Financial reporting on sustainability issues
The third edition of Forvis Mazars’ study on sustainability disclosures in financial statements covers the 2024 financial year, which saw the first publication of ESRS reports.
Sustainability
The integration of sustainable development in business processes is based on social and environmental responsibility as a lever for growth. As a result, the application of sustainable development aspects and solutions offered by us to integrate them within the companies’ business management focuses on two targets: to transform it into a value-creation and a risk control tool for the purpose of improving sustainability, and to increase the reliance of investors, consumers and society in general.
The companies’ life expectancy has reduced to one third in the last 50 years and elements integrated in the companies’ reliance and values are mostly intangible assets. Investors focus their investment policies in ESG aspects and there are new legal requirements, such as Directive 2014/95/EU (and its Spanish transposition with Law 11/2018) or modifications of the Public Sector Contracts Act. In order to face these challenges, new global action frameworks have been established, such as the Sustainable Development Goals, climate-related agreements, such as the Paris Memorandum of Understanding, and recommendations for action, such as those issued by the CNMV on good corporate governance or the TFCD of the Financial Stability Board (FSB).
In this context, Corporate Social Responsibility is the companies’ strategic and proactive bet, allowing them to anticipate these risks and opportunities, applying a long-term view, and contributing value to society as a whole.
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