After a long negotiation process, the EU's major regulatory simplification package, Omnibus 1, was adopted on Tuesday. The agreement is intended to simplify the requirements for companies' sustainability reporting and strengthen European competitiveness. The Confederation of Danish Industry describes the adoption as an important step for both Denmark and the EU, the organization said in a press release.
The Omnibus 1 package means, among other things, that companies with fewer than 1,000 employees and a turnover of less than 450 million euros are no longer required to report on sustainability. The due diligence requirements only apply to companies with more than 5,000 employees and a turnover of more than 1.5 billion euros. At the same time, a number of rules are being removed and simplified, which according to DI provides clarity and less administrative pressure on the business community.
- With the adoption of this simplification package, the EU is demonstrating that we are able to make necessary decisions. This is absolutely crucial at a time when we are under heavy pressure on both competitiveness and security. The process has taken longer than one would have liked, but now there is finally a clarification for Danish companies, says Lars Sandahl Sørensen, CEO of the Confederation of Danish Industry.
The Confederation of Danish Industry emphasizes that regulatory simplification is necessary if the EU is to maintain its global competitiveness. The organization hopes that future simplification packages – including in areas such as defense, investment and digitalization – will be adopted quickly and with the same level of ambition.
- The external pressure on Europe is enormous, even now from the USA. At the same time, companies face internal pressure from new heavy and cumbersome regulation and very slow processes that require many resources. It is madness, because it makes it more difficult for companies to create the prosperity that, among other things, will finance our security in an uncertain time. Europe's citizens deserve better. Because it is their jobs, prosperity and security that are at stake, says Lars Sandahl Sørensen.
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