As an EFAA for SMEs member AIA were delighted to support the EFRAG-EFAA-SMEunited Joint Outreach on Draft EU Sustainability Reporting Standards (ESRS) Exposure Drafts and the speech by Salvador Marin, President of EFAA for SMEs which took place on 08 July.
As one of the 15 member organisations supporting a combined 370,000 members working as SMPs or in SMEs it is vital we come together on the topic of sustainability and in particular climate change and understand it is undoubtedly one of the most important issues and challenges of our time.
Salvador Marin, EFEE SME for SMEs President said: “We welcome the Corporate Sustainability Reporting Directive’s (CSRD’s) embrace of SMEs. Sustainability is not just an indulgence of the large companies.
“Collectively SMEs account for the majority share of private sector sustainability impact. So, they cannot, they must not, be left behind or ignored. Accordingly, EFAA welcomes the CSRD and its intent. And we welcome, in principle at least, the development of ESRS.”
However, to ultimately determine whether SMEs are currently ready to report under ESRS, Salvador Marin has outlined several key observations to consider, including capacity, pace of change, prioritisation, and proportionality.
Read Salvador Marin’s speech and key observations in full.
AIA Chief Executive, Philip Turnbull added: “When we take into consideration capacity, pace of change, prioritisation, and proportionality we wholeheartedly agree with the EFAA. The standards are clearly necessary, but it is our duty to be realistic and find a balance between excellence and the practicalities required by companies and society.”
“Collectively SMEs account for the majority share of private sector sustainability impact. So, they cannot, they must not, be left behind or ignored. Accordingly, EFAA welcomes the CSRD and its intent. And we welcome, in principle at least, the development of ESRS.”
