ESG

ESG represent certain environmental, social and governance standards that a company has set in its day-to-day operations and management.

Environment: attitude towards the environment. These are the activities, investments and attitudes of a company that are geared towards minimizing its carbon footprint, pollution, waste treatment and a host of other activities.
Social: A company’s approach to its own employees, customers, affected communities and all collaborators, i.e. the company’s approach to people.
Governance: The management of the business, by which is meant the control, risk management and overall administration of the business. This area includes all activities to ensure that the business operates efficiently in accordance with applicable laws, setting internal guidelines, proper selection of executives, fair remuneration and other activities that are related to the setup of the business.

ESG reporting – who should it apply to and from when?

To improve the measurement of the various ESG parameters, the European Commission has prepared a new directive on the reporting of corporate sustainability information (the CSRD, which stands for "Corporate Sustainability Reporting Directive"), which entered into force on 5 January 2023. As it is a directive, its content has to be incorporated into the national legislation of each European Union country. In Slovakia, this will be done through an amendment to Act No 431/2002 Coll. on Accounting, as amended (hereinafter referred to as the Accounting Act), which is in the legislative process.

The new CSRD (Corporate Sustainability Reporting Directive) mandates the reporting of sustainability information in the form of a sustainability report (ESG report), which will be part of the company’s annual report. The sustainability report will have to be compiled in accordance with the newly adopted European Sustainability Reporting Standards (ESRS).

The obligation to report will take place in the following waves:

From January 1, 2024, large public interest entities with more than 500 employees according to the CSRD.
From January 1, 2025, large enterprises that exceed at least 2 of the following three criteria will report:
a) total balance amount: EUR 20.000.000;
b) turnover: EUR 40.000.000;
c) average number of employees during the accounting year: 250
From January 1, 2026 will also report small and medium-sized enterprises (medium-sized enterprises – those that do not exceed the limits of at least 2 of these three criteria: EUR 20.000.000 assets, EUR 40.000.000 turnover, 250 employees).
From January 1, 2028, non-EU companies with a turnover greater than 150 mil. EUR and at least one subsidiary or branch in the EU

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ESG Audit - helping you raise standards and credibility with stakeholders
ESG reporting - improve the quality of ESG data and set the right indicators
We can help you implement ESG in your business

ESG

ESG reporting – who should it apply to and from when?

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