EFRAG thanks the PTF-ESRS for its tremendous work on the EDs Draft ESRS

The PTF-ESRS held its last plenary meeting on 25 and 26 April and handed over its Exposure Drafts to the EFRAG SR TEG and EFRAG SRB. The public consultation for the Exposure Drafts will be launched soon with a deadline of 8 August. 

Since June 2021, the Project Task Force on European Sustainability Reporting Standards (PTF-ESRS) had been working in project mode to elaborate Exposure Drafts on draft European Sustainability Reporting Standards. Since January 2022 the PTF-ESRS has made publicly available preliminary Working Papers that reflect its initial thinking on the content of the standards.

The PTF-ESRS has now finalised its proposed Exposure Drafts and handed them over to EFRAG’s newly established Sustainability Reporting TEG and Sustainability Reporting Board. These Exposure Drafts relate to the first set of standards required under the CSRD proposal and cover the full range of sustainability matters (environment, social, governance and sectors).

EFRAG will launch a public consultation on the first set of Exposure Drafts with a deadline of 8 August.

At this occasion, Ugo Bassi, Director for Financial Services (DG FISMA) at the European Commission, stated: “The European Commission is very grateful to the members of the EFRAG Project Task Force for the work they have undertaken to develop a first draft set of European Sustainability Reporting Standards, under the leadership of Patrick de Cambourg. The completion of the Task Force’s work and the handing over of responsibility to EFRAG’s new Sustainability Reporting Board and Technical Expert Group represent another significant milestone on the journey to sustainability reporting that corresponds to business realities and better meets users’ needs. The multistakeholder, consensus-based approach of the Task Force sets an important precedent for further work in this field.” 

Jean-Paul Gauzès, EFRAG Board President, added: “The PTF-ESRS and the Secretariat supporting the PTF-ESRS did a tremendous job with efforts that others would almost call unsustainable, literally working days and nights. Their contributions, dedication and commitment have been essential to arrive where we are now:  the publication of the Exposure Drafts in the coming days.  I am confident that the EFRAG Sustainability Reporting Board, advised by the EFRAG Sustainability Reporting TEG, will continue the work aiming at providing the technical advice to the European Commission on the first set of draft ESRS.”

Finally, Patrick de Cambourg, PTF-ESRS Chairman, commented: “The Project Task Force on European Sustainability Reporting Standards is coming to an end as we hand over the Exposure Drafts that we have prepared to the new sustainability reporting pillar of EFRAG. This is a milestone moment: the Project Task Force is proud of what has been achieved so far and is also fully conscious of, and confident about, the crucial steps ahead in the journey towards completing high quality draft standards.”