A group of leading organisations in the field of sustainable finance, including Frank Bold, issued a joint statement with recommendations for the upcoming revision of the Non-Financial Reporting Directive*.
The current COVID-19 crisis has shown how economic, social and environmental aspects are interlinked and the need to put in place the right tools and incentives for each stakeholder from both public and private sector to play its role. The European Commission indicated in its recently published consultation on a renewed Sustainable Finance strategy that companies should prioritise key stakeholders’ long-term interest. We see the revision of the Non-Financial Reporting Directive as an important element of achieving this.
As a group of stakeholders with different backgrounds, but a common interest in sustainable finance, we believe the following matters are instrumental in the upcoming revision of the NFRD to make a leap forward in improving the quality, comparability and consistency of information on environmental, social and governance matters:
You can read the full statement, which includes further details for each of the above recommendations below.
*The group is formed by ACCA, Accountancy Europe, Association of German Banks (BdB), CDSB, EFAMA, Frank Bold, IIGCC, Schroders, ShareAction, WWF who came together in an informal platform for collaboration and discussion on crucial EU policy issues on sustainability. The statement was also supported by BNP Paribas AM and Candriam (while not being part of the informal group itself).
Today, the European Parliament successfully fended off efforts to reject the European Sustainability Reporting Standards (ESRS), a key legislative piece to ensure the effective application of the Corporate Sustainability Reporting Directive (CSRD) and the transitioning efforts in the context of the Green Deal. A majority of 359 Members of the Parliament voted against a motion to reject the ESRS and its replacement with an emptied and diluted piece of legislation.
In light of today’s State of the Union Address by President von der Leyen and the ‘SME relief package’ presented by the European Commission yesterday, Frank Bold calls on the Commission not to disregard the political agreement reached in 2022 on the Corporate Sustainability Reporting Directive (CSRD).
A new study by the Frank Bold expert group analyses the legal regulation of community energy in EU member states down to the practical implementation. In response, it presents seven specific recommendations to improve the legislation of energy laws, as well as the planned implementing regulations.
