Mr. Colm Forde:

With regard to the purpose, much of the feedback from the industry was that the stop-the-clock directive was very challenging to comply with and that it represented a completely different departure to have the required level of non-financial reporting. We are obviously all very used to financial reporting. The ask was for a delay to allow companies to develop their systems and understand how they were going to comply.

I will defer to my colleague Mr. Verdon on the benefit of common standards across Europe. If there is no provision for common standards, people can claim certain things in their annual reports that are not subject to standardisation among regulators. We see that regarding consumer products and everything else but we are trying to introduce a level of consistency. When people are making sustainability and green claims, it is a case of ensuring they are properly supported and substantiated.