The European Corporate Reporting Lab at EFRAG (European Lab) has been established by EFRAG, following the call by the EC in its March Action Plan on Financing Sustainable Growth. The European Lab will serve the European public interest.
The European Lab's objective is to stimulate innovations in the field of corporate reporting in Europe by identifying and sharing good practices:
- Facilitating dialogues between reporting companies, users and other relevant stakeholders and organisations; and
- Documenting the content and outcomes of those dialogues in reports and other means to promote them to the public domain.
The European Lab will initially focus on non-financial reporting, including sustainability reporting. Preliminary projects may include climate-related disclosures in line with the recommendations of the Financial Stability Board's Task Force on Climate-related Financial Disclosures. Other topics may be environmental accounting and, in the medium term, integrated reporting, digitalisation and innovations in various other aspects of corporate reporting.
The European Lab has a multi-stakeholder Steering Group (the European Lab SG) and under its direction, EFRAG establishes project task forces for specific projects (European Lab PTFs). The European Lab SG is responsible for setting the agenda of the European Lab; appointing the members of the European Lab PTFs; monitoring project implementation; promoting outputs of the European Lab and mobilising networks; giving direction on external communication and review of progress of the European Lab's activities. The European Lab PTFs are responsible for the project deliverables including the contents of the project reports.
On 13 September a call for candidates for the European Lab SG was launched, it can be found here.
The first meeting of the European Lab SG will take place on 27 November and an inaugural networking reception will be held the same day.
The Terms of Reference for the European Lab are available here.