In connection with the public consultation on the bill to amend the Accounting Act (UC 136), which runs until January 15, 2025, MATERIALITY has submitted its comments on the proposed form of implementation of the amendment to the Sustainability Reporting Law.
The opinion highlights:
- The need for an in-depth assessment and broad public consultations to accurately determine the impact of changes to the Act. In our view, the accelerated course taken by the regulator could lead to:
- restrictions on access to sustainable financing
- limited distance to key stakeholder infromation
- weakening good practices in building a risk management culture.
- Need to take into account the impact of simplifications in reporting standards. The reporting burden was significantly reduced already at the stage of formulating the standards update.
- No estimated costs or data on the foregone benefits of accessing green financing included in the project.
According to MATERIALITY, the sustainability report is an invaluable repository of company knowledge and an opportunity to showcase the qualitative features of business models and management practices.
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