EFRAG and the European Commission met for a second time with leading international sustainability reporting standard setters and other related initiatives to present recommendations for the development of EU sustainability reporting standards and explore possible cooperation in a co-constructive spirit, promoting convergence and maintaining momentum.
Following an initial meeting on 10 December 2020, EFRAG hosted a second meeting on 22 March 2021 with some of the leading international sustainability reporting standard setters and other related initiatives, in the context of the two non-financial reporting standards mandates of the European Commission to EFRAG for the development of EU sustainability reporting standards.
The aim of the meeting was to discuss the next steps and share respective expectations for cooperation, focusing on pragmatic cooperation in the short-term, with a view to pave the way to operational conclusions about the form and scope of future cooperation between EFRAG and international sustainability reporting standard setters and related initiatives.
The meeting was opened by EFRAG Board President Jean-Paul Gauzès. Alexandra Jour-Schroeder, Deputy Director of European Commission’s DG FISMA, addressed the meeting, making reference to the expected adoption of the legislative proposal for the revision of the Non-Financial Reporting Directive. She emphasised the need and importance for EU sustainability reporting standards to build on as well as contribute to international standard-setting initiatives, while taking into consideration EU-specific policy objectives and momentum.
EFRAG was represented by Jean-Paul Gauzès and Patrick de Cambourg, who presented in brief the two reports published by EFRAG on the development of EU sustainability reporting standards: Jean Paul Gauzès – proposed reforms to EFRAG’s governance structure and funding to ensure that future EU sustainability reporting standards are developed using an inclusive and rigorous process; and Patrick de Cambourg – proposed roadmap for the development of a comprehensive set of EU sustainability reporting standards.
Ten of the leading international sustainability standard setters and other related initiatives participated in the meeting:
- CDP / CDSB, Maxfield Weiss and Mardi McBrien
- GRI, Eric Hespenheide
- IFRS Foundation, Erkki Liikanen
- SASB / IIRC, Janine Guillot and Charles Tilley
- TCFD, Mary Schapiro
- UN Global Compact, Lila Karbassi
- UN Guiding Principles Reporting Framework, Caroline Rees
- WICI, Takayuki Sumita
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