Multi-stakeholder discussion

In 2020, Frank Bold initiated a process to build multi-stakeholder consensus on the legal framework for corporate sustainability reporting.

After gathering input from the members of the Alliance for Corporate Transparency, Frank Bold drafted a “model law” that has been consulted and discussed with NGOs, trade unions as well as with 30 sustainability leaders from companies and investor firms.

The purpose of the “model law” is to advance the debate on the reform of the EU Non-Financial Reporting Directive and the development of European reporting standards.

If you are interested to participate in the discussions, please get in touch with us via: joanne.houston@frankbold.org. Similarly, you can subscribe to our newsletter to receive updates and relevant information on future events, publications and policy discussions.

Collaboration and partnerships

We join forces with other initiatives and institutions to organise events and roundtable discussions to address challenges in the reform and implementation of the legislation.

Webinar in Spain: Estado de la Información sobre Sostenibilidad de las Empresas en España y la Unión Europea 2020

July 9, 2020. Co-organised by Frank Bold (coordinator of the Alliance) and Sustentia Innovación Social

• Relevant links: Recording and slides
• Speakers: Ramón Jáuregui (Former MEP and Spanish Government), Elena Palomeque (European Commission), Álvaro Urrutia (Instituto de Contabilidad y Auditoría de Cuentas), Maria José Gálvez (SPAINSIF, BANKIA), Pedro Ortún (former Director European Commission), Juanjo Cordero and Carlos Cordero (Sustentia), Susanna Arus (Frank Bold)

Web-roundtable: Development of EU standards as part of the reform of the EU Non-Financial Reporting Directive

June 29, 2020. Co-organised by Frank Bold (coordinator of the Alliance) and the World Benchmarking Alliance

• Relevant links: Summary of discussions
• 44 experts representing the interests of the investor, accountant, regulatory, civil society and reporting standards communities participated in the discussion under Chatham House Rules

Webinar: Reform of the EU Non-Financial Reporting Directive: Clarity, consistency and comparability across value chains

May 11, 2020. Co-organised by Frank Bold (coordinator of the Alliance) and the World Benchmarking Alliance

• Relevant links: Recording and summary of discussions
• Speakers: Steve Waygood (Aviva Investors), Helena Viñes Fiestas (BNP Paribas Asset Management), Michele Lacroix, (SCOR), Rachel Davis (Shift), Elena Arveras (DG FISMA, EU Commission) and Marie Lyager (ESMA), Joanne Houston and Filip Gregor (Frank Bold), Gerbrand Haverkamp (WBA)

Webinar: Sustainability reporting in the EU

May 15, 2020. Co-organised by Frank Bold (coordinator of the Alliance) and the National Contact Point for OECD Guidelines for Multinational Enterprises

• Relevant links: Recording
• Speakers: Ludmila Hyklová, Secretariat of the Czech National Contact Point, Filip Gregor and Kristýna Vejvodová (Frank Bold)

Context

Since 2018, large European companies and financial corporations are required to disclose information necessary to understand their societal and environmental risks and impacts. The EU Non-Financial Reporting Directive, however, failed to specify which concrete information companies must disclose, severely undermining the legislation’s objective to increase the relevance, consistency and comparability of corporate sustainability data.

To address this problem, in 2019, the European Commission initiated a legislative process to reform the Directive and develop European non-financial reporting standards. High quality sustainability reporting is critical for the EU sustainable finance strategy - an ambitious roadmap to mobilise private investment to enable the implementation of the actions set out in the European Green Deal, manage climate and environmental risks and to integrate sustainability into the financial system. Corporate reporting provides the information upon which all the other elements of this strategy depend.