The detailed rules related to ESG reporting have been published
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The detailed rules related to ESG reporting
SZTFH (Szabályozott Tevékenységek Felügyeleti Hatósága - Supervisory Authority for Regulatory Affairs Hungary) Decree 13/2024. (VIII.15.) published on 15 August 2024 represents a significant milestone in the sustainability assessment of enterprises, and is aligned with Act CVIII. of 2023 on the rules of corporate social responsibility, taking into account environmental, social and societal aspects, to promote sustainable financing and unified corporate responsibility and amending other related acts (ESG Act).
Based on the detailed regulation, obliged companies received precise guidance on how ESG reports should be prepared and published. The published changes also include detailed rules on the sustainability due diligence obligations of companies.
The Hungarian ESG Act was published at the same time as the adoption of the European Union's Corporate Sustainability Reporting Directive (CSRD) into the Hungarian legal system, although it is not related to the same topic. It is a framework related to corporate sustainability due diligence and reporting, that focuses primarily on the corporate value chain, and more specifically on suppliers.
The framework of ESG reporting obligations laid down in EU regulations was already known, now the detailed implementation rules have also been published on the implementation of the Hungarian ESG Act, detailed below.
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