ARTICLE
29 September 2023

EFRAG Indicates That Work On Sector-specific ESRS To Recommence

M
Matheson

Contributor

Established in 1825 in Dublin, Ireland and with offices in Cork, London, New York, Palo Alto and San Francisco, more than 700 people work across Matheson’s six offices, including 96 partners and tax principals and over 470 legal and tax professionals. Matheson services the legal needs of internationally focused companies and financial institutions doing business in and from Ireland. Our clients include over half of the world’s 50 largest banks, 6 of the world’s 10 largest asset managers, 7 of the top 10 global technology brands and we have advised the majority of the Fortune 100.
On 18 September 2023, the European Financial Reporting Advisory Group ("EFRAG") announced that it is reactivating its "sector-specific" communities (ie, stakeholder groups)...
Ireland Finance and Banking

On 18 September 2023, the European Financial Reporting Advisory Group ("EFRAG") announced that it is reactivating its "sector-specific" communities (ie, stakeholder groups) and is inviting industry specialists to participate, indicating a renewed focus on the sector-specific European Sustainability Reporting Standards ("ESRS").

The Corporate Sustainability Reporting Directive ("CSRD") will require in-scope companies to report extensive sustainability information in a dedicated section of their annual reports. Reporting under CSRD must be conducted in accordance with sustainability reporting standards, adopted by the European Commission. For more information on CSRD generally, click here to see our 'CSRD at a glance' briefing note.

The Commission adopted sector-agnostic ESRS on 31 July 2023. Commissioner Mairead McGuinness had called on EFRAG to prioritise its efforts on capacity building for the implementation of this first set of sector-agnostic ESRS over the preparatory work for draft sector-specific ESRS. The latest update from EFRAG indicates that the sector-specific ESRS are back on its agenda.

EFRAG's current multi-year work plan covers high impact and financial institutions sectors. EFRAG is now allowing participants to register to take part in its "sector-specific" stakeholder groups in respect of the following areas:

  • agriculture, farming and fishing;
  • food and beverage services;
  • mining, coal and quarrying;
  • motor vehicles;
  • oil and gas;
  • power production and energy utilities;
  • road transport; and
  • textiles, accessories, footwear and jewellery.

EFRAG has indicated that it expects to allow participants from the sectors of capital markets / investments, insurance, lending and banking to register at a later stage.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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