Hungary Establishes Nat’l ESG Council

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The National Economy Ministry on Wednesday announced the establishment of the National ESG Council which will play an important role in determining requirements for ESG (Environmental, Social and Governance) reporting, news agency MTI writes.

The National ESG Council is chaired by the national economy minister.

Its members are delegated by the Prime Minister's Office, the Prime Minister's Cabinet Office, the Energy Affairs Ministry, the Culture and Innovation Ministry, the Regulated Activities Oversight Authority, the Hungarian Chamber of Commerce and Industry (MKIK) and the National Association of Entrepreneurs and Employers (VOSZ).

The government aims to ensure an ESG system that complies with European Union rules but is independent to the greatest degree possible and reflects national particularities, the ministry said. Adopting ESG rules in time can prevent local companies from being put at a competitive disadvantage on the EU's internal market, it added.

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