What are they and what benefits can they bring?

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Although the ESG acronym has been around since 2004 and is part of the 2015 UN initiative Agenda 2030 and although by definition it touches on aspects such as environmental impact, social issues and corporate governance standards, the lack of global ESG standards has been a huge obstacle to ESG having real business value.

The European Union, observing this problem, decided to establish appropriate regulations for economic operators regarding ESG information. The rules aim to extend financial statements to new zealand phone number data include non-financial factors, i.e. to extend companies' responsibilities to include sustainability, social and corporate responsibility issues. The rules, in turn, address the way in which ESG should be included in reports.

The regulation was introduced in two phases: in 2017, a directive NFRD (English: Non-Financial Disclosure Directive ) was published, which imposed an obligation on public interest entities (PIEs) to submit annual reports and key performance indicators. In doing so, it did not impose a specific reporting model, but instead encouraged the use of already existing frameworks, such as for example Global Reporting Initiative (GRI) or Integrated Reporting Framework (IRF). By law, 150 of the largest companies in Poland were covered, and 11,700 in the European Union as a whole.