For EACB members, the European Sustainability Reporting Standards compliant non-financial reporting is anticipated to be very demanding and will require an unprecedented level of effort. Banks are faced with the challenge of seeking information from their counterparties on topics that may not be material for the counterparty due to their SFDR and CRR Pillar 3 requirements. For this reason, we urge the Commission to promptly produce a solution to address this issue.
The EACB appreciates the flexibility provided in paragraph 11 of ESRS 1, suggesting that cooperative banks should have the option to voluntarily measure their societal impact and report on the benefits and performance that are specific to their business model. In this context, paragraph 7 of the OECD Recommendation of the Council on the Social and Solidarity Economy and Social Innovation encourages its member countries to promote the development and dissemination of the impact measurement of cooperatives and other social economy enterprises, aiming to enhance performance analysis and assess their social impact. The EACB recommends that any reporting on such measurement would make best sense in the context of reporting on the basis of the CSRD.