Mr. Conor Verdon:

Regarding the CSRD, there will be two significant changes that will help SMEs. The original CSRD proposed that companies would come into scope in three successive waves, with the largest companies earliest and the third wave would be listed SMEs. The omnibus will remove SMEs altogether. SMEs will not be involved in their own right. The other change, which is possibly of greater impact, is that the larger company categories will be restricted to companies with more than 1,000 employees. Originally this figure was going to be 250 employees. As the larger companies will be removed, so will the SMEs who are part of their supply chain.