On 23 November 2022, the European Financial Reporting Advisory Group (“EFRAG“) submitted the first set of draft EU Sustainability Reporting Standards (“ESRS“) to the European Commission.
As discussed in our previous blog post (which you can read here), the draft ESRS – which in-scope entities will be required to report against under the Corporate Sustainability Reporting Directive (“CSRD“) – were released on 29 April 2022 and made available for public consultation until 8 August 2022. Following the end of the public consultation, EFRAG amended the ESRS and approved updated versions on 16 November 2022. EFRAG subsequently submitted the updated draft ESRS to the European Commission.
The CSRD was adopted by the Council of the European Union on 28 November 2022, meaning the requirement to report against the ESRS will apply in stages from 2024, with first submissions due in 2025 (for more information on the CSRD, read our legal update here).