Implementation and Operation of ESG Systems
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The energy division of WINERGY Kft. is an independent energy consulting service provider.
What do we do?
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- ESG systems implementation
- ESG systems maintenance
- ESG systems expert services
- ESG systems awareness-raising and training
- Preparation of materiality matrix for ESG systems
- ESG Systems process planning
- Functional integration and coordination, and assignment of responsibilities
- Development of internal regulations (policies, procedures)
- Value chain-based assessments and indicator analysis (internal and external)
- Data collection and monitoring process development
- Process efficiency improvement based on Lean and Green principles, preparation of functional action plans
- ESG report submission (annually)
- Preparation of sustainability reports (annually)
- ESG strategic integration
- Full legal and sustainability compliance
- ESG penalty avoidance
- ESG compliance and regulatory adherence
Why is the implementation of an ESG system necessary?
Expected ESG Law Requirements (Effective from January 1, 2024) The law will apply to entities headquartered in Hungary, specifically:
a) Large companies of public interest that, in the fiscal year preceding the business year, met any two of the following three criteria at the balance sheet date:
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- A balance sheet total exceeding 10 billion HUF,
- Net annual revenue exceeding 20 billion HUF,
- An average of over 500 employees.
b) Large companies that, in the fiscal year preceding the business year, met any two of the following three criteria at the balance sheet date:
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- A balance sheet total exceeding 10 billion HUF,
- Net annual revenue exceeding 20 billion HUF,
- An average of over 250 employees.
c) Public-interest small and medium enterprises.
Key ESG Criteria:
Environmental Factors:
This includes emissions such as greenhouse gases, air, water, and soil pollution, as well as topics like recycling and resource usage. Additionally, land use issues, such as deforestation and biodiversity, also fall under the environmental pillar.
Social Factors
Encompasses internal aspects like employee development, health, working conditions, as well as external elements such as product safety and client relations.
Governance Factors:
Assesses corporate governance, focusing on tax strategy, executive compensation, lobbying, and corruption levels.
Affected companies must undergo sustainability audits and establish a risk management system. Additionally, an annual ESG report is required, accessible free of charge on the company's website within six months.
For more details, the full legislation draft can be viewed here:
https://www.parlament.hu/irom42/06070/06070.pdf
For businesses obligated to comply with ESG standards and seeking assistance in meeting these requirements, feel free to contact us. Our expertise in regulatory compliance will help streamline your adherence to these evolving standards.
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