VSME ED
- Active
- Exposure draft consultation
- Elisa Bevilacqua, Chiara Del Prete
Description
VSME ED
EFRAG has also developed a voluntary
sustainability reporting standard for non-listed SMEs (VSME). The EC SME Relief Package of
September 2023 refers to VSME as a measure to support SMEs in accessing
sustainable finance. This Exposure Draft proposes a simple reporting tool to
assist non-listed micro-, small- and medium-sized enterprises (non-listed SMEs)
in responding to requests for sustainability information that they receive from
business counterparts (i.e., banks, investors or larger companies for which
non-listed SMEs are suppliers) in an efficient and proportionate manner as well
as to facilitate their participation in the transition to a sustainable
economy. Based on market acceptance, the VSME ED is expected to standardise the
current multiple ESG data requests (which represent a significant burden on
non-listed SMEs), by reducing the number of uncoordinated requests they
receive. This is expected to support them in having better access to lenders,
investors and clients.
The VSME ED is structured in a Basic Module and in two
additional optional modules, a Narrative-Policies, Actions and Targets
(PAT) Module and a Business
Partners Module.
VSME ED
Consultation package
The current public consultation is
designed to receive feedback from constituents on key aspects of the EDs,
including (i) the proposed architecture; (ii) the
implementation of the CSRD requirements (for ESRS LSME ED), including the role
of the LSME ED in setting the value chain cap for information to be reported by
large undertakings; (iii) the relevance of
the proposed disclosures; (iv) the
simplifications achieved; and (v) the market
acceptance (for the VSME ED). The questionnaires aim to capture users' and
preparers' perspectives. Feedback from all interested constituents is welcome.
Respondents should provide their responses to the public
consultation questions by using the online questionnaires (please click
here for the
link to the VSME ED questionnaire). The questionnaire consists of two parts: Part
1 (the most critical questions that EFRAG encourages to answer
in full) and Part 2 (additional and more detailed
technical questions that EFRAG encourages to answer as much as possible).
Detailed instructions are provided in the introduction part of the online
questionnaires.
EFRAG encourages submission via the online questionnaire rather
than comment letters for responses to be analysed in a structured and
comparable way. For specific aspects not covered in questions from the online
questionnaires, respondents may attach a letter or another document to their
responses in the online questionnaires.
ESRS LSME ED and VSME ED field test
As announced in EFRAG's Call for participation in the field test press release
dated 20 December 2023, in which the deadline
to submit interest is set to 31 January 2024, participation in
this field test is a unique opportunity to be part of the standard-setting
process and help shape future requirements as well as to gain valuable insights
into the new requirements. Preparers and users (including business
counterparts, civil society, academics, etcetera) are invited to participate.
The field test focuses on feasibility, costs, challenges,
benefits and usefulness of the individual disclosures and suggested
improvements to the ED.
For preparers, the field test consists of preparing by
21 April 2024 (part of) the disclosures contained in the
ED and, on that basis, answering the VSME Field
Test Questionnaire (click here). It is not necessary to test
the entire standard, i.e., it will be possible to test selected disclosures.
Companies will be invited to workshops or one-to-one interviews to share their
experience in preparing the disclosures and to illustrate their feedback. Those
that are not able to commit to preparing the disclosures may also participate
in the workshops based on their analysis of the Exposure Drafts.
Users will be invited to dedicated workshops after providing
their feedback on the Field Test Questionnaire. Lenders, investors and listed
and non-listed corporates that have SMEs in their supply chain are invited to
participate as users.
Organisations that operate platforms or similar mechanisms for
the collection of sustainability information from SMEs, which is used by
corporates in their supply chain management or for the standardisation of data
requests, are also invited to participate.
The workshops will take place in the last month of the
consultation period.
Participants of the field test are also expected to respond to
the consultation online questionnaires.
Useful
links:
VSME ED
Documents
Project news
-
19/04/2024 - EFRAG seeks additional temporary technical staff to support the analysis of the feedback on VSME ED
EFRAG is looking for additional temporary natural persons or one person companies without legal personality to support the analysis of the feedback consultation on the voluntary standard for non-listed small- and medium-sized undertakings exposure draft (VSME ED).
Interested candidates should send their CV and expected daily fee to nominations@EFRAG.org by 28 April 2024.
-
17/04/2024 - Unofficial translation of the VSME ED in Greek available now
EFRAG is pleased to announce that, in addition to unofficial translations in German, French, Spanish and Italian, an unofficial translation of the VSME ED is now available in Greek, facilitating the participation of Greek-speaking constituents in the public consultation and field test. The document can be found here and has been translated by CSR Hellas and CSR Cyprus.
An outreach event will also take place on 19 April to discuss the VSME ED. More info here.
-
04/04/2024 - News Item on unofficial translations of the VSME ED in Spanish and Italian
EFRAG is pleased to announce that, in addition to unofficial translations in German and French, unofficial translations of the VSME ED are now available in Spanish and Italian, facilitating Spanish and Italian-speaking constituents to participate in the public consultation and field testing.
