NFU Press Release: NFU opposes a fast-tracked legislative procedure for the EU Omnibus Proposals
The Nordic Financial Unions-NFU General Secretary, Carin Hallerström expressed serious concerns regarding the European People’s Party (EPP) desire for a fast-track decision under Article 170 of the European Parliament’s Rules of Procedure for the Omnibus proposal on amending the CSDDD and CSRD.
This would allow the European Parliament to approve the proposed drastic changes without a comprehensive parliamentary report or solely based on an oral report from the responsible committee. “Such an approach raises important questions about democratic deliberation and transparency”, said Carin Hallerström.
The implications of the Omnibus directive on Sustainability Reporting Requirements are far-reaching and demand a meticulous legislative process. Sustainability reporting is a crucial element of corporate accountability and responsible governance. "Measures without an ordinary legislative procedure risks unintended consequences and weaken the credibility of the regulatory framework." NFU’s EU Coordinator, Anna-Delia Papenberg, further comments.
NFU encourages the European Parliament to uphold procedural integrity and ensure that the legislative process allows for a fact-based, inclusive and transparent discussion. This will be crucial to ensure that sustainability reporting requirements are both effective and equitable.
Several aspects of these amendment proposals warrant closer scrutiny, concludes NFU General Secretary, Carin Hallerström:
"The proposal partially derogates from the rules in the Taxonomy Regulation, a legal framework that finance employees work with daily. In addition, the omnibus directive has enormous implications for the Corporate Due Diligence Directive. The Nordic Financial Unions are particularly concerned about the shift in the European Commission’s approach to no longer consider due diligence rules for the financial sector. We believe sustainable finance should remain a priority, and we remain committed to constructive engagement on this issue."
