06/05/2026 (Agence Europe) – On Wednesday 6 May, the European Commission launched a public consultation on the draft revision of the European sustainability reporting standards (ESRS) and on a voluntary sustainability reporting standard for small businesses. As part of the ‘Omnibus I’ package and the revision of the ‘CSRD’ Directive, the reform aims to significantly reduce administrative burden, with over 60% fewer mandatory data points and an announced reduction in reporting costs per company of over 30%. The draft, based on EFRAG’s technical recommendations, also introduces a ‘value chain cap’ mechanism limiting the information that large companies can request from their partners with fewer than 1,000 employees. Stakeholders have until 3 June to submit their comments. Link to the ‘ESRS’ consultation: https://aeur.eu/f/lth ; and the consultation on the voluntary standard: https://aeur.eu/f/lti (BD)