In November 2022, the Council of the EU approved the Corporate Sustainability Reporting Directive (CSRD). The CSRD requires companies to disclose information on the way they operate and manage social and environmental challenges. They need to do so in compliance with European Sustainability Reporting Standards (ESRS). Under the CSRD, the European Financial Reporting Advisory Group (EFRAG) was requested to develop these ESRS. In December 2022, they submitted the first set of draft ESRS to the European Commission (EC). It consists of two general standards, and ten standards related to specific Environmental, Social, and Governance topics. It is expected that the standards will be adopted as delegated acts in June 2023.
On 26 January 2023, the European Banking Authority (EBA) issued their opinion to the EC on the ESRS. The EBA acknowledges that, overall, the draft ESRS are consistent with international standards and relevant EU Regulation. They also welcome the improved alignment with the Pillar 3 ESG disclosure requirements. Furthermore, the EBA is encouraging the EC to anticipate the timetable for the specific-sector standards for credit institutions: for finalisation in 2024 and adoption in 2025.
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