The European Securities and Markets Authority (ESMA) has emphasised the need for standardised Environmental, Social and Governance (ESG) disclosures in its response to the European Commission’s (EC’s) consultation on the renewed sustainable finance strategy.
As repeat readers of this newsletter will know, sustainability reporting has long been troubled by a confusing proliferation of competing and complementary standards and frameworks that reduce usability and comparability.
The European Commission (EC) continued making headway on non-financial reporting this week with an announcement that the European Financial Reporting Advisory Group (EFRAG) is to develop recommendations for non-financial reporting standards.
An article by Romane Maguet and Thomas Verdin, of XBRL Europe, in Revue Banque this week calls for ESEF-style tagging to be extended to non-financial information.
Non-financial (or environmental, social and governance – ESG) reporting is very much on the radar right now, especially in Europe. This week Accountancy Europe added to the debate with a number of new reports, including a follow up to their recent paper, Interconnected Standard Setting for Corporate Reporting.
In recent months momentum for renewed NFI reporting has increased in Europe, with the European Commission (EC) conducting a review into the Non-Financial Reporting Directive (NFRD).
A collection of European financial associations have called on the European commission to establish a common Environmental Social and Governance (ESG) data register and facilitate disclosure to enhance the quality and usability of ESG data.
The European Securities and Markets Authority (ESMA), European Insurance and Occupational Pensions Authority (EIOPA), and European Banking Authority (EBA), or ESAs, have provided a joint letter to the European Commission highlighting key messages in their response to the review of the Non-Financial Reporting Directive (NFRD). The ESAs agree that the NFRD needs revising to meet […]
Adrian Orr, Governor of the Reserve Bank of New Zealand, underlined why the Bank believes mandatory disclosure of climate risk is essential for preserving financial stability at a recent virtual roundtable. Financial stability requires all relevant risks to be adequately identified and priced. Climate change presents a direct and material risk to financial stability – […]
A recent article in the Financial Times neatly pinpoints an underlying problem with sustainability reporting: the proliferation of frameworks that threaten to overwhelm investors and reporters. Companies are increasingly responding to investor demand for more environmental, social and governance (ESG) information, however, with so many competing frameworks – such as the GRI, SASB, TCFD and […]
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XBRL International is a global not for profit operating in the public interest. Our purpose is to improve the accountability and transparency of business performance globally, by providing the open data exchange standard for business reporting.
