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European Lab consultation on future projects

Section 1: Introduction

Objective of the European Lab future projects agenda consultation

The European Corporate Reporting Lab @EFRAG (European Lab) was established by EFRAG, following a call by the European Commission in its March 2018 Action Plan on Financing Sustainable Growth. The European Lab serves the European public interest and its objective is to stimulate innovation in the field of corporate reporting in Europe by identifying and sharing good reporting practices through:

(a) Facilitating dialogue between reporting companies, users and other relevant stakeholders and organisations; and
(b) Documenting the content and outcomes of this dialogue in reports and other means, for making them available in the public domain.

Corporate reporting issues are part of a wider debate of communication to the markets and other stakeholders of sustainability and corporate social responsibility information, and that there is an interplay with various external factors, initiatives and discussions. The European Lab supports and contributes to the implementation of the EC Action Plan in areas within its competence.

More information on the governance and operation of the European Lab can be found on the EFRAG website.

The first project of the European Lab, currently in progress, is on climate-related reporting. The project is assessing the current state of play for climate-related reporting by European companies, and the current and potential use of climate-related information by investors and other users. The primary focus is on the Task Force on Climate-related Financial Disclosures (TCFD) recommendations with consideration of other reporting frameworks as appropriate, while also taking account of the European Commission's non-binding Guidelines on non-financial reporting issued in July 2017 and their supplement Guidelines on reporting climate-related information issued in June 2019. Focus areas are climate-related disclosures and scenario analysis.

The decision to add a project to the European Lab agenda is made by the European Lab Steering Group, taking into consideration input from stakeholders in a public consultation.

This public consultation seeks views on European Lab future project topics and their prioritisation. We also seek your input on any possible alternative project that in your view would be more important and urgent for the European Lab to undertake than the three projects proposed in the public consultation. We welcome views on any of the points addressed by 30 September 2019.
Input required from stakeholders
In the next section (Section 2), the European Lab outlines three potential topics identified by the European Lab Steering Group to be considered as future projects of the European Lab.

The questions to stakeholders are found in Section 3.

Replies should be submitted by 30 September 2019.

All replies received will be placed on public record, unless confidentiality is requested.

For any queries contact

Proposed topics for future projects of the European Lab
The European Lab Steering Group has identified three possible future project topics:

(a) Reporting of social matters and human rights.
(b) Reporting of non-financial risks and opportunities, and linkage to the business model.
(c) Reporting on the materiality assessment process and outcomes for Environment, Social and Governance (ESG) matters.

The next section (Section 2) presents a brief description for each of the proposed topics.