Ad personam governance mandate
- Research phase
- Hocine Kebli, Saskia Slomp
The EC adopted an updated Work Programme on 27 May 2020 that foresees the publication of a legislative proposal to revise the Non-Financial Reporting Directive (NFRD) in Q1 2021.
One of the possible ways of enhancing the comparability, reliability and relevance of information disclosed by companies pursuant to the NFRD will be to mandate the use of a common set of non-financial reporting standards.
Pursuant to the above, the EC has mandated EFRAG to undertake preparatory work for the elaboration of possible EU non-financial reporting standards. The EC has not yet taken any decision about the future role, if any, of standards in the context of the forthcoming revision of the NFRD and the preparatory work will allow for the swift adoption and implementation of European standards, should that be the choice of the Commission's legislative proposal.
The EC has invited EFRAG Board President, European Lab Steering Group Chairman and former MEP, Jean Paul Gauzès to consider possible needs for changes to the governance and financing of EFRAG if it were to be entrusted with the development of European non-financial reporting standards in a revised NFRD.
The ad personam mandate to Jean-Paul Gauzès, EFRAG Board President, can be found here .
On 1 October 2020, Jean-Paul Gauzès invited, in a letter, all interested stakeholders to contribute views related to his ad personam mandate. The letter and its accompanying questionnaire, can be found here.
Responses were requested by 30 October 2020.