Our structure and member organisations

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).

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: