European Corporate Reporting Lab @ EFRAG
The European Corporate Reporting Lab @ EFRAG (European Lab) was established by EFRAG, following the call by the European Commission in its March 2018 Action Plan on Financing Sustainable Growth. The European Lab serves the European public interest and its objective is to stimulate innovations in the field of corporate reporting in Europe by identifying and sharing good practices through:
- Facilitating dialogue between reporting companies, users and other relevant stakeholders and organisations; and
- Documenting the content and outcomes of this dialogue in reports and other means, for making them available in the public domain.
European Lab Steering Group
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 reviewing the progress of the European Lab activities.
European Lab PTFs
The European Lab PTFs are responsible for the operation of the projects of the European Lab, including planning, specific issues selection, conducting stakeholder consultative outreach activities, and the project reports and other deliverables, as decided by the PTFs. The PTFs operate under the European Lab PTFs Operating Guidelines.
The activities of the PTFs may include public consultation such as expert meetings, seminars, round table discussions, interviews , surveys and other activities to facilitate engagement and exchange with other stakeholders. The European Lab PTFs decide on the form of consultation and outreaches relevant and appropriate for the public.
The first project of the European Lab is on climate-related reporting. The project will assess the current state of play for climate-related reporting by European companies, and the current and potential use of climate-related information by investors and other users. The primary focus will be on the Task Force on Climate-related Financial Disclosures (TCFD) recommendations with consideration of other reporting frameworks as appropriate, while also taking account of the European Commission's non-binding guidelines on non-financial reporting that will be updated in 2019 with regard to climate-related disclosures.
The members of the European Lab PTF on Climate-related Reporting (PTF on Climate-related Reporting) have been appointed by the European Lab SG mid-February 2019 and is operational.