European Corporate Reporting Lab
The European Corporate Reporting Lab at EFRAG (European Lab) has been established by EFRAG, following the call by the EC in its March Action Plan on Financing Sustainable Growth. The European Lab serves the European public interest.
The European Lab's objective is to stimulate innovations in the field of corporate reporting in Europe by identifying and sharing good practices:
- Facilitating dialogues between reporting companies, users and other relevant stakeholders and organisations; and
- Documenting the content and outcomes of those dialogues in reports and other means to promote them to the public domain.
The European Lab will initially focus on non-financial reporting, including sustainability reporting. Preliminary projects may include climate-related disclosures in line with the recommendations of the Financial Stability Board's Task Force on Climate-related Financial Disclosures. Other topics may be environmental accounting and, in the medium term, integrated reporting, digitalisation and innovations in various other aspects of corporate reporting.
EFRAG stimulates innovation in corporate reporting through the European Reporting Lab@EFRAG's work in sharing good practices, which also complements and contributes to our work on financial reporting.
The European Lab has a multi-stakeholder Steering Group (the European Lab SG) and under its direction, EFRAG establishes project task forces for specific projects (European Lab PTFs). The European Lab SG is responsible for setting the agenda of the European Lab; appointing the members of the European Lab PTFs; monitoring project implementation; promoting outputs of the European Lab and mobilising networks; giving direction on external communication and review of progress of the European Lab's activities. The European Lab PTFs are responsible for the project deliverables including the contents of the project reports.
The European Lab Steering Group was appointed on 6 November by the EFRAG General Assembly. The composition of the group can be found here.
The Terms of Reference for the European Lab Steering Group are available here.
The first meeting of the European Lab SG was held on 27 November 2018. In this meeting the European Lab SG decided on the first project of the European Lab on climate-related reporting, consistent with the European Commission's (EC) Action Plan Financing Sustainable Growth. The project will assess the current state of play for climate-related reporting by European companies and assess the current and potential use of climate-related information by investors and other users. The primary focus will be on the Task Force on Climate-related Financial Disclosures' (T CFD) recommendations with consideration of other reporting frameworks as appropriate, while also taking account of the EC's non-binding guidelines on non-financial reporting. The next meeting of the European Lab SG will take place on 5 March 2019.
A call for candidates for the European Lab PTF on Climate-related Reporting was issued on 19 December with a deadline for applications of 26 January 2019. The European Lab is also interested to receive expressions of interest in participating in outreach events on climate-related reporting. The first meeting of the PTF will take place on 26 February 2019.
The European Lab PTFs Operating Guidelines can be found here.
EFRAG is organising a high-level conference Fostering Innovation in Corporate Reporting on Tuesday 5 March 2019 on corporate reporting and the role of the European Lab. Valdis Dombrovskis, Vice-President of the European Commission, will deliver the keynote speech. Richard Howitt, CEO of IIRC will introduce the panel discussions. You can find the save the date here.