Sustainable Finance: Commission Welcomes Reports on Development of EU Sustainability Reporting Standards

  • Two reports were published by the European Commission addressing the development of reporting standards for sustainability. 
  • These reports were prepared by a multistakeholder task force from the European Financial Reporting Advisory Group (EFRAG).
  • The first report comprises of a roadmap to comprehensive EU sustainability reporting standards. The second report recommends reforms to the current EFRAG governance structure to ensure that future EU sustainability reporting standards are inclusive and meticulous.  
  • The EU laws stipulate that companies operating in their jurisdiction are required to disclose how they manage and operate social and environmental challenges, to help stakeholders and society evaluate the sustainability performance of large corporations. 

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