EBA proposes enhanced standardisation of disclosure requirements laid down in the Non-Financial Reporting Directive

The European Banking Authority (EBA) submitted today its response to the European Commission’s public consultation on the review of the Non-Financial Reporting Directive (NFRD). The EBA welcomes this consultation, and agrees with the need to revise the NFRD so as to meet the demand for relevant, reliable and comparable company disclosure on non-financial matters. The EBA also highlights the need to increase standardisation by setting out mandatory rather than voluntary requirements, so as to ensure comparable disclosures. Finally, the EBA supports this review as a good opportunity to expand the scope of companies covered by the NFRD, in a proportionate way.

The European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) have also provided responses to the consultation. Along with their responses, the three European Supervisory Authorities (ESAs) have submitted a joint letter from their Chairs, highlighting certain key messages, which are of particular importance for the future of Europe’s non-financial reporting regime.