16/11/2021 - PTF-ESRS: On track to meet ambitious timeline, five months into the drafting of European sustainability reporting standards (ESRS)
Following the request from the European Commission to start technical work building on the recommendations of the PTF-NFRS, EFRAG is making substantial progress in developing draft European sustainability reporting standards, while reforming its governance structure. Read the full status report here.
The Project Task Force on European sustainability reporting standards (PTF-ESRS) has prepared a detailed five-month status report outlining the progress to date for the elaboration of sustainability reporting standards following the recommendations of the PTF-NFRS.
Progress to date includes:
- EU-wide mobilisation of multi-stakeholder resources (the 35 member PTF-ESRS itself, 10 representatives of European public authorities, more than 30 FTE Secretariat and the 11 Expert Working Groups with 71 members).
- Cluster organisation aiming at delivering a first set of draft standards prepared in accordance with the ESG coverage requested by the CSRD proposal and building on the recommendations of the PTF-NFRS.
- Cluster working papers (V0 draft and basis for conclusions) prepared on most topics by the end of 2021.
- Robust due process combining cluster work, consensus building and expert input, under full transparency (status report, cluster working papers made available when submitted to the PTF-ESRS ...).
- Public consultation expected to start early 2022.
- Cooperation and extensive discussions with key international initiatives in order to build on and contribute to co-construction and convergence of sustainability reporting standards.
Next steps are expected to enable the PTF-ESRS to meet its objectives with a proper hand-over to EFRAG’s sustainability reporting standards bodies as soon as established.
Read the full PTF-ESRS status report here.
