• European Commission invites EFRAG to start technical work on draft Sustainability Reporting Standards

European Commission invites EFRAG to start technical work on draft Sustainability Reporting Standards

21 May 2021

European Commissioner, Mairead McGuinness, in a letter to EFRAG, has invited EFRAG to launch as soon as possible the necessary technical work to develop draft sustainability reporting standards. This work is to be undertaken in parallel to the negotiations of the proposed Corporate Sustainability Reporting Directive (CSRD). EFRAG is asked to submit a first set of draft standards by 15 June 2022.

In the letter, Commissioner McGuinness has expressed full support to EFRAG’s recommendations for reforms to EFRAG’s governance to accommodate the new task of developing sustainability reporting standards and has invited EFRAG to move ahead with the reforms as quickly as possible.

EFRAG’s interim working methods should foreshadow the EFRAG governance reforms and processes to ensure transparency and due process.

The press release by EFRAG and the letter by Commissioner McGuinness may be accessed here.