EFRAG General Assembly

Role of the EFRAG General Assembly

Alongside fulfilling the legal requirements under the Belgian law for international associations and deciding over the statutes, internal rules and membership of EFRAG, the EFRAG General Assembly is in charge of:

  • Approving the financial statements and the budget of next year.
  • Appointing the President, Vice-President and members of the EFRAG Administrative Board.
  • Appointing the Chairs, Vice-Chairs and members of the EFRAG Financial Reporting Board and the EFRAG Sustainability Reporting Board. The Chairs of the EFRAG Financial Reporting Board and the EFRAG Sustainability Reporting Board are nominated by the European Commission after having heard the Council of the European Union and the European Parliament.
  • Providing a Discussion Forum for EFRAG Member Organisations to debate on strategy and broader orientations.
  • Exercising general oversight over the EFRAG Administrative Board. Please refer to the legal section for the comprehensive texts of the EFRAG by-laws (Statutes and Internal Rules).

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Composition of the General Assembly

EFRAG’s activities are organised in two pillars:

  • A Financial Reporting Pillar which contributes to the IASB’s standard-setting process by providing European views, including through proactive research activities, and provides technical advice to the European Commission on the endorsement of IFRS Standards; and 
  • A Sustainability Reporting Pillar which provides technical advice to the European Commission in the form of draft EU Sustainability Reporting Standards and/or draft amendments to EU Sustainability Reporting Standards.
The EFRAG General Assembly is composed of all EFRAG Member Organisations. Current membership of EFRAG is detailed below:

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Financial Reporting Pillar

European Stakeholder Organisations

​Accountancy Europe

BusinessEurope

​European Business Federation

​EACB

​European Association of Co-operative Banks

EBF

​European Banking Federation

ESBG

​European Savings and Retail Banking Group

EFAA

​European Federation of Accountants and Auditors for SMEs

EFFAS

​European Federation of Financial Analysts Societies

​Insurance Europe

​European Insurance Federation


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National Organisations (countries)

Austrian Group of Standard Setters

​Austria

​Commission des Normes Comptables/Commissie voor boekhoudkundige normen  (CNC/CBN)

​Belgium

​Grouping of five Danish organisations

​Denmark

Autorité des Normes comptables (ANC)

​France

Accounting Standards Committee of Germany (ASCG)

​Germany

​Organismo Italiano di Contabilità (OIC)

​Italy

Commission des Normes comptables (CNC)

​Luxembourg

​Dutch Accounting Standards Board (DASB)

​The Netherlands

​Instituto de Contabilidad y Auditoria de Cuentas (ICAC)

​Spain

​The Association for Generally Accepted Principles in the Securities Market

​Sweden


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Sustainability Reporting Pillar

European Stakeholder Organisations

​Accountancy Europe

​BusinessEurope

​European Business Federation

​EuropeanIssuers

EACB

​European Association of Co-operative Banks

EBF

​European Banking Federation

ESBG

​European Savings and Retail Banking Group

EFAA

​European Federation of Accountants and Auditors for SMEs

EFFAS

​European Federation of Financial Analysts Societies

EFAMA

​European Fund and Asset Management Association

EUROSIF

​European Sustainable Investment Forum

​Insurance Europe

​European Insurance Federation


National Organisations (countries)

​Austrian Group of Standard Setters

​Austria

​Grouping of five Danish organisations

​Denmark

​Autorité des Normes comptables (ANC)

​France

Accounting Standards Committee of Germany (ASCG)

​Germany

​Organismo Italiano di Contabilità (OIC)

​Italy

​Commission des Normes comptables (CNC)

​Luxembourg

Dutch Accounting Standards Board (DASB)

​The Netherlands

Instituto de Contabilidad y Auditoria de Cuentas (ICAC)

​Spain

The Association for Generally Accepted Principles in the Securities Market

​Sweden


Civil Society Organisations 

NGOs

​Economy for the Common Good

Environmental Defense Fund Europe

​Frank Bold Society

Publish What You Pay

Transport & Environment

​World Wild Fund for Nature (WWF )


Consumer Organisations 

BETTER FINANCE

​The European Federation of Investors and Financial Services Users

​Finance Watch


Trade Unions

​European Trade Union Confederation (ETUC)


Academics

European Accounting Association (EAA)


The EFRAG General Assembly Nominating Committee assists the EFRAG General Assembly in fulfilling its responsibility for appointing members of EFRAG Administrative Board and facilitates and coordinates the nomination process of the EFRAG Administrative Board. The composition of the Committee is as follows:
  • Hans Buysse, EFRAG Administrative Board President - Chair
  • Alberto Giussani (OIC)
  • Matis Joab (BETTER FINANCE)
  • Olav Jones (Insurance Europe)
  • Sven Morich (ASCG)
  • Pedro Oliveira (BusinessEurope)
  • Nina Schindler (EACB)
  • Goran Tidström (Swedish Association for Generally Accepted Principles in the Securities Market)
  • Nadine Wiedermann- Ondrej (Austrian Group of Standard Setters)

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EFRAG Administrative Board

The EFRAG Administrative Board is responsible for EFRAG’s organisation, administration, finance and due process encompassing both the Financial reporting and Sustainability reporting pillars. It is not involved in technical activities or positions.

To carry out its tasks in accordance with the EFRAG Internal Rules, the EFRAG Administrative Board relies on the advice received from committees populated from within the EFRAG Administrative Board: the EFRAG Administrative Board Audit, Budget and Risk Committee, the EFRAG Administrative Board Nominating Committee and the EFRAG Administrative Board Remuneration Committee.

The composition of the EFRAG Administrative Board is as follows:


EFRAG Administrative Board President: 
European Stakeholder Organisations Chapter:

National Organisations Chapter:

Civil Society Organisations Chapter: 


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Friends of EFRAG

EFRAG introduces the Friends of EFRAG whereby entities can give their individual support to EFRAG’s mission and support EFRAG’s reporting activities. 

Friends of EFRAG - Sustainability Reporting:

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