1. December 2021
In view of the new EFRAG bodies expected on 1 April 2022, the Administrative Board of the ASCG decided on 29 November 2021 to allow the ASCG to participate in the EFRAG structure expanded to include sustainability reporting.
In March 2021, EFRAG President Jean-Paul Gauzès had submitted his report for a restructuring of EFRAG to the European Commission. In the past months, the structural reform was further concretised within the framework of the EFRAG General Assembly with significant participation of the ASCG.
With its decision, the Administrative Board of the ASCG responds to the advanced discussion on the design of the new EFRAG bodies to underpin the ASCG’s commitment to the new EFRAG structure. This includes a financial commitment for EFRAG contributions to be levied in the form of a levy for the first three years of the new structure. It is expected that DRSC, as a major national standard setter – alongside France, Italy and Spain – will also have permanent seats on all relevant EFRAG sustainability reporting bodies.
To clarify the role of the ASCG in European and international standard setting, the Secretariat has published a briefing paper (only in German).
As part of the decision, the Administrative Board also adopted a catalogue of “Critical Success Factors” for future EFRAG standard setting in the area of sustainability reporting. These include prioritisation of reporting topics, consideration of a “global baseline” and proportionality of reporting requirements depending on the type and size of the company. Current preparatory work on European reporting standards for sustainability reporting is taking place within the framework of a Project Task Force based at the EFRAG Lab.
ASCG President Georg Lanfermann says: “In future, DRSC will also be permanently represented as a national standard setter in all EFRAG bodies relevant to sustainability reporting. Especially the Critical Success Factors adopted by our Adminstrative Board provide important guidance for EFRAG’s work in the area of sustainability reporting.”