𝗜𝗡𝗦𝗨𝗥𝗔𝗡𝗖𝗘 𝗘𝗨𝗥𝗢𝗣𝗘 𝗔𝗡𝗗 𝗧𝗛𝗘 𝗘𝗨𝗥𝗢𝗣𝗘𝗔𝗡 𝗜𝗡𝗦𝗨𝗥𝗔𝗡𝗖𝗘 𝗖𝗙𝗢 𝗙𝗢𝗥𝗨𝗠 𝗥𝗘𝗦𝗣𝗢𝗡𝗗 𝗧𝗢 𝗧𝗛𝗘 𝗘𝗙𝗥𝗔𝗚 𝗖𝗢𝗡𝗦𝗨𝗟𝗧𝗔𝗧𝗜𝗢𝗡 𝗢𝗡 𝗧𝗛𝗘 𝗘𝗫𝗣𝗢𝗦𝗨𝗥𝗘 𝗗𝗥𝗔𝗙𝗧𝗦 𝗢𝗙 𝗧𝗛𝗘 𝗘𝗨𝗥𝗢𝗣𝗘𝗔𝗡 𝗦𝗨𝗦𝗧𝗔𝗜𝗡𝗔𝗕𝗜𝗟𝗜𝗧𝗬 𝗥𝗘𝗣𝗢𝗥𝗧𝗜𝗡𝗚 𝗦𝗧𝗔𝗡𝗗𝗔𝗥𝗗𝗦
Insurance Europe and the European Insurance CFO Forum responded to the EFRAG consultation on the revised Exposure Drafts of the European Sustainability Reporting Standards (ESRS). In their joint letter, views were expressed that while simplification efforts were welcomed, the standards remain too complex and burdensome.
The organizations called for 𝗳𝗮𝗶𝗿 𝗽𝗿𝗲𝘀𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 to be confirmed as an overarching principle prioritizing relevance and proportionality. They stated the 𝗗𝗼𝘂𝗯𝗹𝗲 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹𝗶𝘁𝘆 𝗔𝘀𝘀𝗲𝘀𝘀𝗺𝗲𝗻𝘁 (𝗗𝗠𝗔) is still overly complex and suggested the materiality filter should apply across all standards. They also recommended requiring only 𝗾𝘂𝗮𝗹𝗶𝘁𝗮𝘁𝗶𝘃𝗲 𝗱𝗶𝘀𝗰𝗹𝗼𝘀𝘂𝗿𝗲𝘀 for anticipated financial effects and supported 𝗲𝘅𝗲𝗺𝗽𝘁𝗶𝗻𝗴 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗶𝗻𝘀𝘁𝗶𝘁𝘂𝘁𝗶𝗼𝗻𝘀 𝗳𝗿𝗼𝗺 𝗱𝗶𝘀𝗰𝗹𝗼𝘀𝗶𝗻𝗴 𝗮𝗯𝘀𝗼𝗹𝘂𝘁𝗲 𝗚𝗛𝗚 𝗿𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝘁𝗮𝗿𝗴𝗲𝘁𝘀 when intensity targets are set, arguing the latter better reflects their role in financing transition.
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