Frank Bold together with other leading NGOs working on corporate sustainability and sustainable finance raised strong concerns about the delay in the publication of the Sustainable Corporate Governance initiative, as well as the lack of information explaining such new delay.
The shift towards a more sustainable economy committed through the EU Green Deal and the Sustainable Finance Agenda must be implemented at a corporate level. Connecting the dots between companies’ sustainability reporting, upcoming due diligence obligations and corporate governance is essential to support long-term value creation by EU companies. We therefore sent an open letter to the Commission urging them to support an effective proposal and to close the gaps in due diligence and corporate governance.
Read the full open letter "Risking Effective Sustainable Corporate Governance".
By the end of July, the European Commission is expected to adopt its first set of sustainability reporting standards (ESRS). The standards will impact 50,000 European companies and thousands international corporate groups. As part of the EU Corporate Sustainability Directive (CSRD) ecosystem, they will require large companies to report information on their sustainability impacts on people and planet as well as their sustainability-related risks and opportunities.
Last Friday, the European Commission published for public consultation a draft Delegated Act on the first set of European Sustainability Reporting Standards. NGOs, civil society groups and investors associations are very concerned with the significant reduction of the ambition compared to EFRAG’s technical advice and urge the Commission to introduce a robust, mandatory and consistent reporting framework and to not allow greenwashing.
The Committee on Legal Affairs of the European Parliament adopts improvements on the Corporate Sustainability Due Diligence Directive.
