GRI Welcomes Patrick de Cambourg's Candidacy for EU Sustainability Board

Progress on new chair appointment for the EFRAG Sustainability Reporting Board
Jul 14, 2022 9:15 AM ET
Eelco van der Enden - CEO of Global Reporting Initiative

July 14, 2022 /3BL Media/ - The news that Patrick de Cambourg has been confirmed by the European Parliament’s Legal Affairs (JURI) Committee as the preferred candidate to Chair the European Financial Reporting Advisory Group (EFRAG) Sustainability Reporting Board has been warmly welcomed by GRI. Mr. De Cambourg was the preferred candidate of the European Commission.

Eelco van der Enden, GRI CEO, said:

“In his previous role chairing the EFRAG Project Task Force on preparatory work for the European Sustainability Reporting Standards (ESRS), GRI witnessed first-hand Patrick de Cambourg’s’ dedication to this crucial work. We therefore welcome this morning’s vote. A major hurdle has been cleared towards his appointment as the first Chair of the EFRAG Sustainability Reporting Board.

The European Commission has been very clear in its ambition to develop a non-financial reporting regime that has the inherent potential to become part of a global system for corporate sustainability disclosure, based on the principle of double materiality. GRI strongly supports this ambition, and we look forward to work with Mr. De Cambourg and EFRAG on the development of the ESRS, to help ensure qualitative standards that meet European needs and are aligned with global standards.”

Under the Corporate Sustainability Reporting Directive, EFRAG has been mandated to develop the ESRS, for which GRI has provided technical support. In June, GRI published it’s formal response to the ESRS consultation.

Under the EFRAG-GRI cooperation agreement, signed in July 2021, the two organizations joined each other’s technical expert groups and committed to share information and for standard setting activities and timelines to be aligned as much as possible.

The EU Corporate Sustainability Reporting Directive is introducing legislation on sustainability disclosure that will expand and replace the current Non-Financial Reporting Directive.

Global Reporting Initiative (GRI) is the independent, international organization that helps businesses and other organizations take responsibility for their impacts, by providing the global common language to report those impacts. The GRI Standards are developed through a multi-stakeholder process and provided as a free public good.