13/02/2025 - EFRAG Conference 2024: Summary Report Now Available

The EFRAG Conference 2024, held on 10 December in Brussels, brought together leading professionals in corporate reporting. Under the theme 'Advancing Transparency and Competitiveness in Challenging Times,' discussions focused on key challenges shaping the future of corporate reporting, with 350 attendees participating in person and 850 joining virtually.

The summary report now available provides insights from the discussions, including:

Keynote speeches

• Martin Merlin (European Commission, DG FISMA) on EFRAG’s role in enhancing transparency and sustainability in financial markets.

• Jean-Paul Servais (IOSCO, FSMA) on aligning sustainability reporting at global, EU, and national levels to support market stability.

• Wolf Klinz (EFRAG FRB Chair) on balancing financial and sustainability reporting while navigating evolving regulatory landscapes.

• Andreas Barckow (IASB Chair) on adapting IFRS Accounting Standards to a changing world, emphasising the role of IFRS 18 in improving financial statement transparency.
  

• Patrick de Cambourg (EFRAG SRB Chair) on interoperability between ESRS and global frameworks (ISSB, GRI, TNFD), essential to reduce reporting burdens and ensure companies can efficiently meet sustainability disclosure requirements.
  

• Emmanuel Faber (ISSB Chair) on sustainability reporting and its role to enhance corporate resilience by improving transparency, strengthening access to capital, and aligning disclosures with financial reporting principles.

Panel Discussions and Fireside Chat Highlights:

Fireside Chat: The Future of Corporate Reporting in Europe

• Lara Wolters (European Parliament, JURI Committee Vice Chair) stressed the importance of stability in sustainability reporting regulations to avoid penalising companies that have already adapted to the Corporate Sustainability Reporting Directive (CSRD). Ensuring a level playing field for businesses across EU Member States was a key concern, along with the need for clarity, stability, and guidance for SMEs.

• Ilhan Kyuchyuk (JURI Committee Chair, European Parliament): Emphasised that regulatory simplification should not mean deregulation and stressed the importance of expert input in shaping future EU sustainability reporting policies.
  

Panel 1: Advancing Financial Reporting Further

(Moderator: Jens Berger, EFRAG FR TEG Vice-Chair & Deloitte Partner, Panellists: Andreas Barckow, An Lommers, EFRAG FR TEG Member l Head of Risk and Business Assurance & Corporate Chief Accountant, ASML, Malgorzata Matusewicz, EFRAG FR TEG Member l EY Partner, Serge Pattyn, EFRAG FRB Vice-Chair l Board member ABAF/BVFA)

• Discussions focused on how financial reporting has evolved to support corporate transparency and competitiveness, particularly through new ESG-linked financial instruments.

• Experts debated how AI and digital tools could enhance financial reporting while maintaining comparability and reliability.

• Calls for simplification of reporting requirements were echoed, with panelists emphasising a balanced cost-benefit approach to financial disclosures.

 Panel 2: Advancing Sustainability Reporting Globally

(Moderator: Laurence Rivat, EFRAG SRB Member l EU Corporate Reporting Policy Leader, Deloitte, Panellists: Jungeun Shim, President, HD Hyundai Vice President, Nathalie Dogniez, Chair, EUROSIF, Bastian Buck, Chief Standards Officer, GRI, Katharina Bryan, Head of International Sustainability Reporting Policy, Amazon)

• The panel examined ESRS adoption beyond the EU and its impact on global sustainability reporting frameworks.

• Investors stressed that structured, reliable ESG data gives companies a competitive advantage in securing investment.

• Non-EU companies, including Hyundai and Amazon, shared their perspectives on navigating ESRS implementation challenges while aligning with global standards like ISSB and GRI.

• Interoperability and simplification were key themes, with a call for sector-specific sustainability standards to facilitate better reporting.

Panel 3: Advancing Sustainability Reporting Implementation

(Moderator: Nadja Picard, Partner, Global Reporting Leader, PwC , Panellists: Alberto Zamora, Co-Founder & CEO, osapiens, Paulien Eckhardt, Global ESG Lead at Ingka Group, IKEA, Susana Peñarrubia Fraguas, EFFAS Faculty & EFFAS Member of the Review Panel, Thomas Béhar, Deputy Chief Executive Officer, CNP Assurances)

• Discussions focused on how companies can derive strategic value from sustainability reporting, ensuring ESG data informs decision-making, risk management, and financial planning.

• Experts from IKEA, DWS, and CNP Assurances shared insights on balancing regulatory compliance with corporate sustainability goals.

• The panel highlighted the role of technology in automating ESG data collection and reducing the reporting burden.

• The need for clearer guidance and phased implementation was emphasised, particularly for SMEs and first-time reporters.
  

Summary Report

We extend our gratitude to all participants—both in Brussels and online—for contributing to the success of this annual conference.