Parliament postpones sustainability reporting. ESG data provision to shrink
Recently, the Parliament adopted in 2 steps the amendments to the sustainability and ESG laws. As is known, significant changes have been made to various EU and national sustainability-related laws, mainly to increase business competitiveness, reduce red tape for businesses and protect SMEs.
In the Hungarian legal system, there are two laws on this topic: the Accounting Act (Act 100 of 2000), in which the legislator regulated the EU sustainability reporting obligation, and the other is the ESG Act (Act 108 of 2023), which is a unique piece of legislation in this form only applied in Hungary, requiring ESG due diligence and risk management (although there are similar examples across Europe). Both pieces of legislation have now changed significantly.
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