EFRAG releases sustainability reporting standards proposal for consultation

The European Financial Reporting Advisory Group (EFRAG) has released a draft proposal for consultation for the European Sustainability Reporting Standards.

According to ESG Investor, the standards will be used by companies required to report under the new Corporate Sustainability Reporting Directive, in turn providing critical information to investors about the sustainability risks and impacts in their portfolios.

The EFRAG developed the draft standards in consultation with groups including the Global Reporting Initiative, which sets standards for sustainability disclosures using a double materiality approach to serve the needs of multiple stakeholders.

EFRAG’s Project Task Force of European Sustainability Reporting Standards (PTF-ESRS) – a group that has been publishing working papers reflecting its thinking on the standards – finalised its proposed exposure drafts at the end of last week.

Consultation on the exposure drafts for the first set of ESRSs will be open until August 8, to enable EFRAG to take in feedback.

EFRAG noted that the first set of exposure drafts corresponds to the first set of standards required under CSRD and covers environment, social, governance and cross-cutting standards.

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