ASCG Administrative Board demands proper due process for European sustainability reporting standard-setting

In the form of an upfront comment, the ASCG Administrative Board criticises the proposal published by EFRAG on 16 June 2021 on the due process procedures for the development of European Sustainability Reporting Standards (ESRS).

It urges a proper due process also in the transition phase and in view of the given high time pressure. Furthermore, the Administrative Board expresses concerns that the consultation document does not address how to ensure transparency by EFRAG during the transition phase.

EFRAG is requested to be as transparent as possible in the standards development process of the Project Task Force by making meetings, meeting documents and decisions available to the public. The Administrative Board considers that the involvement of all stakeholders in the standard-setting process has a significant impact on the quality and acceptance of the standards.

EFRAG invites comments on the proposed due process procedure until 15 September 2021.