Commissioner McGuinness addresses the EFRAG SRB in a special public meeting

In the 6 July 2023 public meeting of the EFRAG SRB, Commissioner Mairead McGuinness delivered key messages on the progress and the priority steps to be followed by the EFRAG Sustainability Reporting Pillar. In an exchange, the EFRAG SRB members reflected on the Commissioner's messages and expressed their views on the process. The recording of the session is available here.

​The EFRAG SRB members were pleased to welcome Commissioner Mairead McGuinness to their 6 July public meeting. The Commissioner expressed her appreciation for the work accomplished and highlighted crucial aspects for the future development of the ESRS, EFRAG's work and upcoming priorities.

After having highlighted the importance of a holistic approach for the development of our economy, she stressed the importance of proper timing: the adoption of the first set of standards as a delegated act is in the final stages and expected for the end of July. In line with the mandate and ambition of the CSRD they cover the full spectrum of ESG reporting while putting additional emphasis on the assessment of material information, the availability of phasing-in options for certain reporting entities and the voluntary nature of some disclosures.

She pointed out that the key priority for EFRAG is now to elaborate guidance to support the successful implementation of the standards for the first ESRS reports. Focusing on ensuring a smooth implementation of the horizontal standards and consolidating the achievements are a crucial priority before moving gradually to sector specific standards.

The Commissioner also confirmed the importance of SMEs standards: proportionate standards for listed SMEs are part of the CSRD mandate and the development of standards of voluntary use for non-listed SMEs is critical to involve as many SMEs as possible

The Commissioner finally acknowledged the importance of adequate resources for EFRAG to work effectively and stressed that the EC already doubled its financial support since 2020 and will continue to consider the need for appropriate support.

EFRAG highly appreciates the exchanges between the Commissioner and the EFRAG SRB members during this insightful session and would like to thank Commissioner McGuinness for such an opportunity. The EFRAG SRB members and Chair on their side shared with the Commissioner a few key messages: the need for clarity and stability for all stakeholders as soon as possible; the importance of the integrity of the construct reflected in the technical advice (elaborated on the basis of a multi-stakeholder consensus); the good progress toward straight-forward interoperability  with the ISSB and GRI standards to make reporting user-friendly; the need for consistency and coordinated timing between the various legal and regulatory requirements; the need for clarification regarding the definition of materiality for both sustainable finance and CSRD reporting; and the significant efforts already made to reduce the reporting burden.

7 July marks the closing of the public feedback period on the EC's draft delegated act. EFRAG is eager to see the outcome of the final request for public feedback and looks forward to the timely publication of the delegated act.

 The recording of the session is available here.