Non-financial reporting standards

​Outreach events -13 to 22 January 2021

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​Preparatory work for the elaboration of possible EU non-financial reporting standards

On 25 June 2020 the European Commission (EC) issued a request for technical advice mandating EFRAG to undertake preparatory work for the elaboration of possible EU non-financial reporting standards in a revised Non-Financial Reporting Directive (NFRD).

The EC also issued a separate ad personam mandate, inviting EFRAG Board President and European Lab Steering Group Chairman, Jean Paul Gauzès, to consider the possible need for changes to the governance and financing of EFRAG, if it were to be entrusted with the development of European non-financial reporting standards under a revised NFRD. For more information in respect of this ad personam governance mandate see here​. 

The project on the preparatory work for the elaboration of possible EU non-financial reporting standards is operated within the European Corporate Reporting Lab @EFRAG (European Lab)​.

The preparatory work is carried out by a multi-stakeholder Project Task Force (PTF-NFRS) appointed by the European Lab Steering Group on 1 September 2020, following a relevant call for candidates published on 17 July 2020.

The appointed PTF-NFRS incorporates a balanced representation of a broad range of stakeholders with a legitimate interest in non-financial information, spanning the public sector, the private sector, SMEs and civil society from across the EU, in line with the EC request for technical advice. The members of the PTF-NFRS have proven expertise on the different matters covered by the NFRD and the requirements of the EC request for technical advice.​

The project is expected to be completed by the end of January 2021. The term of appointment of the PTF-NFRS is for the duration of the project.

A progress report was issued by the PTF-NFRS to the EC on 6 November 2020, containing information on the status of the project and preliminary high level assessment points.

On 10 December 2020 EFRAG hosted a meeting with some of the leading international corporate reporting initiatives in the context of its two non-financial reporting mandates. A relevant note can be found here​.

A series of outreach events is organised between 13 and 22 January 2021, with the objective to gather stakeholders’ views from different countries on the tentative proposals of the PTF-NFRS. The associated outreach document​ was published on 11 January 2021.

Plenary meeting agendas and summaries​