Role of the EFRAG Sustainability Reporting Board
The EFRAG Sustainability Reporting Board is responsible for all sustainability reporting positions of EFRAG including technical advice to the EC on draft EU Sustainability Reporting Standards and amendments to the Standards.
Composition of the EFRAG Sustainability Reporting Board
The EFRAG Sustainability Reporting Board is composed by members belonging to the European Stakeholders Organisations Chapter (Up to eight members), the National Organisations Chapter (countries) (up to 9 members including the reserved seats for the National Standard Setters of France, Germany, Italy and Spain) and the Civil Society Organisations Chapter (Five members).
The EFRAG Sustainability Reporting Board is led by its Chair, who is nominated by the European Commission after having heard the European Parliament and the Council.
The European public institutions, authorities and agencies (ESMA, EBA, EIOPA, EEA, FRA, EC Platform on Sustainable Finance, CEAOB and ECB, respectively) appoint an observer with speaking rights.
How the EFRAG Sustainability Reporting Board operates
EFRAG Sustainability Reporting Board members are expected to have a thorough understanding of how Sustainability reporting requirements are likely to impact the constituency they represent. They make however their decisions independently so as to have EFRAG work solely in the public interest and operate on the basis of consensus to the extent feasible. They make a formal commitment of working in the public interest when coming into office and are governed by EFRAG's conflict of interest policy.
The EFRAG Sustainability Reporting Board does not rely solely on its broad representativeness, it adopts well-informed positions. The EFRAG Sustainability Reporting Board is taking all its decisions after having considered the advice of the EFRAG Sustainability Reporting TEG and the results of EFRAG’s due process.
The EFRAG Sustainability Reporting Board and EFRAG Sustainability Reporting TEG operate based on an open and transparent due process including a public consultation process with European constituents as laid down in the Due Process Procedures for EU Sustainability Standard Setting. All of EFRAG’s draft and final sustainability reporting due process documents are issued under the EFRAG Sustainability Reporting Board’s authority. The EFRAG Sustainability Reporting Board together with the EFRAG Financial Reporting Board also ensures connectivity between financial reporting and sustainability reporting.
The EFRAG Sustainability Reporting Board is supported in all its activities by the EFRAG secretariat.
Observers
Irene Heemskerk (ECB) (alternate Patrick Amis), Alessandro d’Eri (ESMA), Pilar Gutierrez (EBA), Sandra Hack (EIOPA), Beate Hollweg (EEA), Patrycja Pogodzinska (FRA) (alternate Gabriel Toggenburg), Hakan Lucius and Georges Gloukoviezoff (EIB).
