Commission opens public consultation on revised ESRS standards

The European Commission launched a public consultation from May 6 to June 3, 2026 seeking feedback on revised European Sustainability Reporting Standards (ESRS). The proposed revisions reduce mandatory datapoints by over 60% (from ~1,100 to ~430), with total datapoints reduced by over 70%. Reporting costs are expected to decrease by over 30% per company. The revised standards feature shorter, clearer language with new flexibilities, a simplified materiality assessment process, and enhanced fair presentation framework. The consultation covers both the revised mandatory ESRS for in-scope companies and voluntary standards for SMEs (VSME). The Commission plans to adopt the Delegated Act on revised ESRS before summer 2026.