Discussions on the new draft of Corporate Sustainability Reporting Directive (CSRD), published in April, are ongoing in Europe. According to it, the European Financial Reporting Advisory Group (EFRAG) will personally develop European standards in accordance with clear regulations in the context of public oversight and transparency. Another component of the process of developing a new system of standards is the involvement of qualified specialists.

In mid-May this year, EU Commissioner Mairead McGuinness requested EFRAG to start developing European sustainability reporting standards without delay, setting out interim working methods. Technical work in the implementation of the project working group created for this purpose has been successfully going on for several months now, and in several areas at once. Among them are the definition of scoping, researching, documenting, drafting of very first versions of future standards (aiming to release previous versions in October this year).

But in October, these will not be the previous versions that are published for wide discussion and comment. They will be submitted for review to external expert working groups, for which suitable candidates are being selected today. Expert groups with the necessary knowledge and experience will give feedback and thus also participate, if necessary, in the development of European sustainability reporting standards.

It is envisaged to create up to 11 expert groups each of which addressing such topics as:

  • environment (climate, other issues);
  • social (workforce, other issues);
  • governance;
  • sector-specific sustainability reporting standards;
  • conceptual guidelines;
  • sustainability reporting for SMEs;
  • sustainability reporting format.