ESRS reform: EFRAG proposals create new implementation burdens
Commenting on the revision of the European Sustainability Reporting Standards (ESRS), Jörg Asmussen, CEO of the German Insurance Association (GDV), says:
"Unfortunately, the high expectations for the new ESRS standards have not been met. The proposals offer hardly any relief for companies. While numerous reporting points are being removed, new terminology is being introduced at the same time, and the conceptual foundations for reporting are being expanded. This once again means additional adjustments for companies, and the implementation effort remains high.
The constant revision of the requirements needs to come to an end. For insurers, clarity and planning certainty are crucial. They must be able to prepare reliably for new rules.”
Background:
The proposals to revise the ESRS were submitted today by the European Financial Reporting Advisory Group (EFRAG) to the European Commission. EFRAG is a European organisation mandated by the Commission to revise the sustainability standards. The Commission aims to adopt the updated sustainability reporting criteria as a delegated act by summer 2026. The revised rules would then apply from 2027 onwards.