New York, NY
Shift’s David Vermijs has been appointed to the newly-constituted Sustainability Reporting Board of the European Financial Reporting Advisory Group (EFRAG). EFRAG is developing corporate sustainability reporting standards for the European Commission for the implementation of the new Corporate Sustainability Reporting Directive (CSRD). Once updated, the CSRD will require approximately 50,000 companies to report on their environmental, social (including human rights) and governance performance from both an impact and financial materiality perspective, in a management report that is assured. Shift issued its position on the draft CSRD in May 2021.
David is one of the representatives of civil society organizations appointed to the Board, together with Filip Gregor of Frank Bold, among others. The EFRAG Sustainability Reporting Board will be responsible for all sustainability reporting positions of EFRAG including technical advice to the European Commission on the draft EU Sustainability Reporting Standards and amendments to Standards. The due process includes considering the technical advice provided by EFRAG Sustainability Reporting Technical Expert Group, which is appointed by the Board.
The target date for full implementation of the new EFRAG structure is 31 March 2022. Around this date the project work on the development of draft EU Sustainability Reporting Standards conducted by the EFRAG Project Task Force on European Sustainability Reporting Standards (PTF-ESRS), will be handed over to the permanent structure.
David has worked as a member of the PTF-ESRS over the past eight months, helping lead the development of draft social reporting standards. Recently, the draft working papers for consideration by the full PTF for the standards on Workers in the Value Chain, Affected Communities and Consumers and End-users were published. In May 2022, revised exposure drafts will be issued for public comment. Shift is a “co-construction” partner to EFRAG.
To learn more about the work that Shift does to help shape the rules that drive businesses to respect human rights, visit our Standards page.