08/03/2021 - Reports published on development of EU sustainability reporting standards
Two reports are published today, prepared in response to the mandates given by the European Commission on 25 June 2020 to EFRAG and to EFRAG Board President Jean-Paul Gauzès. The reports set out recommendations to the European Commission for the elaboration of possible EU sustainability reporting standards and for possible changes to EFRAG's governance and funding if it were to become the EU sustainability reporting standard setter.
EFRAG published today two reports submitted to the European Commission setting out recommendations on the development of EU sustainability reporting standards.
The reports were prepared in line with the European Commission mandates received by EFRAG and EFRAG Board President Jean-Paul Gauzès on 25 June 2020. The first mandate was a request for technical advice mandating EFRAG to undertake preparatory work for possible EU sustainability reporting standards in a revised EU Non-Financial Reporting Directive. The second mandate was an invitation to EFRAG Board President Jean-Paul Gauzès, to provide recommendations on the possible need for changes to the governance and funding of EFRAG if it were to become the EU sustainability reporting standard setter.
After five months of very intensive work, the multistakeholder Project Task Force on preparatory work for the elaboration of possible EU non-financial reporting standards established by EFRAG, submitted its final report proposing a roadmap for the development of a comprehensive set of EU sustainability reporting standards.
Jean-Paul Gauzès' report proposes reforms to EFRAG's governance structure and funding, to ensure that future EU sustainability reporting standards are developed using an inclusive and rigorous process. For his recommendations, Jean-Paul Gauzès considered feedback from two public consultations and input from extensive outreach.
Related projects: Non-financial reporting standards & Ad personam governance mandate
