Europe update: December 2020

Proposals for a new governance structure at EFRAG

EFRAG is busy on a number of fronts at the moment. However, the spotlight is on its work for the European Commission (EC) on the potential development of European non-financial reporting standards. The Task Force, chaired by Patrick de Cambourg, which has been established to advise on the feasibility, and potential form and content of EU NFR standards, has produced its preliminary report, which is covered in the News and Analysis section below. This article focuses on a consultation document 1 issued by Jean-Paul Gauzès, EFRAG president, to seek views on his preliminary proposals regarding the changes to the governance structure and financing of EFRAG that would be needed if the EC were to ask EFRAG to become the standard-setter for the new standards.