Are the requirements of CSRD transposed? If yes, what was the implementation date and what is the name of the legislation?
Yes, in principle. The transposing legislation implements the core CSRD obligations, including reporting on environmental, social and governance factors, subject to the scope, assurance and enforcement provisions described below. Amendments to the Law on Accountability of Companies and Groups of Companies; the Law on Audit of Financial Statements and Other Assurance Services; the Code of Administrative Misdemeanours and other laws transposing the CSRD into Lithuanian law, were effective as of July 1, 2024. In total 10 other laws were amended as part of the implementation. The Stop-the-Clock Directive was transposed through a law of June 25, 2025.
Has the local legislation extended the scope of the CSRD, by adding any additional requirements or going beyond the Directive in any way?
Yes.
How does the transposition affect different types of companies? Are there specific provisions for different sizes or types of companies, such as SMEs versus large enterprises?
In Lithuania, the CSRD is being implemented on a phased basis in line with the EU timetable. First, large public-interest entities such as listed companies, banks and insurance undertakings that were previously subject to NFRD requirements are required to report for the 2024 financial year. From the 2025 financial year onwards, the obligation extends to other large undertakings as defined under the CSRD size criteria. From the 2026 financial year, listed small and medium-sized enterprises will also fall within scope, subject to transitional provisions and opt-out options. Overall, it is estimated that approximately 250 companies in Lithuania will be subject to sustainability reporting requirements under the CSRD framework.
Do any enforcement provisions, such as sanctions or penalties exist under local law for non-compliance with CSRD?
Yes.
© Eversheds Sutherland. All rights reserved. Eversheds Sutherland is a global provider of legal and other services operating through various separate and distinct legal entities. Eversheds Sutherland is the name and brand under which the members of Eversheds Sutherland Limited (Eversheds Sutherland (International) LLP and Eversheds Sutherland (US) LLP) and their respective controlled, managed and affiliated firms and the members of Eversheds Sutherland (Europe) Limited (each an "Eversheds Sutherland Entity" and together the "Eversheds Sutherland Entities") provide legal or other services to clients around the world. Eversheds Sutherland Entities are constituted and regulated in accordance with relevant local regulatory and legal requirements and operate in accordance with their locally registered names. The use of the name Eversheds Sutherland, is for description purposes only and does not imply that the Eversheds Sutherland Entities are in a partnership or are part of a global LLP. The responsibility for the provision of services to the client is defined in the terms of engagement between the instructed firm and the client.
Connect with us
