European Financial Reporting Advisory Group

And we're really thrilled that that new Delegated Act includes an option for companies to present their sustainability related disclosures in a more flexible way to meet the CSRD requirements which opens the path for passporting essentially it opens the path for an ISSB report to be the basis for reporting to meet the CSRD requirements in accordance with the SRS so that's really fabulous news for companies that need to navigate ISSB and CSRD reporting.

In addition to that, there's an ongoing consultation process that's open at the moment where EFRAG has an exposure draft out for comment until the 31st of October this year, which relates to foreign companies headquartered outside Europe with operations in Europe that are not within the scope of the main ESRS.

This has had a few different names, but the document that's out for comment is called ESRS 40A.

And it's a really important consultation document for our stakeholders.

People might not expect that because it's described as being about impact reporting, but a lot of the information about impact, so for example about greenhouse gas emissions, which explains transition risks, are really relevant in our standards as well.

So there's an overlap in the information required, which means that this basis of reporting based on ISSB plus is a really efficient way to meet the requirements.

So we really encourage our stakeholders to look at the ESRS 40A document to respond to the questions in there, including about the option of using ISSB based reporting, the ISSB plus approach to meeting the requirements in ESRS 40A and to let EFRAG know your comments in response to that consultation.

So with that European interaction as context, maybe then, Emmanuel, that brings us to our meeting here in our board week, where it was really exciting to see our human capital-related project back at the board table after a while.