 2013/34/EU

Removed:Article 34 – paragraph 2a

Removed:Amendment: 2a. Member States shall ensure that the opinion referred to in paragraph 1, second subparagraph, point (aa), is prepared in full respect of the obligation on undertakings not to seek to obtain from undertakings in their value chain which, on their balance sheet dates, do not exceed the average number of 1750 employees and a net turnover of EUR 450 000 000 during the financial year any information that exceeds the information specified in the standards for voluntary use referred to in Article 29ca, except for additional sustainability information that is commonly shared between undertakings in the sector concerned.’;

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 11 – point b a (new), Article 34 – paragraph 2 b (new): (ba) the following paragraph is inserted: / ‘2b. Member States shall ensure that the opinion referred to in paragraph 1, second subparagraph, point (aa), is prepared in full respect of the possibility of undertakings in the value chain to omit to provide information in exceptional cases where an undertaking established under the legislation of a third country could be sanctioned due to third-country legislation simply by transmitting sustainability data.’;

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 12 – point -a (new), Article 40a – paragraph 1 – subparagraph 1: (-a) the first subparagraph is replaced by the following: / ‘A Member State shall require that a subsidiary undertaking established in its territory whose ultimate parent undertaking is governed by the law of a third country publish and make accessible a sustainability report covering the information specified in points (a)(iii) to (a)(v), points (b) to (f) and, where appropriate, point (h) of Article 29a (2), and in accordance with Article 29a(3), at the group level of that ultimate third-country parent undertaking.’;

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 12 – point a, Article 40a – paragraph 1 – subparagraph 2: ‘The first subparagraph shall only apply to subsidiary undertakings which, on their balance sheet dates, exceed a net turnover of EUR 450 000 000 in the preceding financial year.’;

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 12 – point b, Article 40a – paragraph 1 – subpargraph 4: (b) the fourth subparagraph is replaced by the following: / ‘The rule referred to in the third subparagraph shall only apply to a branch where the third-country undertaking does not have a subsidiary undertaking as referred to in the first subparagraph, and where the branch generated a net turnover exceeding EUR 450 000 000 in the preceding financial year.

Removed:Amendments 65 and 336

Removed:Article 2 – paragraph 1 – point 12 – point b a (new)

Removed:Directive 2013/34/EU

Removed:Article 40a – paragraph 1 – subpargraph 5

Removed:Amendment: (ba) the fifth subparagraph is deleted / (deleted)

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 13 – point -a (new), Article 49 –paragraph 2 – first sentence: (-a) in paragraph 2, first sentence, the reference to Article 29c is deleted;

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 13 – point -a a (new), Article 49 – paragraph 3 – first sentence: (-aa) in paragraph 3, first sentence, the reference to Article 29c is deleted;

Removed:Directive 2013/34/EU

Removed:Article 2 – paragraph 1 – point 13 – point -a b (new), Article 49 – paragraph 3b: (-ab) paragraph 3b is amended as follows: / (i) in the first subparagraph, introductory wording, the reference to Article 29c is deleted ; / (ii) in the fourth subparagraph, the reference to Article 29c is deleted; / (iii) in the sixth subparagraph, the reference to Article 29c is deleted.

Removed:Directive 2013/34/EU