The European Financial Reporting Advisory Group (EFRAG) has named the experts that will advise the EU on its technical standards for sustainability reporting.
The 21 members of the group’s new Sustainability Reporting Board include representatives from industry groups, finance, corporates and regulators.
KPMG’s former head of sustainability reporting and chair of the sustainable finance working group at Accountancy Europe, Wim Bartels, has been appointed to the group. On social media, he said the board would “drive sustainability reporting standards in the EU”.
“It’s going to be a big but very impactful task that we are going to fulfil with the balanced high-level composition of the Board,” he added.
The group will be responsible for providing technical advice to the EU on its sustainability reporting standards, including the upcoming Corporate Sustainability Reporting Directive which will dictate how companies operating in the bloc must disclose their sustainability performance to investors and other stakeholders.
Other members include Grégoire de Montchalin, head of financial reporting at AXA; Aleksandra Palinska, an ex- sustainability specialist at the European Fund & Asset Management Association; and Patrick de Cambourg, the head of the French Accounting Standards Authority. For a full list, see the accompanying box.
The European Commission will nominate a chair for the board, who will be appointed by the EFRAG general assembly, by the summer.
EU regulators and agencies including ESMA and the ECB are also permitted to appoint an observing member with speaking rights:
EFRAG has also announced a target date for the full integration of its sustainability reporting pillar, aiming to complete the governance reforms by the end of March.