28/02/2024 - Launch of the EFRAG Financial Institution Advisory Panels (FIAPs) – advising EFRAG SR TEG on the related sector standards
EFRAG SR TEG approved the composition of the EFRAG Banking, Capital Markets and Insurance Advisory Panels (EFRAG BAP, CMAP and IAP respectively).
These advisory panels will advise the EFRAG SR TEG on the development of the ESRS sector standards required under CSRD.
Consult the composition of the panels here.
EFRAG SR TEG also thanks the related Sector Communities who will assist in this regard as well. Stakeholders with an interest in sustainability reporting for FI sectors are invited to join the relevant community by expressing an interest (including CV) to FIAPs@efrag.org.
In February 2024, EFRAG SR TEG approved the composition of the EFRAG FIAPs as recommended by the EFRAG Administrative Board supported by its Extended SRB Nominating Committee.
These advisory panels contribute to the development and maintenance of the sector specific ESRS on financial institutions and in general to provide sector-specific input in EFRAG sustainability reporting activity, by regularly providing its views and technical inputs to the EFRAG Sustainability Reporting Technical Expert Group (EFRAG SR TEG).
The role, competencies, composition, and modus operandi of the EFRAG FI Advisory Panels are described in the Terms of reference – available here as follows: Banking; Capital Markets and Insurance.
The Corporate Sustainability Reporting Directive (CSRD) requires the adoption of EU Sustainability Reporting Standards (ESRS) to be developed by EFRAG, as technical advisor to the European Commission. In its role as technical advisor, EFRAG also needs to prepare sector-specific standards for sustainability reporting. In this context, EFRAG is setting up three advisory panels (EFRAG SR Banking Advisory Panel, EFRAG SR Capital Markets Advisory Panel and the EFRAG SR Insurance Advisory Panel) that will provide technical inputs to the EFRAG SR TEG on the content of such draft sector-specific standards.
EFRAG's call for candidates resulted in approximately 200 high-quality applications for the three panels.
Applicants that were not selected as members of the EFRAG FIAPs have been invited to join the EFRAG Sector Communities, which are virtual groups that will contribute on an as needed basis to EFRAG activities on sector standard setting. The Sector Communities receive periodic updates on EFRAG's activities in this regard and may be contacted with a request for specific input on an issue EFRAG SR TEG and its EFRAG FIAPs are working on. In that way, EFRAG can enhance its interaction and cooperation with stakeholder and recognise the very high number and quality of applications received. The Extended Nominated Committee also recommended (and SR TEG accepted) another call for civil society candidates and specific user backgrounds.
Stakeholders with an interest in sustainability reporting for sectors are invited to join the relevant community by expressing an interest to FIAPs@efrag.org.
Consult the composition of the panels here.
