On 31st January 2022, the Climate Disclosure Standards Board (CDSB) was consolidated into the IFRS Foundation to support the work of the newly established International Sustainability Standards Board (ISSB). While this site and its resources remain relevant for preparers looking to improve sustainability disclosure until such time as the ISSB issues its IFRS Sustainability Disclosure Standards on such topics, no further work or guidance will be produced or published by CDSB. For further information please visit the IFRS website.

Coalition publishes 7 recommendations for the upcoming Non-Financial Reporting Directive (NFRD)

ACCA, Accountancy Europe, Association of German Banks (BdB), CDSB, EFAMA, Frank Bold, IIGCC, Schroders, ShareAction, WWF have decided to form an informal group on Sustainable Finance. The group is used as a platform for collaboration and coordination and can serve in the future as a useful forum for further interactions with the EU institutions.

We have issued a joint statement for which BNP Paribas AM and Candriam have also confirmed their support, while not being part of the informal group itself.

The European Union, and the world economy, are facing one of the biggest challenges of our time in designing the means and tools to foster a green economic recovery. It is more important than ever for both the private and the public sector to work together on policy priorities governments should take in reaction to this crisis. We believe that the Non-Financial Reporting Directive should make a leap forward in improving the quality, comparability, and consistency of environmental, social and governance (ESG) information.

As a group of stakeholders with different backgrounds, but a common interest in sustainable finance, we believe the following matters are instrumental in the upcoming revision of the NFRD:

  • Expand the scope beyond large listed companies
  • Disclose non-financial information in the annual management report
  • Strengthen the social and governance aspects
  • Develop minimum mandatory reporting requirements
  • Build on existing reporting initiatives (to achieve comprehensive non-financial reporting)
  • Keep up the international role for reporting standards
  • Ensure legislative consistency and avoid duplication of reporting legislation

For information

Michael Zimonyi

Eleni Kanelli