Last-Ditch Effort to Stop ESG Reports Fails in EU Parliament (1)

The European Parliament Wednesday rejected a last-ditch attempt to derail mandatory sustainability reporting before it kicks in next year.

The parliament rejected 359-261 the motion by some right-wing legislators to stop companies from having to report on environmental, social, and governance issues starting in fiscal year 2024. There were 11 abstentions.

The vote was brought over concerns that mandatory sustainability reporting would place too high an administrative and financial burden on companies. Opponents of the reporting requirements had called on the European Commission to narrow their scope, but the rules have advanced with relatively few changes. The EU had already ...