Dutch pension organizations urge EC to rethink CSRD
Dutch pension organizations, including the Dutch Pension Federation (Pensioenfederatie) and major pension asset managers APG, PGGM, and MN, have written a joint letter to European Commission President Ursula von der Leyen, expressing their concerns about the Commission’s latest proposal on reporting standards under the Corporate Sustainability Reporting Directive (CSRD). The organizations argue that the Commission’s revised proposal will lead to a lack of sustainability data for pension funds.
Dutch pension organizations, including the Dutch Pension Federation (Pensioenfederatie) and major pension asset managers APG, PGGM, and MN, have written a joint letter to European Commission President Ursula von der Leyen, expressing their concerns about the Commission’s latest proposal on reporting standards under the Corporate Sustainability Reporting Directive (CSRD). The organizations argue that the Commission’s revised proposal will lead to a lack of sustainability data for pension funds.
The European sustainable investment forum Eurosif has also voiced its concerns about the revised proposals, which deviate from the recommendations published by the European Financial Reporting Advisory Group (EFRAG) in November. The Commission’s decision to make sustainability reporting voluntary instead of mandatory is a particular point of contention for the Dutch pension organizations. They believe that this approach shifts the reporting burden to pension funds and other financial market participants, while consistency and comparability between the CSRD and the Sustainable Finance Disclosure Regulation (SFDR) will be undermined.
The organizations emphasize the need for reliable and comparable information from companies on issues such as pollution, CO2 emissions, and energy consumption. They call for collaboration between national and European policymakers, consumers, investors, and the business community to achieve a greener economy. In their letter, the Dutch pension organizations urge the Commission to reconsider its approach and return to the original EFRAG advice, which proposed mandatory climate indicators under the CSRD.
The letter highlights the importance of robust sustainability reporting standards to facilitate informed decision-making and promote transparency in the financial sector. The Dutch pension organizations urge the Commission to prioritize the availability of sustainability data, ensuring that pension funds and other market participants can effectively assess and address sustainability risks and opportunities.
