30/03/2022 - EFRAG issues its Due Process Procedures for Sustainability Reporting Standard Setting
EFRAG is pleased to inform stakeholders about a major development in its governance reform with the publication of the Due Process Procedures for Sustainability Standard-Setting (the DPP). The provisions contained in the DPP apply to the preparation of draft EU sustainability reporting standards by EFRAG.
EFRAG is also publishing a Feedback Statement explaining how the feedback received from the 2021 public consultation on the DPP was considered.
At its meeting on 15 March 2021, the EFRAG General Assembly approved the DPP as recommended by the EFRAG Administrative Board supported by its Due Process Committee. The DPP stipulates the requirements to be followed by EFRAG in its role as technical advisor to the European Commission in the preparation of draft EU sustainability reporting standards (ESRS).
The DPP was subjected to a public consultation process in 2021 and the comments received were duly considered. A report, summarising the comments received, was published in November 2021. A feedback statement published together with the DPP explains how the feedback received has been considered in the final DPP.
The provisions contained in the DPP principally apply to the work of the new EFRAG Sustainability Reporting Board and EFRAG Sustainability Reporting Technical Expert Group.
The EFRAG Administrative Board, supported by its Due Process Committee, is responsible for the oversight of the due process and will address any issues that stakeholders may raise. Correspondence to the EFRAG Administrative Board and/or its Due Process Committee, on due process matters should be addressed to the following address : esrsdueprocess@efrag.org.
EFRAG Board President Jean Paul Gauzès, commented on the publication:
“I am very pleased that EFRAG has put together, after a proper public consultation, a transparent and robust due process that will be instrumental in ensuring that draft ESRS are developed in a transparent and inclusive way, allowing all stakeholders to put forward their views for consideration by EFRAG.
I would like to thank again the wide range of organisations and individuals that have provided input on the proposed DPP and for the richness and quality of the input received. This input has been carefully considered by EFRAG.”
The Due process Procedures can be accessed here.
The Feedback Statement can be accessed here.
