3 August 2022

Spanner in the wheel of the EFRAG sustainability chair nomination

The Council of the EU (the Council) was meant to opine on who should become chair of EFRAG's sustainability board at its meeting last week, but the point was dropped off the agenda following some member states' concerns over processes, Corporate Disclosures has learnt.

The European Parliament narrowly voted in favor of Patrick de Cambourg's candidacy in July, following an audition of three candidates.

The Council was planning to review De Cambourg's candidacy, and not the other two, before expressing a view.

Although this is the standard procedure at Council level, a source close to the process told Corporate Disclosures, a number of member states, including Germany, have written a letter to the Czech presidency of the EU, questioning the process and calling for a review of the candidacies of both De Cambourg and Tjeerd Krumpelman, who came close second in the Parliament's vote.

Originally, the Czech presidency dismissed the request and wanted to push ahead with the review, Corporate Disclosures understands.

But pressure must have mounted, as an EU official confirmed: "The point on the EFRAG nomination was taken off the agenda on 25 July as some member states needed some clarifications on the process. It has been tentatively scheduled for the Coreper meeting of 7 September 2022."

Sources have said Krumpelman and the third candidate, Dawn Slevin, have been approached for their CVs to be sent to the Council in the last week, but this information could not be confirmed at the time of publication.