The European Commission is reviewing the Non-financial reporting directive 2014/95/EU (NFRD) as part of the European Green Deal to strengthen the foundations for sustainable investment. In line with that commitment, the Commission launched a public consultation on the review of the NFRD. Stakeholders shall submit their views about potential revisions of the NFRD provisions by 11 June 2020.

Further, the Commission has announced to initiate work on European non-financial reporting standards and invited the European Financial Reporting Advisory Group (EFRAG) to begin preparatory work on the standards. Recently, EFRAG has announced to initiate the European Lab Project Task Force on reporting of non-financial risks and opportunities and linkage to the business model. Call for applications are open until 10 April 2020.

Both initiatives offer a great opportunity to get involved on the future non-financial reporting requirements for corporations in Europe. PRI will prepare a consultation response to the NFRD and follow the development of the EU non-financial reporting requirements closely.

This collaboration is aimed to exchange perspectives on the EU non-financial reporting landscape and inform PRIs and signatories consultation responses.