The European Securities and Markets Authority (ESMA) published its new European common supervisory priorities for reporting (ECEP) on October 13, 2026. These annual recommendations, aimed at listed companies, cover the annual financial report, sustainability reporting, and the digital reporting format. The AMF highlights the specifics for the 2026 sustainability statements, the third year of application of the CSRD directive.
The year 2026 marks a transition for reporting standards. The European Commission adopted a revised and simplified version of the European sustainability reporting standards (ESRS) on July 3, 2026, published in the Official Journal of the European Union on September 21, 2026. Companies can choose to apply 'Set 2' (revised version), 'Set 1' (current version), or Set 1 with certain reliefs. The ESMA calls for transparency on the version used.
Two European priorities have been identified for sustainability statements during this transition period, covering general issues and specific themes such as climate (ESRS E1) and social (ESRS S1).
Priority 1 reiterates the focus on the double materiality analysis (impacts, risks, opportunities). The ESMA recommends assessing positive and negative impacts with the same rigor, publishing clear information on the materiality analysis process, and covering the value chain to identify material issues.
Priority 2 emphasizes consistency between impacts, risks, and opportunities (IRO), policies, actions, and targets (PAT), and indicators. Specific expectations concern the E1 - Climate Change standard and the S1 - Own Workforce standard. It is requested to explain the links between material IROs and PAT, the consistency of scopes, and the clarity of measurable, outcome-oriented targets.
The ESMA also invites issuers to document risks of non-compliance with targets due to expire in 2030 and to prepare for the transition to the revised ESRS by the 2027 financial year at the latest.
An educational webinar will be organized on November 4, 2026, by the AMF to share lessons learned from the review of the 2025 sustainability statements and assist issuers with their reporting.
