The European Financial Reporting Advisory Group (EFRAG) selects Datamaran as its solution for data-driven ESG governance supporting the development of the European Sustainability Reporting Standards (ESRS)
Press Release | Date: 30 April, 2024
London, U.K.: The European Financial Reporting Advisory Group (EFRAG), Europe’s advisory body on financial and sustainability reporting, has chosen Datamaran, the market leader in Smart ESG (Environmental, Social, and Governance) software, as its solution for ESG governance and workflow management to support its research informing the development of the European Sustainability Reporting Standards (ESRS).
Talking about the need for Datamaran, Patrick De Cambourg the Chair of the EFRAG Sustainability Reporting Board said: "EFRAG's mission is of crucial importance to make reliable and comparable disclosures on all material sustainability matters a reality and ensure that financial disclosures and sustainability disclosures have the same level of quality and rigor. Relying on cutting-edge AI technology for analysing disclosures, double materiality assessments, and regulation tracking is necessary to ensure that our research and standard setting are based on objective evidence and a scalable and data-driven approach and Datamaran is a highly valuable tool for our team in that regard.”
Marjella Lecourt-Alma, CEO and co-founder of Datamaran said: “We are excited to work with EFRAG and support them as they build the first-ever mandatory sustainability reporting standards. Over the past years, the scale and the scope of sustainability challenges have increased dramatically - this is true for corporate leaders, as well as regulators. Ten years ago we started Datamaran to enable data-driven decision-making on sustainability, leveraging the latest AI technology - today this is a movement called Smart ESG. We are pleased to welcome EFRAG into our community as they adopt the Smart ESG way.”
Under this new agreement, EFRAG’s team will utilize the Datamaran platform for ongoing monitoring and analysis of corporate disclosures, to keep up-to-date with global developments in standards and regulations, as well as stay on top of ESG-related news from around the world. The platform will give the team valuable data-backed insights and summaries powered by generative AI to inform their work and achieve their mission of serving the public interest in Europe in financial and sustainability reporting.
The Datamaran platform provides unparalleled evidence-backed insights into the global ESG landscape by aggregating and summarizing data from thousands of sources including regulators, policymakers, corporate reports, and news outlets on 100 ESG topics that break down into over 400 individual factors. With this increased level of visibility, the team at EFRAG will have an unhindered view of the ESG landscape.
As the developers of the European Sustainability Reporting Standards (ESRS) that are mandatory under the Corporate Sustainability Reporting Directive (CSRD), EFRAG’s work plays a critical role in driving ESG best practices to improve corporate sustainability outcomes in the region, reducing the environmental impact and creating benefits for society. The CSRD came into effect on January 1, 2024, and applies to more than 50,000 companies operating in the region including 10,000 non-EU headquartered businesses.
In Q1-24, Datamaran launched a new Targets feature as well as enhancements to its double materiality module, providing market-leading, data-driven Smart ESG capabilities. Smart ESG software empowers companies with evidence-based, AI-powered workflow tools to prioritize ESG issues, bring expertise in-house, and monitor real-time issues to strengthen governance and inform C-Suite decision-making.
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