Figure 1
The diagram shows a horizontal timeline beginning on the left, starting with the year “2021”, and text “Apr 21: C S R D proposal published to enhanced E U sustainability reporting”, followed by “2022” containing text “Summer to November: public consultation for initial E S R S drafts to revised drafts reduce disclosure scope” and “December, 2022 C S R D officially published”. “2021” and “2022” are tagged “Aspirational Expansion (2021 to 2023)” above, with a header below reading “Emphasis on normative symbolic capital”, followed by the text “Stakeholder Accountability; ambitious regulatory frameworks”. To the right is the year “2023” with text “July: First set of E S R S adopted (European Commission)” and “July: Delegated Regulation (E U) 2023 slash 2772 passed”. Further right is the year “2024” with text “July: Many E U states have not ratified the C S R D in national law before the due date” and “Sep 9: Draghi’s report calls for regulatory simplification”. “2023” and “2024” are tagged “Contestation and Politicization (2023 to 2024)” with a header below reading “A shift toward economic and technocratic authority”, followed by the text “increasing influence from industry lobbying” and “concerns over reporting burdens”. To the right of this is the year “2025” with text “Feb: ‘Simplification Omnibus’ proposal introduced” and “Mar 26: to Apr 1: Adopts position and parliament vote on ‘Stop-the-Clock’ directive”. “2024” and “2025” are tagged above “Retrenchment and Reconfiguration (2024 to 2025)” with a header below reading “Consolidation of economic rationality”, followed by the text “regulatory emphasizes cost reduction”, “administrative simplification”, and “global competitiveness”. At the bottom of the timeline are two long horizontal rightward arrows spanning the entire width of the timeline. The arrow on the left below the years “2021” and “2022” is labeled “Normative Authority and Stakeholder Engagement”. The arrow on the right below the years “2023”, “2024”, and “2025” is labeled “Economic Rationality and Regulatory Burden Reduction”.Timeline illustrating the evolution of the EU's sustainability reporting regulations (CSRD/ESRS), highlighting phases of normative ambition, stakeholder engagement, industry contestation and economic retrenchment. The diagram annotates key events and symbolic interventions that have redefined the regulatory narrative, culminating in the “Stop-the-Clock’ directive's proposal. It traces the shift in symbolic capital from environmental and social priorities toward economic and competitive considerations, reflecting underlying power dynamics within the regulatory field. Source: Author’s own work