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Artikel

23 Nov 2022

Autor:
EFRAG

EFRAG delivers the first set of draft European Sustainability Reporting Standards to the EU Commission

In April 2021, the European Commission adopted a legislative proposal for a Corporate Sustainability Reporting Directive (CSRD) that requires companies within its scope to report using a double materiality perspective in compliance with European Sustainability Reporting Standards (ESRS) adopted by the European Commission as delegated acts. Under the proposed CSRD, EFRAG was appointed technical adviser to the European Commission developing draft ESRS. This was confirmed by the text of 21 June resulting from the trilogue between the co-legislators and the text of 10 November 2022 approved by the European Parliament.

The ESRS Exposure Drafts (EDs) prepared by the EFRAG Project Task Force on European Sustainability Reporting Standards (EFRAG PTF-ESRS) during the period from June 2021 till April 2022 were exposed for comments from 30 April to 8 August 2022. The EFRAG Sustainability Reporting Board (EFRAG SRB), advised by the EFRAG Sustainability Reporting Technical Expert Group (EFRAG SR TEG), addressed the feedback of the consultation and amended accordingly the twelve draft ESRS that are released today to European Commission.

The European Commission will now consult EU bodies and Member States on the draft standards, before adopting the final standards as delegated acts in June 2023, followed by a scrutiny period by the European Parliament and Council.

The reporting requirements will be phased in over time for different kinds of companies. The first companies will have to apply the standards in financial year 2024, for reports published in 2025. Listed SMEs are obliged to report as from 2026, with a further possibility of voluntary opt-out until 2028, and will be able to report according to separate, proportionate standards that EFRAG will develop next year. This first set of 12 draft ESRS is composed of:

  • Cross-cutting standards:
    • Draft ESRS 1 General requirements
    • Draft ESRS 2 General disclosures
  • Topical standards:
    • Environment:
      • Draft ESRS E1 Climate change
      • Draft ESRS E2 Pollution
      • Draft ESRS E3 Water and marine resources
      • Draft ESRS E4 Biodiversity and ecosystems
      • Draft ESRS E5 Resources and circular economy
    • Social:
      • Draft ESRS S1 Own workforce
      • Draft ESRS S2 Workers in the value chain
      • Draft ESRS S3 Affected communities
      • Draft ESRS S4 Customers and end-users
    • Governance:
      • Draft ESRS G1 Business conduct

Part of the following timelines

EU Commission action plan on sustainable finance

EU policy-makers agree on new social & environmental reporting rules for companies