Mandatory ESG Audit - More and More Companies Affected

Analysis

Photo by Black Salmon / Shutterstock.com

The AmCham Workspace and Facilities Management (WFM) Committee's series of events on ESG factors has reached its final pillar. Zsolt Kákosy, chairman of the WFM Committee and senior director of Property Management at Icon Real Estate Management opened the session with a welcome address. This time, the "G" leg of ESG requirements, including the role of corporate ESG audits and risk factors, was discussed by the committee in a presentation by Judit Budai and Balázs Zoltán Kovács from Szecskay Law Firm.

The focus of the program was on the "G" (governance) leg of ESG. Budai and Kovács presented the EU Action Plan for the ESG Framework, corporate reporting obligations, and the new EU Corporate Sustainability Reporting Directive (CSRD).

The presentation revealed that under the proposed EU directive, companies will be required to develop a complex due diligence framework to eliminate or eliminate negative environmental and social impacts in their supply chains. This means that they will be required to develop a due diligence policy to identify the adverse environmental and social impacts associated with their activities and, once identified, companies will be required to take appropriate measures to prevent, eliminate, or remedy these impacts, where appropriate by terminating the contract with the supplier or by other means.

The presentation also covered the proposal for an EU directive on the substantiation and presentation of explicit claims of environmental friendliness (i.e. green claims), the competition office's guidelines on sustainability advertising and misleading practices (greenwashing), and the possible legal consequences of greenwashing.

During the fall season, the AmCham Workspace and Facilities Management Committee also visited the Office of the Year award-winning MOL Campus. The tour was opened by András Bácsi-Nagy, director of international public relations of the MOL Group, who gave a welcoming speech. Péter Varga, managing director of MOL Campus, gave a presentation on the office building to the members of the committee.

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