The European Financial Reporting Advisory Group (EFRAG) reported that European Commission Commissioner for Financial Services and the Savings and Investments Union Maria Luís Albuquerque addressed EFRAG’s Sustainability Reporting Board and Sustainability Reporting Technical Expert Group to set out the Commission’s mandate to simplify the first set of European Sustainability Reporting Standards (ESRS) under the Corporate Sustainability Reporting Directive (CSRD). The mandate calls for a fast-track process to simplify and improve the usability of ESRS for reporting companies. EFRAG indicated it will use evidence from the first wave of companies preparing sustainability statements for the 2024 financial year to develop changes that substantially reduce the number of mandatory data points and the practical application burden, while maintaining the robustness and effectiveness of sustainability reporting. The Chair of the Sustainability Reporting Board, Patrick de Cambourg, welcomed the mandate and reiterated EFRAG’s alignment with making ESRS more practical, effective, and proportionate while maintaining the ambition of the CSRD. EFRAG pointed to the Commission’s mandate letter as the source for further details.
European Financial Reporting Advisory Group 2025-03-28
European Financial Reporting Advisory Group to fast-track simplification of the first European Sustainability Reporting Standards under European Commission mandate
The European Financial Reporting Advisory Group (EFRAG) announced that European Commission Commissioner Maria Luís Albuquerque has mandated a fast-track process to simplify the European Sustainability Reporting Standards (ESRS) under the Corporate Sustainability Reporting Directive (CSRD). EFRAG will use evidence from initial company reports for the 2024 financial year to reduce mandatory data points and application burdens while maintaining reporting robustness. EFRAG's Chair, Patrick de Cambourg, supports the mandate, emphasizing alignment with the CSRD's goals.