Naïm Abou-Jaoudé, President of EFAMA comments that he is pleased that EFAMA has been named as a member of the EFRAG. The association has a key role to play in developing reliable, comparable and consistent sustainability reporting standards in the EU, as well as in the integration of the double-materiality reporting. EFRAG will also impact the development of international sustainability disclosures.
Our industry faces significant data challenges due to the lack of harmonised and publicly available ESG company disclosures. While the investment management industry is working towards enhancing the ESG disclosures of financial products, we still do not have the necessary data from investee companies. We believe that the future sustainability reporting standards will help close the data gap and unleash the full potential of the sustainable finance agenda.
EFAMA’s representation within EFRAG’s Sustainability Reporting Pillar will ensure that sustainability disclosures meet investors’ needs concerning the sustainability profiles of companies and products.
Time is of the essence and we support the ambitious timeline set out by the European Commission in this regard and look forward to working with EFRAG members on these vital EU sustainability reporting standards.