The Corporate Sustainability Reporting Directive (CSRD) proposal stipulates that EFRAG should be responsible for carrying out a due process to draft, consult and deliver EU sustainability standards for adoption by the European Commission. On 1 March, the EFRAG General Assembly appointed the members of the EFRAG Sustainability Reporting Board, which will be responsible for all sustainability reporting positions of EFRAG, including technical advice to the European Commission on draft EU Sustainability Reporting Standards and related amendments.
The Board is composed of European stakeholders, national organisations, and civil society. Filip Gregor, Head of the Responsible Companies Section at Frank Bold, has been appointed as one of the two NGO representatives of the EFRAG Civil Society Chapter, alongside another member of the Alliance for Corporate Transparency, David Vermijs from Shift. Joanne Houston, EU Policy Officer at Frank Bold, has been selected to be part of the Technical Expert Group recently announced.
Filip Gregor’s engagement builds on his current participation in the secretariat of Project Task Force on European sustainability reporting standards. As EFRAG progresses towards the establishment of its permanent sustainability reporting pillar alongside its existing financial one, Filip’s work on EU standards will continue as a member of the newly formed Sustainability Reporting Board, contributing to the continuity of EFRAG’s standard-setting work.
The EFRAG Sustainability Reporting Board does not rely solely on broad stakeholder representation; it also ensures the adoption of well-informed positions. The EFRAG Sustainability Reporting Board will take decisions after having considered the advice of the Sustainability Reporting Technical Expert Group (TEG) of EFRAG and the results of EFRAG’s due process. The EFRAG Sustainability Reporting Board together with the EFRAG Financial Reporting Board will work to ensure connectivity between financial and sustainability reporting.
All of EFRAG’s draft and final sustainability reporting due process documents will be issued under the EFRAG Sustainability Reporting Board’s authority.
Today, the Council of the EU approved a watered-down version of the Corporate Sustainability Due Diligence Directive (CSDDD). It includes a severely reduced scope: Only about 0,05% of companies across the EU will be subject to the new law, a cut of roughly 2/3 - compared to the December trilogue outcome.
Frank Bold participated in the preparation of a new report examining the changes underway in the European energy sector and the need to modernize electricity grids to accommodate more renewable energy sources with emphasis on Central and Eastern Europe (CEE).
EU policy-makers agreed last night to postpone by two years the deadline for the adoption of sector-specific standards for companies sustainability reporting, which was initially set in the EU Corporate Sustainability Reporting Directive for June 2024.
