ESG legislation Greece
ESG legislation Greece
(contribution by Alkistis Christofilou, Managing Partner for the LAWYER magazine, issue Sept-Oct, BOUSSIAS editions)
The challenges faced by Greek companies in implementing ESG (Environmental, Social, and Governance) obligations vary depending on the market in which they operate, as well as their size and focus, such as products or services. ESG requirements are gradually being defined and enforced, while the rules for measuring and evaluating compliance are evolving slowly. Although this allows businesses time to adapt, it also introduces complexity, uncertainty, and costs.
Starting with environmental improvement, businesses need to thoroughly understand which operations contribute most significantly to environmental impact through their overall activities, as well as identify available technologies or improvement techniques. For example, only a few companies have thoroughly explored the detailed contribution of various activities to their overall environmental footprint. In the realm of social improvement, the scope is vast, and each business can contribute its unique impact.
At this juncture, the critical role of governance comes into play. Effective governance requires a dedicated team focused on understanding relevant issues, managing proposals, executing initiatives, and most importantly, fostering an internal culture that embraces ESG values. In our view, public education efforts should also be strengthened to foster broader awareness among citizens on ESG matters.
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