2023-11-10 10:06:11
Since the adoption of the 17 sustainable development goals by UN member states, the environmental performance and social role of businesses have been put under the microscope. It is now accountable to society and must comply with environmental requirements which have continued to tighten. This is how extra-financial reporting has become a must, allowing companies to communicate on the social, environmental and societal implications of their activities.
Today, the company must be transparent, not only financially, but also in terms of sustainable development. Indeed, extra-financial reporting, also known as ESG reporting, establishes data relating to the environmental, social and governance aspects of companies.
In Tunisia, the very first ESG reporting guide was developed and published in 2021 by the Tunis Stock Exchange. It includes 32 KPIs inspired by the main international benchmarks in this area. “We developed an ESG reporting guide that I describe as the first year of ESG, because we limited ourselves only to 32 KPIs. By using these KPIs which are inspired by the main benchmarks, companies speak the same language to the public who will receive this information, whether they are States, companies or investors,” underlined the general director of the Bourse de Tunis, Bilel Sahnoun, during his speech at the 9e international CSR conference, recently, organized by Conect.
Towards democratization you guide ESG
Sahnoun announced that, from the start of next year, the Tunis Stock Exchange will support around fifteen companies in adopting this guide and carrying out extra-financial reporting for a very wide audience. For the speaker, ESG reporting is no longer a choice, especially for exporting companies targeting European markets. It is now an obligation, especially since the new European directive Csrd (Corporate Sustainability Reporting Directive) will soon come into force. The latter aims to harmonize corporate sustainability reporting and improve the availability and quality of published data.
“As directives are put in place and become more and more restrictive, extra-financial reporting is no longer a choice. From 2024, companies wishing to export to the European market, especially large companies operating in sectors such as automotive, will be faced with constraints, and must present supporting documents… So it is no longer a choice, it is almost an obligation. Faced with this obligation, there must be data and reporting to justify to clients and future clients that the Tunisian company deserves their trust and can position itself on this market,” he indicated.
He added that, throughout the world, stock markets play the role of a locomotive of CSR policies. Because listed companies are mainly large companies which, by adopting CSR policies and providing extra-financial reporting, will contribute to the creation of an entire ecosystem. The production of data will make it possible to achieve inclusion and democratize CSR standards and practices.
A new version du label RSE Conect
It should be noted that the 9e international CSR conference aims to communicate on the new version of the CSR Label which was put in place by Conect in 2018. This second version of the label is recognized by the Responsibility Europe network and will, therefore, be the entry ticket for companies established in Tunisia to the European market.
“The company, which is implementing strategies to obtain this label, will have already taken a big step in terms of governance, environmental impact and societal role. This work benefits, first of all, the company since it will help it improve its performance and penetrate foreign markets,” explained Aida Gargouri, member of the Conect executive board.
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#Business #sustainability #Extrafinancial #reporting #longer #choice
