Anne-Marie Schoonbeek, COO and Co-founder of KEY ESG, attended the 2024 EFRAG Conference last week on "Advancing Transparency & Competitiveness in Challenging Times". These are her key insights from the event.
Watch the full conference online here
1. Ongoing Q&A and clarifications from EFRAG on ESRS standards and implementation
As ESRS reporting is still quite new, EFRAG is constantly releasing further clarifications and guidance to support their implementation. In total, EFRAG has received 777 questions from the public, of which it has addressed 68% so far. They have set up the ESRS Q&A platform to collect and answer technical questions.
As an official Friend of EFRAG, KEY ESG has a front row seat to all guidance and updates on ESRS. Our software ensures our clients are always in compliance with the latest reporting requirements and our customer service is second to none in providing extensive guidance and help articles.
2. Non-EU companies are preparing for ESRS
Several non-EU companies attended the conference in preparation for the reporting requirements beginning with the 2028 financial year.
While non-EU companies with no direct subsidiaries in the EU are not in scope for the European Sustainability Reporting Standards or ESRS, those that generate over €150 million per year in the EU will be subject to NESRS instead.
While both the ESRS and NESRS follow the same standards, organisations reporting under NESRS will be required to conduct impact materiality assessments instead of double and will not be subject to the EU Taxonomy. The differences are outlined below:
3. Sector-specific ESRS are being developed
While the current ESRS standards are industry agnostic, additional sector specific standards are being developed for up to 35 sectors, starting with high impact sectors such as mining or oil and gas and financial institutions.
You can learn more about sector-specific ESRS on the EFRAG website.
If you’re planning to attend ESG or sustainability events next year, we’ve put together detailed calendar of the key dates you won’t want to miss. You can also sign up for our newsletter and we’ll keep you up to date.
In the meantime, explore how our ESG management platform can benefit your business - request a demo today and get ahead in your ESG journey.
Anne-Marie Schoonbeek, COO and Co-founder of KEY ESG, attended the 2024 EFRAG Conference last week on "Advancing Transparency & Competitiveness in Challenging Times". These are her key insights from the event.
Watch the full conference online here
1. Ongoing Q&A and clarifications from EFRAG on ESRS standards and implementation
As ESRS reporting is still quite new, EFRAG is constantly releasing further clarifications and guidance to support their implementation. In total, EFRAG has received 777 questions from the public, of which it has addressed 68% so far. They have set up the ESRS Q&A platform to collect and answer technical questions.
As an official Friend of EFRAG, KEY ESG has a front row seat to all guidance and updates on ESRS. Our software ensures our clients are always in compliance with the latest reporting requirements and our customer service is second to none in providing extensive guidance and help articles.
2. Non-EU companies are preparing for ESRS
Several non-EU companies attended the conference in preparation for the reporting requirements beginning with the 2028 financial year.
While non-EU companies with no direct subsidiaries in the EU are not in scope for the European Sustainability Reporting Standards or ESRS, those that generate over €150 million per year in the EU will be subject to NESRS instead.
While both the ESRS and NESRS follow the same standards, organisations reporting under NESRS will be required to conduct impact materiality assessments instead of double and will not be subject to the EU Taxonomy. The differences are outlined below:
3. Sector-specific ESRS are being developed
While the current ESRS standards are industry agnostic, additional sector specific standards are being developed for up to 35 sectors, starting with high impact sectors such as mining or oil and gas and financial institutions.
You can learn more about sector-specific ESRS on the EFRAG website.
If you’re planning to attend ESG or sustainability events next year, we’ve put together detailed calendar of the key dates you won’t want to miss. You can also sign up for our newsletter and we’ll keep you up to date.
In the meantime, explore how our ESG management platform can benefit your business - request a demo today and get ahead in your ESG journey.
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