ecoDa newsletter – July 2021

EcoDa:n kuukausikirjeessä kannanotto CSRD-direktiiviin, yhteenvetoja menneistä ja tietoa tulevista tapahtumista sekä ecoDan toimintakertomus 2020.

1. ecoDa’s Response to the European Commission consultation on CSRD

If ecoDa backs the approach of the European Commission consisting in encouraging companies to more take into account the impact of their company on the surrounding ecosystem and to adopt a sustainable strategy, it voices somes concerns regarding the draft Corporate Sustainability Reporting Directive:

  • The Commission should further specify how the assurance system will apply proportionately to SMEs;
  • The Commission should place more emphasis on the importance of narrative as it allows an essential prospecting dimension to the reporting exercise;
  • ecoDa would favor a principle based framework focused on risk, on materiality, as well as on the needs connected to the relevant stakeholders of the company;
  • ecoDa is concerned about the increasing use of delegated acts, while the expert committees of the member states only have an advisory right. Besides the fact that this approach questions the democratic process, it creates different levels of legislation which further complicates the implementation by companies.

2. ecoDa’s Educational Videos: The EU Taxonomy explained by ecoDa and EY

What does the EU Taxonomy mean for European boards? ecoDa and EY have jointly produced a short video to help European board members and directors better understand the implications and key questions to consider in an ever more sustainable European Union.

3. Upcoming ecoDa/AIG Webinar – The new normal: What kind of risk management for business travels?

If the Covid crisis reshaped our ways of working and interacting with our colleagues, the advancement of the vaccination campaign is making companies and employees focus on a return to normality. For many companies the need to start in depth face to face interaction among key partners, suppliers and employees is long overdue.

How has the COVID-19 affected risk management strategies when considering business travel? How has travel insurance changed as a result of the pandemic with regards to business travel? Where do you see the future of business travel from a medical perspective? With regards to vaccine passports, how effective do you believe they will help generate confidence in safety of business travel?

On the 5th of July, ecoDa and AIG’s experts and AIG’s Global Medical Director will discuss these questions.

To register, please click here.

4. ecoDa’s Fall Education Program

ecoDa’s Fall Education Program is now open to registrations.  This Education Programme, scheduled on the 7th and 8th of October, has been designed for European Directors who are eager to embrace the complexity of corporate governance in Europe. Many topics will be covered such as the diversity in Corporate Governance frameworks, the new EU developments in terms of sustainable Corporate Governance, the European market for directorship, and leadership and behaviours at board level.

5. Event Report – Reflection on the future role of audit committees

In February 2021, Accountancy Europe, ecoDa organised a collaborative workshop supported by EY Wavespace methodology – Sustainable Corporate Governance: Future role for audit committees. Its objective was to facilitate a wider dialogue about what an evolution in corporate governance would mean for the future role of audit committees.  Some of the key reflections (summarized in the event report) put forward by participants:

  • Boards, including audit committees, should consult with their relevant stakeholders and consider their interests as part of board decision-making.
  • Integrating sustainability considerations into the company’s strategy and operations is the responsibility of the full board, as well as the CEO.
  • The audit committee should review their composition and assess their skills and experience regarding ESG matters.

6. Why an update of ecoDa’s Corporate Governance Guidance for Unlisted Companies in Europe?

In this short video, Juan Alvarez-Vijande and Roger Barker, who have been chairing ecoDa’s Working Group responsible for the drafting, present the new ecoDa’s Corporate Governance Guidance for Unlisted Companies in Europe and elaborate on what is relevant in it for board members.

7. Past ecoDa/PwC Joint Webinar – How to approach tax governance as a strategic issue?

On the 9th of June, ecoDa, together with PwC, organised a webinar focusing on the different tax governance aspects directors should take into account and the need to make it a strategic issue in the boardrooms.

The speakers set the scene by elaborating on what has been the approach taken by the national tax authorities so far as well as the European institutions, but also exchanges on a croncrete example, the one of Generali, a company that put in place specific processus to ensure proper decision about tax matters at board’s level.

For further information, the summary report of the discussion is now available.

8. ecoDa’s 2020 Annual Report

ecoDa has published its 2020 Annual Report, gathering all projects and activities done throughout the past year.