The OIC has published its comment letter in response to the European Commission’s consultation on the draft delegated acts concerning the new sustainability standards (revised ESRS) and the voluntary standard.

While supporting the simplification process adopted by the Commission, the OIC emphasized several essential technical aspects, including:

• Guidance on entity-specific disclosures: it is proposed to limit these additional disclosures—which are largely sector-specific—strictly to cases where they are material to primary users;

• Anticipated financial effects: strong concerns were reiterated, suggesting that any type of reporting requirement be deferred until adequate methodologies for their measurement are defined;

• SME reliefs: the introduction of reliefs for smaller companies is welcomed;

• Voluntary standard review: it is hoped that a post-implementation review on the voluntary standard will be launched with EFRAG to assess its actual application over time.

Attached is the official response sent to the European Commission.

The press release can be found in the dedicated section of the website.