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European Sustainability Reporting Standards

The EU is working intensively on standards for uniform sustainability reporting by companies throughout Europe. The European Financial Reporting Advisory Group (EFRAG) has developed a draft for the first set of reporting requirements on behalf of the EU Commission. Now GDV has published its statement on this draft of the first set.

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Compared to the first consultation draft from April 2022, the association draws a positive balance. For example, the previously envisaged approach of a rebuttable presumption of materiality has been replaced by a company-specific materiality analysis and compatibility with other international standards for sustainability reporting has been improved. More pragmatism is required, however, in the cross-sector definition of value chains and in the design of the reporting obligation for small insurance companies.

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