25/03/2024 - Call for tenders to assist EFRAG on its analysis of public consultation feedback for the ESRS LSME ED and VSME ED
EFRAG has issued today an open call for tenders to assist in analysing the feedback stemming from the public consultation for the ESRS LSME ED and VSME ED.
Download the components of this call for tenders:
Tenders, which should include a completed and signed Information Form and all the information specifically requested in the call for tenders, should be sent to EFRAG at call.for.tender@EFRAG.ORG no later than 5 April 2024 by the end of the business day. The tenderers must be based in an EEA country.
EFRAG expects to receive a significant number of responses from stakeholders to the ESRS LSME ED and the VSME ED public consultations. The purpose of this contract is to assist EFRAG in analysing the feedback received from stakeholders in response to the public consultation, including the field test.
Please click here to find more information on the ESRS LSME ED and the VSME ED public consultations.
BACKGROUND
Through the Corporate Sustainability Reporting Directive ('CSRD'), EFRAG has been mandated to develop as a technical adviser to the European Commission ('EC') the standard for SMEs that are public-interest entities. These include SMEs with bonds, shares and other securities traded on EU regulated market(s); small and non-complex institutions (SNCIs); and captive insurers and reinsurers (together, 'LSMEs'). The ESRS LSME will be issued as a delegated act and will be effective on 1 January 2026, with an additional two-year opt out. The purpose of the ESRS LSME ED is to set reporting requirements that are proportionate and relevant to the scale and complexity of the activities and capacities as well as the characteristics of LSMEs. This is expected to support LSMEs in getting better access to finance and avoiding discrimination against them on the part of financial market participants, as it will enable the availability of standardised sustainability information. The EFRAG SRB approved the ESRS LSME ED to be issued for public consultation on 15 December 2023
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 facilitating 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 EFRAG SRB approved the VSME ED to be issued for public consultation on 29 November 2023.
