March 2010- Disclosure Submission of the European Combined Reporting Alliance

Summary

Eurosif submitted a joint Response to the European Commission aiming to improve the outcome from a series of workshops held from September 2009 to February 2010 by the EC to address environmental, social and governance (ESG) disclosure. The Response was jointly submitted by the following organisations: The European Federation of Financial Analysts Societies (EFFAS), Eurosif, European Laboratory, The Prince’s Accounting for Sustainability Project, Railpen Investments and World Intellectual Capital/Assets Initiative.

The Response highlights the following:

  • Favours a combined approach to corporate reporting as one of the levers to embed sustainability in corporate strategy & management practices;
  • Supports a mandatory regulatory approach to ESG disclosure and reporting at the European level, as long as it provides companies with some latitude of choice in terms of content;
  • Considers that there is no appropriate ESG disclosure and reporting framework presently fully meeting the needs of capital markets actors (namely companies and investors), while non-financial disclosure and reporting frameworks currently in progress are promoting the idea of combined reporting;
  • Acknowledges the fact that the time has come to unite the efforts of the scattered and international European initiatives on ESG disclosure & reporting, and to support the efforts of international connected reporting initiatives such as the International Connected Reporting Committee.

Additional Information Sources

Download the Response here.

More information about the topic here.

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