Stakeholders need more time for ESG standards response, says PensionsEurope

PensionsEurope has stressed the importance of leaving stakeholders sufficient time to respond to public consultations in its own response to a consultation on the due diligence procedures of the European Financial Reporting Advisory Group (EFRAG).

The organisation’s response to the consultation, which had specifically been examining the procedures in relation to setting the European Union’s sustainability reporting standards, agreed that climate change was “a pressing political issue that requires swift political action”, but it added that stakeholders needed enough time to contribute to the conversation.

The consultation was launched on 16 June with a deadline of 15 September.

PensionsEurope explained that time was needed for discussions as they first take place between national associations and their memberships, before that conversation is then brought to an EU level association.

The organisation appeared to raise concerns that the current speed contravened the requirement for a proposal for a Corporate Sustainability Reporting Directive (CSRD) to be prepared with “proper due process, public oversight and transparency, and with the expertise of relevant stakeholders”.

Even so, PensionsEurope said it appreciated EFRAG’s openness and stakeholder involvement in its efforts to put proposals forward.

The organisation added that it was ready to engage in the process of developing sustainable reporting standards, and to share its expertise with EFRAG and other involved parties.

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