LONDON, May 01, 2024 (GLOBE NEWSWIRE) -- 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 utilise 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 summarising 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
(https://blog.datamaran.com/revolutionizing-esg-target-setting-with-generative-
ai) as well as enhancements to its double materiality module
(https://blog.datamaran.com/transforming-double-materiality-with-ai-powered-
insights), providing market-leading, data-driven Smart ESG capabilities. Smart
ESG software empowers companies with evidence-based, AI-powered workflow tools
to prioritise ESG issues, bring expertise in-house, and monitor real-time issues
to strengthen governance and inform C-Suite decision-making.
About EFRAG
EFRAG is a private association established in 2001 with the encouragement of the
European Commission to serve the public interest. EFRAG extended its mission in
2022, following the new role assigned to EFRAG in the CSRD, providing Technical
Advice to the European Commission in the form of fully prepared draft EU
Sustainability Reporting Standards and/or draft amendments to these Standards.
Its Member Organisations are European stakeholders, National Organisations and
Civil Society Organisations. EFRAG's activities are organised in two pillars, a
Financial Reporting Pillar: influencing the development of IFRS Standards from a
European perspective and how they contribute to the efficiency of capital
markets and providing endorsement advice on (amendments to) IFRS Standards to
the European Commission. Secondly, a Sustainability Reporting Pillar: developing
draft EU Sustainability Reporting Standards, and related amendments for the
European Commission.
https://www.efrag.org/
About Datamaran
Datamaran empowers business leaders to confidently navigate the ever-changing
ESG landscape with evidence-backed and AI-powered governance and workflow tools
that enable them to focus on what matters most.
As the market leader in Smart ESG software, the world's most trusted brands,
such as Bridgestone, Dell, Kraft Heinz, and PepsiCo, use Datamaran to identify
and prioritise issues material to their operations, deepen their teams' ESG
knowledge, monitor risks and opportunities in real-time, and authentically own
their ESG strategy in-house.
https://www.datamaran.com/
Media Contact: Datamaran@tiltonconsultancy.com
(mailto:Datamaran@tiltonconsultancy.com)
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