EFRAG's voluntary SME standard should apply to all SMEs

On the occasion of the EFRAG consultation on the draft sustainability reporting standard for small and medium-sized listed companies (LSME), we suggest that the LSME should not be pursued any further. The LSME standard is far too detailed and complex. There is a risk that small and medium-sized enterprises (SMEs) will refrain from going public due to the many bureaucratic reporting requirements. The LSME counteracts all of the European Union's efforts to facilitate SMEs' access to the capital market. We are therefore calling for all SMEs to be able to use the voluntary sustainability reporting standard (VSME) developed by EFRAG, irrespective of their stock market listing.