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ISS & Glass Lewis – The end of standardised proxy voting recommendations?
For years, proxy advisors Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”) have shaped voting behaviour at annual general meetings (“AGMs”) of publicly listed companies, including in Austria, through their uniform “benchmark” voting recommendations. This approach, it appears, will soon be history. What’s new Beginning in 2027, Glass Lewis will discontinue its long-standing practice of issuing single, default “benchmark” voting recommendations and instead collaborate with institutional clients to create fully customised voting policies supported by company-specific research reports ahead of AGMs. Glass Lewis aims to have all clients transitioned
Stop-the-Clock directive: transposition progress in Central and Eastern Europe
The Stop-the-Clock Directive (Directive (EU) 2025/794), which postpones the application of certain provisions of the EU's Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD), giving companies breathing room and time to prepare for new sustainability reporting and due diligence requirements, is to be transposed by 31 December 2025. It has been gradually transposed across Central and Eastern Europe. Here’s a short overview of its transposition status: Country Status Austria Not yet transposed
ESG legal update: Central and Eastern Europe and Central Asia regions (Q3 2025)
Drawing on insights from Kinstellar’s ESG Service Line members, we present you summary of the most recent regulatory and policy updates impacting ESG across the Central and Eastern European and Central Asian region. Q3 of 2025 saw continued momentum in ESG regulation, marked by following themes. First, progress on the transposition of the Corporate Sustainability Reporting Directive (EU) 2022/2464 (CSRD) and related due diligence legislation under the new direction of the Omnibus proposals remained uneven across the region. Several countries managed to adjust timelines and thresholds in response to the EU’s Directive (EU) 2025/794 (the Stop-the-Clock Directive). At the same time, national authorities are moving
Kinstellar announces new promotions in the Budapest office
Kinstellar Budapest is pleased to announce that Ákos Nagy has been appointed as Partner and Head of the local Competition, Dispute Resolution, Risk & Investigations, and ESG Service Lines, and Zsuzsa Andrékó and Máté Nagy have both been promoted to Of Counsels. Ákos has been with the Firm since its launch in 2008 and has been a key pillar in the development of the Budapest Office. He brings more than 20 years of experience in corporate, M&A, commercial, regulatory, and compliance matters, with a strong focus on the automotive, battery and defence sectors. He has supported numerous strategic investors on their greenfield investments in Hungary and across the CEE region, including leading players in the electric
Three new state aid schemes are driving Romania’s move toward zero-emission transport
The Ministry of Transport and Infrastructure (MTI) in Romania has recently launched three state aid schemes, financed through the Modernisation Fund, to accelerate the transition to zero-emission transport: Zero-emission vehicle acquisition (EUR 299 million); e-MOVE RO (EUR 250 million); e-Mobility RO (EUR 299 million). All schemes are managed by MTI and awarded through a competitive selection process. Click on the image below or use the following link to read our detailed overview of the schemes in English.
Stop-the-Clock directive: Where things stand in Kinstellar jurisdictions
As part of the European Commission’s agenda to simplify and enhance competitiveness in relation to sustainability reporting obligations under the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD), the EU adopted the Stop-the-Clock Directive in April 2025. This directive postpones reporting obligations for certain companies under both the CSRD and the CSDDD. Member States are required to transpose these adjustments to the reporting timeline by 31 December 2025, but progress varies across jurisdictions. To help you navigate the changes where it matters most, we’ve summarised the latest legislative steps and timelines in the jurisdictions where Kinstellar
ESG legal update: Central and Eastern Europe and Central Asia regions (Q2 2025)
Our ESG Legal Update provides a snapshot of recent regulatory developments across Central and Eastern Europe and Central Asia, with input from Kinstellar’s ESG Service Line members. Several cross-border trends emerge. The transposition of the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CS3D) remains ongoing in many jurisdictions, often delayed or adapted in response to recent EU-level changes. In parallel, regulators in multiple countries—such as Austria, the Czech Republic, Turkey, and Ukraine—are strengthening ESG risk management requirements in the financial sector. There is also a clear push toward more robust environmental compliance and
New Hungarian rules on waste management fines
On 23 June 2025 the Government Decree 156/2025. (VI. 23.) on the amount of waste management fines and on the detailed rules for the assessment, criteria for determining and imposing waste management fines and on the application of other sanctions ("Decree") was published. The Decree specifies the amounts of waste management fines and provides for additional sanctions for specific infringements. The basic amount of the waste management fine to be imposed for each infringement and the method of calculating the fine are set out in the annexes of the Decree. The amount of the waste management fine may be increased in the case of certain aggravating factors, but the total amount may not exceed HUF 50 million for natural
Defence Readiness Omnibus: EUR 800 billion to be spent on defence in the next four years
As part of the European Commission's ReArm Europe Plan, Readiness 2030, European Union Member States will mobilise EUR 800 billion over the next four years to finance a massive ramp-up of their defence spending. On 17 June 2025, the Commission adopted the Defence Readiness Omnibus ("Omnibus") to facilitate these defence investments. The Omnibus is the response to the call of the European Council from March this year[1] for the Commission to enable the simplification of both legal and administrative frameworks relevant to defence readiness, in line with the 2022 Versailles declaration by EU leaders calling for Member States to bolster their defence capabilities following the Russian invasion of Ukraine. In its March
Overview of Turkey's renewable energy market: Developing or investing in wind, solar, and energy storage projects
Turkey continues to make significant strides in its transition towards a greener energy future. In this brochure, we provide an overview of the current structure and legal framework of the renewable energy market in Turkey, including developments in wind, solar, and battery storage technologies, as well as available investment models and incentive mechanisms. Click on the image below or use the following link to read our full report. Autho rs: Edmund Emre Özer, PartnerNihal Dilan Cantürk, AssociateSimge Erdem, Legal Intern
EU CSRD and CSDDD – Significance of the postponement of the application date
On 14 April 2025, the Council of the EU gave its final green light on the so-called "Stop‑the‑clock Directive" postponing the application dates of the EU Corporate Sustainability Reporting Directive (EU) 2022/2464 ("CSRD") and the EU Corporate Sustainability Due Diligence Directive (EU) 2024/1760 (“CSDDD”). Who will benefit from this and what does this actually mean for the affected companies? The CSRD entered into force on 5 January 2023 and aims to ensure that investors have the information they need to understand and manage the risks to which investee companies are exposed from climate change and other sustainability issues. It also aims to ensure that investors and other stakeholders have the information they
Update on the implementation of CS3D and CSRD, and related local legislative developments in Bulgaria, Croatia, the Czech Republic, Hungary, Romania, and Slovakia
Despite the 6 July 2024 transposition deadline for the full implementation of the Corporate Sustainability Reporting Directive (CSRD), several jurisdictions – including the Czech Republic and Romania – remain subject to infringement proceedings initiated by the European Commission in September 2024 for failing to fully communicate their national measures. It remains unclear how this infringement process will proceed, particularly in light of the postponement of the second wave of the reporting obligation, as approved under the so-called “stop-the-clock” directive incorporated into the Omnibus I package. At the same time, and also as a consequence of the “stop-the-clock” directive – which postponed the