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Today the European Commission adopted an ambitious and comprehensive package of
measures to channel funding towards sustainable activities. This
package includes a proposal for a Corporate Sustainability Reporting
Directive (CSRD) aiming – over time – to bring sustainability reporting on a par with financial reporting.
On 8 March EFRAG published two reports
exploring the possibility of developing European sustainability
reporting standards and the possible changes to the governance and
finance of EFRAG if EFRAG would develop these standards. The reports
were issued after the recommendations were submitted to Commissioner
McGuinness.
EFRAG Board President, Jean-Paul Gauzès, welcoming the proposal for the CSRD and the envisaged role for EFRAG commented:
“I
am very honoured by the confidence the European Commission is putting
into EFRAG by requesting EFRAG to prepare technical advice with proper
due process, public oversight and transparency, contributing to the
delegated acts through which the sustainability reporting standards will
be adopted.