Sustainability reporting standards interim draft

As a consequence, the PTF-NFRS established in September 2020​, is now called the Project Task Force on European sustainability reporting standards (PTF-ESRS). The PTF-ESRS has been invited to start elaborating standards in project mode in view of passing responsibility to the EFRAG sustainability reporting bodies as soon as they have been established following the planned governance reforms.​

Kicking-off the technical work under robust organisation and due process: Successfu​​l launch of the PTF-ESRS

In this context most of the 35 PTF-NFRS members, originating from 13 member states and from all relevant backgrounds, have expressed their willingness, availability and enthusiasm to contribute to this new crucial phase as PTF-ESRS members. A few adjustments have been organised to fill the gaps. Public authorities have also been invited to participate and have all expressed their willingness to contribute.

For the composition of the PTF-ESRS see here​​. The PTF-ESRS benefits from the support of a secretariat generously provided by constituents and stakeholders, together with the EFRAG Secretariat.​

The plenary kick-off meeting took place on 9 June 2021, and established the bases for a swift start:

• Objectives and milestones, in alignment with the CSRD timeline and the EFRAG governance reform timetable;
• Organisation in clusters, reflecting the target architecture proposed in the PTF- NFRS report;
• Allocation of tasks and responsibilities, consensus building and rules of engagement;
• Due process procedures (under public consultation) and templates.

​​To support the PTF-ESRS a robust Secretariat has been set up in order to provide technical expertise, project management and drafting input. At this stage the Se​cretariat benefits from the contribution of a full time equivalent of around 20 professionals. Additional competencies are welcome and EFRAG has published a call for candidates for contribution in kind positions as well as for some compensated positions.

Technical work by the PTF-ESRS is well under way, organised in clusters. These clusters are currently scoping, researching, documenting and drafting the very first version of the standards, aiming to have preliminary pre-exposure draft versions ready for a first batch of standards by mid-November. 

Expert Working Groups

On 25 August 2021 EFRAG launched a call for candidates for setting up Expert Working Groups (EWGs) with expertise and experience on sustainability matters, to provide input for the development of draft European sustainability reporting standards. A very large number of high quality applications for membership of the EWGs were received that were carefully considered and analysed under the supervision of the EFRAG Board President Jean Paul Gauzes. During the selection process strong emphasis was given to identifying candidates with high level of expertise and experience on the specific areas and topics listed in the call for candidates whilst respecting an optimal balance for professional background, nationality and gender.

The composition of the EWGs was publicly announced on 5 November 2021.

The EWGs are expected to review, provide input and, where necessary, contribute to the work of the PTF-ESRS on the basis of the preliminary pre-exposure draft version of the standards to be submitted to them. The preliminary pre-exposure draft version will be further developed to accommodate input from the EWGs, to get to the pre-exposure draft for the next steps of the standard- setting process.

The EWGs were launched with an induction session in December 2021, and  material started being shared in January 2022 for input by the relevant EWGs.

Plenary meetings

Building on and contributing to international convergence

Presentation of EFRAG's work at a European Commission side-event to COP26

'Climate standard prototype' working paper

During its plenary session on 8 September 2021, the PTF-ESRS received an extensive presentation of a working paper titled 'Climate standard prototype'  prepared by its subgroup dedicated to this topic (Cluster 2). The PTF-ESRS welcomed this presentation as a robust basis for future PTF-ESRS discussions and further steps towards a draft standard. This working paper was made publicly available​ for transparency purposes, but is not submitted to public consultation at this stage. The basis for conclusions supporting this working paper​ was subsequently​ made publicly available also.​

In parallel to the work on climate, the PTF-ESRS continues to work on draft standards covering all other sustainability issues referred to in the European Commission's CSRD proposal, which will form part of the set of draft standards to be delivered to the European Commission in mid-2022.