EFRAG PTF NFRS published an outreach document on preparatory work on EU non-financial reporting standards
EFRAG’s Project Task Force on Non-Financial Reporting Standards (PTF NFRS) published an outreach document with their preliminary views emerging from the ongoing preparatory work on the possible elaboration for EU non-financial reporting standards. The document was discussed in a series of outreach webinars.
Accountancy Europe co-hosted two of the seven outreach events, specifically the ‘European organisations and other European countries focused’ outreach and the ‘Financial institutions focus’ outreach. We also submitted a letter to the EFRAG’s PTF NFRS on their recent proposals.
Priorities of the Portuguese Presidency of the Council of the European Union
On 1 January, Portugal took over the rotating Presidency of the Council of the European Union until the 31 June. The three main priorities will be:
- the promotion of Europe’s recovery, leveraged by the climate and digital transition
- the implementation of the Social Pillar as a key element for ensuring a fair and inclusive climate and digital transition
- the strengthening of Europe’s autonomy by keeping it open to the world. Read more
EFRAG’s European Lab: provide your views on non-financial risks and opportunities reporting practices
EFRAG’s European Lab Project Task Force on Reporting of Non-Financial Risks and Opportunities issued a survey to identify good reporting practices of sustainability-related risks and opportunities and how these can develop and sustain a company’s business models. Read more
Commission consults on the establishment of a single access point for financial and non-financial information
The Commission seeks general and technical views on ways to establish a European single access point for companies’ financial and sustainable investment-related information. Such an EU-wide platform should provide investors with seamless access to financial and sustainability-related company information. Stakeholders can contribute until 3 March. Read more
Commission postpones publication of the EU Taxonomy delegated acts
The Commission delayed the publication of EU Taxonomy delegated acts on climate change mitigation and adaptation. Two main reasons stated were: i) high number of responses received ii) some Member States expressed concerns that gas cannot be used as a transition fuel. (Read full article) The Commission also asked the Platform on Sustainable Finance for advice on how the EU Taxonomy is enabling the financing of the transition to a sustainable economy. The Platform’s input is expected to further inform the finalisation of the delegated acts and the renewed Sustainable Finance Strategy. Read more
Council agrees on a general approach to Climate Law
The Council’s agreement includes a new EU greenhouse gas emissions reduction target of 55% by 2030 compared to 1990. This completed the partial negotiating position agreed by the Council in October 2020 and provided the Presidency with a mandate for further negotiations with the European Parliament (EP) on the Commission proposal. Before the regulation can be adopted, the Council and the EP need to reach a compromise agreement on the proposal. Read more
European Parliament’s position on sustainable corporate governance
MEPs approved a non-legislative report on sustainable corporate governance prepared by Pascal Durand (Renew Europe, France). They welcome the Commission’s commitment to reviewing the Non- Financial Reporting Directive (NFRD) and reiterate their call to widen its scope to cover all listed and non-listed large undertakings. The EP calls for a mandatory EU framework to cover a full array of sustainability issues related to non-financial reporting. Non-financial statements should also be subject to a mandatory audit. MEPs also call on the Commission to present a legislative proposal to ensure that directors’ duties include the long-term interest of the company and wider societal interests. Read more
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