The European Parliament has approved simplified sustainability reporting and due diligence rules for companies, focusing on larger corporations while reducing obligations for smaller firms. Companies with over 1,000 employees and specific revenue thresholds will undergo reporting and due diligence requirements. The rules aim to streamline reporting, exempt smaller companies from additional reporting responsibilities, and enforce due diligence on larger corporations. Compliance will be facilitated through a digital portal. Failure to adhere to these rules may result in fines. The directive is set to take effect in July 2029. The objective is to simplify EU regulations, reduce costs, and support sustainability goals while enhancing EU competitiveness.