EFRAG and TISFD Sign Cooperation Agreement to Advance Social-Related Financial Disclosures
Brussels, Belgium, and Vernier, Switzerland – 27 September 2024 – EFRAG and the Taskforce on Inequality and Social-related Financial Disclosures (TISFD) Secretariat have signed a cooperation agreement aimed at advancing the development and adoption of social-related financial disclosures.
This collaboration seeks to promote global disclosure frameworks that enable businesses and financial institutions to understand and report on their impacts, dependencies, risks, and opportunities related to people. By aligning efforts, EFRAG and TISFD will work together to support market readiness and scale implementation of inequality and social-related financial disclosures, building on each organisation’s unique expertise in sustainability and corporate reporting.
Key objectives of the agreement include:
Technical alignment: EFRAG and TISFD will share expertise and participate in each other’s working groups to align and enhance guidance on inequality and social-related financial disclosures, ensuring consistency between EFRAG’s EU Sustainability Reporting Standards (ESRS) and TISFD’s global framework.
Implementation support: The organisations will co-develop webinars, guidance materials, and tools to assist companies in disclosing inequality and social-related data, facilitating the market's adoption of ESRS and TISFD requirements.
Joint communications: EFRAG and TISFD will collaborate on communications related to the partnership, with a focus on joint messaging that aligns with their shared mission, while maintaining their independence.
This agreement reflects EFRAG’s and TISFD’s shared commitment to enhancing corporate transparency on social issues and supporting companies in meeting growing stakeholder expectations for more equitable and sustainable business practices.