CSRD and Omnibus: The Perceived Impact on European Companies

Abstract

Amid increasing stakeholder expectations and evolving EU regulatory frameworks, sustainability reporting has emerged as a central mechanism for corporate accountability. This thesis explores the sustainability consultants’ perceived impact of the Corporate Sustainability Reporting Directive (CSRD) and the proposed Omnibus amendment on European companies, particularly regarding stakeholder influence on CSR practices. Through semi-structured interviews with seven sustainability consultants across Sweden and Germany, this study applies stakeholder theory and thematic analysis to investigate the perceived challenges and opportunities of CSRD compliance. Findings reveal that while CSRD is generally welcomed for its ambition to improve transparency and comparability in CSR, it also represents an overly complex and resourceintensive regulation, particularly for small and medium-sized enterprises. Consultants highlight a growing reliance on external advisory due to extensive data requirements and the ambiguity of the European Sustainability Reporting Standards (ESRS). The Omnibus amendment, proposed to reduce administrative burden and improve competitiveness, is perceived as a pragmatic response, but one that introduces uncertainty, undermines comparability, and risks weakening stakeholder trust. Despite this, this research finds that organisations continue to engage in CSR beyond compliance, mainly driven by stakeholder expectations and strategic value. The study underscores the changing role of sustainability consultants as strategic advisors and stresses the need for consistent, realistic, and harmonised regulations to ensure sustained credibility and impact of EU sustainability legislation. The insight contributes to enhance the understanding of regulatory implementation and offer practical implications for both primary and secondary stakeholders, navigating the transition towards long-term corporate governance.