We are proud to share that Shift’s Senior Advisor, David Vermijs, is among the 40 selected members of the multi-stakeholder task force appointed by the European Reporting lab to produce recommendations on the potential development of EU non-financial reporting standards. This forms part of the preparatory work for a revised version of the EU Non-Financial Reporting Directive, due in 2021.
During the first phase of the project, David is co-leading a workstream that will analyze and assess the conceptual framework for potential reporting standards, including approaches to materiality, linkages to the SDGs, and the structure and types of relevant information.
Good reporting standards have a critical role to play in both reflecting and shaping responsible business conduct.
Good reporting standards have a critical role to play in both reflecting and shaping responsible business conduct. A separate EU initiative is currently developing plans for mandatory human rights and environmental due diligence. This is expected to align with the standard of conduct for companies set out in the UN Guiding Principles on Business and Human Rights.
A revised Non-Financial Reporting Directive and robust reporting standards can create coherence for companies between what they are expected to do and to report when it comes to managing their impacts on both people and the planet. Effective reporting is in particular critical for markets to be able to recognize and reward those companies that are consistently progressing in their efforts to identify and address the most critical risks to people in their operations and value chains.
The EU initiative is therefore both critical and timely. It should also support a move towards more coherent and consistent standards at the global level.
