EFRAG announces its public consultation on the EDs of the Draft ESRS with a deadline of 8 August and invites all stakeholders to provide comments on the Draft ESRS through the consultation survey.
The proposal for a Corporate Sustainability Reporting Directive (CSRD) identifies EFRAG as technical advisor to the European Commission providing draft European Sustainability Reporting Standards (‘ESRS’). EFRAG was requested by Commissioner McGuinness in May 2021 to put in place interim working methods in project mode to start the technical development of these draft standards immediately, in parallel to the legislative process of the CSRD. This work was undertaken by the Project Task Force on European sustainability reporting standards (PTF-ESRS) to be handed over to the EFRAG permanent structure when in place.
The PTF-ESRS transmitted its proposed public consultation package including the first set of EDs to the EFRAG Sustainability Reporting Board on 27 April 2022. Today, EFRAG publishes these EDs prepared under the sole responsibility of the PTF-ESRS for public consultation for a period of 100 days ending on 8 August 2022.
This procedure follows the EFRAG’s Due Process Procedures EU Sustainability Reporting Standard-Setting, which stipulate the requirements to be followed in its role as technical advisor to the European Commission in the preparation of draft ESRS. The EFRAG Administrative Board agreed to an accelerated consultation period.
These EDs correspond to the first set of standards required under the proposal for a CSRD and cover environmental, social and governance matters. This set also includes cross-cutting standards. EFRAG take this occasion to thank all PTF-ESRS members and observers, EFRAG Secretariat as well as GRI, Shift and WICI acting in cooperation with the PTF-ESRS for their collaboration and valuable input to the development of the EDs.
