The European Commission’s proposal for a Corporate Sustainability Reporting Directive (CSRD) provides for the adoption of EU Sustainability Reporting Standards (ESRS).
EFRAG was invited in a letter from Commissioner McGuinness to provide technical advice and assistance to the European Commission in the form of fully developed draft standards and/or draft amendments to the sustainability reporting standards.
The CSRD proposal requires that EFRAG’s technical advice be prepared in accordance with due process, under public scrutiny and transparency, involving the expertise of relevant stakeholders, and that it be informed by cost-benefit analyses that include impacts of the technical advice on sustainability issues.
In order to meet the deadlines for submission of the first set of draft ESRSs to the European Commission by November 2022 and to take advantage of the longest possible period for public consultation, it was of great importance that the public consultation on the Exposure Drafts 5 (EDs) of the first set of ESRSs was launched as soon as possible. Therefore, the EFRAG-SRB decided to launch the public consultation based on the drafts prepared under the sole responsibility of PTF-ESRS.
In this context, and in accordance with EFRAG’s procedures for setting EU sustainability reporting standards, which set out the requirements to be followed in its role as technical advisor to the European Commission in the preparation of draft ESRSs or amendments, PTF-ESRS submits its draft ESRSs for public consultation with a deadline of 8 August 2022.
These drafts correspond to the first set of standards required under the CSRD proposal and also cover the area of sustainability: environmental, social, governance and cross-sectoral standards.
You can download the collaborative report here.