European Commissioner for Financial Services Maria Luís Albuquerque, in a keynote speech at EFRAG's annual conference on 8 June 2026, praised the organisation's 25-year contribution to corporate reporting and outlined priorities for the next phase, including finalising the revised European Sustainability Reporting Standards (ESRS) and voluntary standards to improve usability and reduce complexity.
Albuquerque emphasised that reporting quality should not be measured by the number of datapoints but by whether information is relevant, reliable and useful. She framed the revised ESRS as a more proportionate framework that can deliver better outcomes in practice, turning reporting from a compliance exercise into a strategic tool for decision-making and risk management. The Commissioner also stressed the need for interoperability with global standards, notably the ISSB standards, to avoid fragmentation and facilitate cross-border investment.
The speech comes as the European Commission advances the Omnibus I simplification package, which includes adjustments to sustainability reporting rules. Albuquerque noted that EFRAG demonstrated adaptability by supporting that simplification effort, reflecting a willingness to learn and improve when experience shows adjustments are needed.
Albuquerque traced EFRAG's evolution from its founding in 2001 as a technical adviser on IFRS endorsement, through its expanded mandate under the European Green Deal and Corporate Sustainability Reporting Directive, to its current role developing both financial and sustainability reporting standards. She described EFRAG as Europe's voice in corporate and sustainability reporting, whose independence and ability to bring diverse interests together remain vital for building trust, transparency and comparability in European capital markets.
The Commissioner did not announce new legislative proposals but reaffirmed the Commission's commitment to finalising the ESRS revision and voluntary standards as immediate priorities. She called for closer integration of financial and sustainability reporting so that sustainability information, financial performance, strategy and risk form one coherent account of the company.
Stakeholder implications
EU companies: The revised ESRS aims to reduce reporting burden and compliance costs by focusing on material, usable information. Companies may benefit from clearer requirements and less data-point proliferation, but will need to adapt to updated standards and ensure interoperability with global frameworks.
Investors: Improved comparability and reliability of sustainability information should support better investment decisions and risk assessment. However, if interoperability with ISSB is not fully achieved, cross-border analysis could remain fragmented.
EFRAG: The organisation's role is reinforced as central to both standard-setting and implementation support. Its continued relevance depends on balancing ambition with usability and maintaining credibility with diverse stakeholders.
EU regulators and policymakers: The emphasis on usability and proportionality signals a shift toward pragmatic implementation, potentially reducing enforcement challenges but also raising questions about whether the revised standards maintain sufficient ambition to drive the green transition.