European Sustainability Reporting Standards (ESRS) consultation response
ShareAction welcomes the publication of the draft Delegated Act on the European Sustainability Reporting Standards by the European Commission and appreciates the opportunity to provide feedback. Sustainability reporting is critical for ensuring that companies provide information on the risks and impacts they have on environmental, social and governance matters, which increases transparency and provides clarity to investors. This being said, we want to express our concerns about the significant changes made by the European Commission to the technical draft presented by EFRAG and the overall lowering of the level of ambition compared to what was agreed by the co-legislators when defining the CSRD. Considering the centrality of the reporting standards to the implementation of the EU sustainable finance agenda and transformation of the economy to meet the objectives of the EU Green Deal, we call on the European Commission to maintain the integrity of the ESRS as a full set of standards and prevent some standards being prioritised over others.