European lawmakers have agreed to force roughly 28,000 foreign subsidiaries to comply with the bloc’s ESG rules, marking a blow to representatives for U.S. corporations who had lobbied for the opposite outcome.
In a wide-reaching revamp of the EU’s reporting requirements for non-financial firms, the bloc’s parliament has dropped a planned exemption that had been backed by the American Chamber of Commerce to the European Union. The plan was announced on Wednesday as part of a larger package of corporate reporting proposals to be negotiated with member states and could still face opposition from individual members of parliament.
