Dara Calleary (Mayo, Fianna Fail)
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Provisional agreement was reached in respect of the proposed Corporate Sustainability Due Diligence Directive (CSDD) at the last trilogue meeting in mid-December 2023. Further work is needed at a technical level in order to finalise the text of the Directive and this work remains ongoing. An updated text reflecting this work is awaited.

Subject to formal endorsement at EU level by Council & the European Parliament, it is expected that the Directive will take effect by mid-2024. Thereafter, Member States will have two years to transpose the CSDD. There will be a phased approach to the implementation of the Directive with obligations applying to very large companies (1,000 employees and €300m turnover) three years post transposition; to large companies after four years; and to smaller companies, in specified high-risk sectors, after five years.

This is a complex proposal with far-reaching implications for companies and stakeholders and my Department will continue to engage with stakeholders during the transposition process.

Dara Calleary (Mayo, Fianna Fail)
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The Office of the Parliamentary Counsel, in consultation with my Department, is in the process of drafting the Co-operative Bill 2022. The legislative proposals represent the most far-reaching reform of the legislation regarding Co-operative Societies in 130 years. The proposals will consolidate, modernise and strengthen the legislative basis for the sector and enshrine the co-operative model in legislation for the first time. This will allow co-operatives to operate under a modern, fit for purpose legislative framework, and provide an attractive alternative to the company law model for those entities who subscribe to the co-operative ethos.

Due to the length of the Bill and its complex nature, it is not envisaged that drafting will be finalised and the Bill brought to Government for publication until Quarter 2 of this year. There has been strong support for modernising the legislation governing the co-operative model, and my Department has been in continued engagement with the relevant stakeholders to develop the Bill. I look forward to the support of Members of both Houses with a view to facilitating early enactment.