EFRAG releases sustainability reporting standard for small companies

Here’s news from “ESG Today”:

The European Financial Reporting Advisory Group (EFRAG) announced the release of its voluntary sustainability reporting standard for non-listed SMEs (VSME), aimed at enabling small companies to report on ESG issues in a simplified and consistent way.

EFRAG was mandated by the European Commission to develop sustainability reporting standards for the CSRD, as well as voluntary standards for non-listed SMEs, who do not fall under the scope of the CSRD, but who nevertheless increasingly face growing demands for sustainability-related information from large companies and banks. EFRAG said that the VSME was designed to “replace the current multiple and uncoordinated questionnaires and ESG data requests” facing these companies.