In principle, the declare aim of setting up a transparent standard-setting procedure with a min-imum of obligatory steps is supported. The majority of the participants in the consultation rec-ognise the procedure for setting up the process with the principles of transparency and publi-cising the consultation proposed in the consultation document as appropriate for open and transparent standard-setting.

Proposals of the Participants in the Consultation

However, the participants in the consultation also make numerous proposals:

• With respect to transparency, it is proposed to hold the working group meetings in public. Moreover, at the moment there is uncertainty about the procedure and duration of the tran-sitional phase and the decision-making processes.
• Although the urgency of issuing a first set of reporting standards by EFRAG can be seen, reservations were expressed with respect to the ambitious timetable.
• The EU Sustainability Reporting Standards should be closely aligned to existing interna-tional standards. And, within the context of the due process, the focus should be on linking financial and sustainability reporting.
• Other proposals can be found in the summary.