This work is to be undertaken in parallel to the negotiations of the proposed Corporate Sustainability Reporting Directive (CSRD). The Commissioner also asks EFRAG to move ahead with governance reforms.
Confirming her statement at the High-level conference on a proposal for a Corporate Sustainability Reporting Directive - the way forward of 6 May, Commissioner McGuinness has invited EFRAG, in a letter dated 12 May,
to launch as soon as possible the necessary technical work to develop
draft sustainability reporting standards building on the recommendations
in the PTF-NFRS report and on the PTF-NFRS expertise, experience, and
leadership. The Commissioner also asks EFRAG to move ahead with
governance reforms as quickly as possible while respecting all legal
requirements, based on the recommendations contained in the report of Jean-Paul Gauzès on his ad personam mandate.
This work is to be undertaken in parallel to the negotiations of the proposed CSRD.
The interim working methods should foreshadow the EFRAG governance
reforms and processes to ensure transparency and due process. They
should be undertaken in a pragmatic spirit aiming for an appropriate
handover to the EFRAG revised governance structure when it is in place.
EFRAG is asked to submit a first set of draft standards by 15 June
2022.
EFRAG Board President Jean-Paul Gauzès welcoming the invitation of Commissioner McGuinness commented:
“I
am pleased with the official letter of the Commissioner inviting EFRAG
to start as soon as possible with interim work on the EU draft
sustainability reporting standards and the related governance reform in
parallel to the negotiations of the co-legislators on the EC proposal
for the CSRD. This gives us a sound basis for starting our work and the
reforms. We will work in full transparency, respecting the due process
our stakeholders are used to for our financial reporting activities.
We
will be seeking to involve a wide range of stakeholders at various
stages of the work and in the revised governance structure. This will
include, as indicated in my report to the Commissioner, extension of the
EFRAG membership both within the existing chapters of European
Stakeholder Organisations and National Organisations, and the two new
chapters: European institutions, authorities & agencies and Civil
society. I am looking forward to our future cooperation and welcome
expressions of interest.”
The letter of Commissioner McGuinnes to
EFRAG can be found
here.
EFRAG
© EFRAG - European Financial Reporting Advisory Group
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