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ARTICLE · 26 MAY 2020

European Supervisory Authorities Launch Joint Consultation On ESG Disclosures

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The three European Supervisory Authorities, EBA, EIOPA and ESMA, (collectively the "ESAs") have published a Consultation Paper on 23 April 2020 (the "Consultation") seeking responses to proposed environmental, social and governance ...

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Emma Khoo
Emma Khoo
Tim Baines
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The three European Supervisory Authorities, EBA, EIOPA and ESMA, (collectively the "ESAs") have published a Consultation Paper on 23 April 2020 (the "Consultation") seeking responses to proposed environmental, social and governance ("ESG") disclosure standards for financial market participants, advisers and products. The ESAs are a joint committee with the aim of strengthening cooperation between the three bodies, and regularly exchange information.

This Consultation follows ESMA's annual report on corporate disclosures and enforcement published earlier this month. This report highlighted the current inadequacy of ESG disclosure rules. Twenty per cent of issuers did not provide any information about climate change and only ten per cent provided disclosure in a boilerplate fashion, although the majority of issuers are providing sufficient disclosure under the current rules.

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