EFFAS welcomes the adoption of the Delegated Act on the first set of European Sustainability Reporting Standards (ESRS) by the European Commission on 31 July 2023 (press release, Q&As webpage, & implementing and delegated acts – CSRD webpage).
EFFAS would also like to congratulate EFRAG for the thorough process which started in September 2020 with its preparatory work report submitted to the European Commission in February 2021, the launch of its public consultation on Exposure Drafts of ESRS in April 2022 and its Technical Advice to the European Commission on the final draft standards delivered in November 2022.
Adoption of ESRS by Delegated Act is mandated by the co-legislators in the Corporate Sustainability Reporting Directive (CSRD – Directive (EU) 2022/2464) adopted in December 2022. The twelve ESRS provide a proportionate but comprehensive coverage of sector-agnostic, environmental, social and governance matters. The adoption by the European Commission of this first set of ESRS constitutes a milestone for relevant and comparable sustainability reporting on companies’ impacts on people and environment, and on sustainability-related financial risks and opportunities for companies.