Luxembourg’s Parliament has introduced key amendments to Bill 8370, aimed at implementing the EU’s Corporate Sustainability Reporting Directive (CSRD) to clarify ESG and carbon neutral strategy reporting obligations. Submitted to the Luxembourg Conseil d’Etat on October 25, 2024, these updates focus on whether holding companies, commonl5y used by asset managers in private equity, are exempt from consolidated sustainability reporting. 

Historically, holding companies—defined under the EU Accounting Directive as entities holding subsidiaries solely for resale—are exempt from financial consolidation. However, CSRD left uncertainty about whether this exemption also applies to sustainability reporting. This gap has posed challenges for asset managers who rely on holding structures to facilitate ESG and carbon neutrality compliance. 

Responding to ambiguity, the Luxembourg Parliament aligned with the EU Commission’s recent CSRD FAQ guidance, advocating that financial exemptions should extend to sustainability reporting for holding companies. They suggested Luxembourg’s final legislation might explicitly confirm this, though it remains up to the Conseil d’Etat’s review. 

If accepted, this clarification would provide substantial legal certainty for private equity sponsors and asset managers, making it easier to apply the financial exemption logic to sustainability reporting. Even if the law’s final text lacks this express provision, the Parliament’s support encourages asset managers in Luxembourg and the EU to consider this approach for holding companies. 

This legislative backing supports ESG goals while ensuring Luxembourg’s reporting obligations remain both manageable and practical, reinforcing the country’s commitment to a balanced corporate sustainability reporting environment. 

출처:  

https://www.debevoise.com/insights/publications/2024/11/update-on-csrd-implementation-in-luxembourg 

https://www.lexgo.be/en/news-and-articles/13830-latest-developments-in-luxembourg-s-csrd-implementation-process-the-final-stretch 

https://elvingerhoss.lu/insights/publications/corporate-sustainability-reporting-directive-update