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.
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 For example, the previously envisaged approach of a rebuttable presumption of materiality has been replaced by a company-specific materiality analysis and compatibility with other international standards for sustainability reporting has been improved.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.