The European Union announced on Tuesday that it has reached an agreement aimed at “simplifying” regulations relating to corporate sustainability. Under the updated system, most companies in the EU will not be required to comply with sustainability reporting requirements. European Affairs Minister Marie Bier said in a statement: “Today we have fulfilled our promise to reduce burdens, reduce rules, and enhance the EU's competitiveness. This is an important step towards our common goal of creating a more favorable business environment to help companies grow and innovate.”

The European Union announced on Tuesday that it has reached an agreement aimed at “simplifying” regulations relating to corporate sustainability. Under the updated system, most companies in the EU will not be required to comply with sustainability reporting requirements. European Affairs Minister Marie Bier said in a statement: “Today we have fulfilled our promise to reduce burdens, reduce rules, and enhance the EU's competitiveness. This is an important step towards our common goal of creating a more favorable business environment to help companies grow and innovate.”