EFRAG’s mission is to serve the European public interest by developing and promoting European views in the field of financial and sustainability reporting, and to ensure these views are considered in the standard-setting process.
For sustainability reporting, EFRAG provides technical advice to the European Commission in the form of draft EU Sustainability Reporting Standards (ESRS). The first set of draft ESRS were approved this morning, and will be submitted to the European Commission next week.
Finance Watch, the pan-European NGO dedicated to making finance serve society, is advocating for strong and sound standards that include mandatory double materiality indicators in line with the Corporate Sustainability Reporting Directive (CSRD). Finance Watch argues that capturing the impact of enterprises on their socio-environment (inside-out), as well as the impact of the socio-environment on enterprises (outside-in), in the ESRS is essential information in developing a sustainable economy.
Thierry Philipponnat, Chief Economist at Finance Watch said: “Sustainability Reporting Standards are an indispensable tool to realise the transition towards an inclusive and sustainable economy. EFRAG has been working hard to ensure that the ESRS are well-calibrated, comparable and reliable. I am looking forward to joining a great team and to contributing to these ambitious and essential efforts. I firmly believe these standards can and should be a catalyst for change as they will make corporate sustainability reporting as important as financial reporting.”
– Notes to Editors –
Finance Watch “The problem lies in the net” (June 2022)
About Finance Watch
Finance Watch is an independently funded public interest association dedicated to making finance work for the good of society. Its mission is to strengthen the voice of society in the reform of financial regulation by conducting advocacy and presenting public interest arguments to lawmakers and the public. Finance Watch’s members include consumer groups, housing associations, trade unions, NGOs, financial experts, academics and other civil society groups that collectively represent a large number of European citizens. Finance Watch’s founding principles state that finance is essential for society in bringing capital to productive use in a transparent and sustainable manner, but that the legitimate pursuit of private interests by the financial industry should not be conducted to the detriment of society.