European ESG Reporting Compatible With International Standards

European Sustainability Reporting Standards will be compatible with other international reporting standards, rulemakers said Tuesday, avoiding the need for companies to report against several different sets of rules.

The European Financial Reporting Advisory Group and the Global Reporting Initiative said in a joint statement that the two bodies had “achieved a high level of interoperability” between their standards, avoiding the need for double reporting. EFRAG’s European rules take effect from next year, with large companies required to report on the full range of environmental, social and governance issues. GRI’s voluntary ESG reporting rules are used by around 10,000 companies worldwide, ...