TIC Council Publishes its Position on the Omnibus I

TIC Council is pleased to announce the publication of the position paper on the Omnibus I Proposal on Sustainability, urging EU co-legislators to ensure fair market access for accredited Independent Assurance Service Providers (IASPs) under the Corporate Sustainability Reporting Directive (CSRD).

We propose the following points to the co-legislators in their negotiations on the Proposal for a Directive as regards certain corporate sustainability reporting and due diligence requirements (2024/0045 COD):  

• Mandatory authorization of IASPs: All EU Member States shall authorize accredited IASPs to conduct sustainability assurance services. This will enhance competition, create a harmonized market and provide companies with a broader range of qualified verifier.
• Keep the 2028 revision of the assurance market in place: As stated in Article 6.2 of CSRD, by December 2028, the Commission shall review the concentration of the assurance market and assess possible legal measures to ensure sufficient diversification. We call on co-legislators to maintain this article in the final text, since it will provide a valuable fitness check on the application of the Directive, five years after its entry into force, as it is custom in other pieces of legislation.
• Development of voluntary standards with clear instructions on the assurance process: Since the Commission proposes to change the scope of companies subject to compulsory reporting, most of the companies in the current scope may only be subject to voluntary reporting and assurance. We propose that the Commission and EFRAG draft guidelines on how this voluntary assurance will be conducted, so that it remains affordable for all companies, especially SMEs.

Assurance is essential to ensure trust, reliability, and comparability in sustainability reporting. It enables a strong EU data environment that benefits policymakers, companies, investors, and consumers. Opening the assurance market to more providers will make these services more accessible and affordable for all companies. Read the full paper here.