16 October, 2025 - Brussels
The EFFAS CESG Conference 2025 brought together professionals, policymakers, and academics at the DoubleTree by Hilton Brussels City to explore how ESG, climate risk, and intangible assets are reshaping corporate and financial reporting.
After the opening by Hans Buysse (EFFAS Benelux Chair), Frank Klein (CESG Co-Chair, DWS), and François-Valéry Lecomte (Belfius AM CEO), the discussion brought together Anne-Catherine Delaye (Head of Responsible Investing, Belfius AM), Jean-Philippe Desmartin (CESG Co-Chair, Edmond de Rothschild AM), and Dr. Daniela Carosio Casieri (Sustainable Value Investors), moderated by Frank Klein.
ESG in Transition: From Greenwashing risks to the 2025 U.S. Backlash
The first panel of the EFFAS CESG Conference 2025 set the tone for the day, exploring how ESG is evolving from scrutiny to a new phase of clarity and impact. Jean-Philippe Desmartin, Edmond de Rothschild AM, echoed an optimistic view: “The biggest risk in this period is lack of action, we will have more visibility and clarity for regulation. It will be much better to think about innovation.”
Anne-Catherine Delaye, Belfius AM, underlined that while sustainability began with global goals, implementation has become regional. She added that the U.S. backlash is not the end of ESG but the start of a data- and outcomes-driven phase, powered by technology and younger investors.
”The US push back is not the end of ESG. It brings a next phase. From ideology to focus on data & outcomes.”
EU Omnibus Procedure & What’s Next in ESG Regulation
The second panel of the EFFAS CESG Conference 2025 turned the spotlight to what the Omnibus procedure means for companies, investors, and regulators.
Tom Dodd (European Commission) outlined a path toward simpler rules, fewer companies in scope, and a voluntary regime for those outside the mandate — with the goal of a clearer, more stable framework by 2027.
Aleksandra Palisnka (Eurosif) cautioned that while simplification is welcome, it comes at a cost: “Some companies invested heavily in compliance — now they must reinvest to adapt. Let’s not forget why this data matters: it underpins financial stability and decarbonisation.”
Chiara Del Prete (EFRAG) noted that while the number of data points will fall, the core disclosure objectives remain intact: “We’re moving from a rule-based to a more principle-based approach — reducing detail but keeping the DNA of double materiality.”
Elise Attal (Principles for Responsible Investment) praised the EFRAG team for their work under pressure, noting that the reduced data points are “a good technical simplification,” but called for key indicators — such as financial effects and health & safety KPIs — to remain part of the EU’s global leadership in sustainable reporting.
The Strategic Intangibles Initiative
A key highlight of the day was the presentation by Prof. Dr. Stefano Zambon (University of Ferrara, EFFAS CESG) and Frank Vandenborre (Ageas), unveiling the progress of the Strategic Intangibles Initiative (SII) — a 24-month, WICI-convened discussion forum connecting international organisations advancing integrated and sustainable reporting.
The Initiative aims to “foster awareness and communication among global players” and identify “shared convergence patterns” across reporting frameworks.
The ECRA Presentation
Following the lunch break, Álvaro Cangas, Climate & Sustainability Practice Leader at Marsh Spain, presented the EFFAS Certified Climate Risk Analyst (ECRA®) programme — the latest EFFAS qualification developed in collaboration with Marsh McLennan to equip professionals with the skills to integrate climate risk into financial decision-making.
ESG Reporting, AI, and Data Quality
Subsequent panels addressed the intersection of ESG reporting, interoperability, and artificial intelligence, featuring Dr. Zeina Samy Mohamed (UNIFE) and Teresa Royo (KPMG Spain), moderated by Jean-Philippe Desmartin.
Teresa Royo remarked: “The terms ESG and sustainability, although overused, misused, and misunderstood lately, are more relevant and necessary than ever. It’s time for all professionals with a voice in this field to get involved.”
The following discussion on data quality, led by Bob Ouraga (Belfius AM), Ophélie Mortier (DPAM), and Prof. Dr. Ralf Frank (Sustainserv), echoed a common message: quality over quantity. Mortier stressed the need for “reliable, relevant, and stable data”, while Frank noted that “data must be interpreted and consumed, and that requires background knowledge.”
Environmental Focus in ESG
The final panel, moderated by Dr. Daniela Carosio, featured Dr. José Luis Blasco (ACCIONA), Dr. Wim Van Hyfte (Candriam), and Susana Peñarrubia (EFFAS ESG Review Panel), focusing on biodiversity, net-zero targets, and future ESG frontiers.
Blasco urged participants to remember that “reporting is meant to solve problems — even if not perfectly. The issue isn’t more or less data; it’s ensuring it’s truly useful.”
Van Hyfte reflected on Candriam’s journey since 2016, noting significant progress: “Data quality has improved, even if still imperfect — the progress is undeniable.”
Gasperini Awards 2025
The conference concluded with the EFFAS Gasperini Awards, celebrating excellence in ESG and climate finance research, followed by networking drinks.
You can find & read the winning papers below.
With the 2025 CESG Conference, EFFAS reaffirms its commitment to bridging sustainable finance, regulatory progress, and professional education. The discussions in Brussels highlighted a shared goal: improving the quality, transparency, and usability of ESG data to support a more resilient and sustainable economy.
About EFFAS
EFFAS is a Not-for-profit organisation set up in 1962 with 15 national member associations in Europe, representing more than 18,000 Financial analysts, Asset managers, pension fund managers, corporate finance specialists, risk managers, treasurers among many other professional profiles from the investment profession. EFFAS is a certification body for finance with over 27,000 certificate holders worldwide.
For any further information, please contact:
Álvaro Wagener Díez | Marketing & Communications Manager
E-mail: a.wagener@effas.com | Phone Number: +49 69 98959519
