Government approves the Strategy for Implementation of Sustainability Reporting by Enterprises

On 18 October, the Cabinet of Ministers of Ukraine adopted a resolution "On Approval of the Strategy for Implementation of Sustainability Reporting by Enterprises".

The Strategy defines the purpose, goals and main tasks to ensure the formation and disclosure of information on sustainable development by Ukrainian enterprises on the basis of uniform methodological principles adopted in the EU member states. This is an important condition in the context of Ukraine's acquisition of the EU candidate status.

The Strategy provides for the following objectives:

1) introduction in Ukraine of the preparation, submission and disclosure of sustainability reports by enterprises based on the European Sustainability Reporting Standards (ESRS);

2) introduction in Ukraine of procedures for auditing the sustainability reports of enterprises and an effective mechanism for quality control of such audit services.

Implementation of the Strategy will contribute to the following:

• ensuring compliance of Ukrainian legislation in the field of sustainability reporting with the requirements of the EU law in this area;
• introducing the preparation, submission and disclosure of reports by enterprises in accordance with the European Sustainability Reporting Standards (ESRS);
• ensuring that users of sustainability reports receive reliable and objective information necessary for assessing the environmental and social aspects of companies' activities and their impact on the environment;
• creation of equal conditions for Ukrainian enterprises to operate on international capital markets with those of the European Union;
• increasing the volume of investments in companies that submit and publish sustainability reports.

Approval of the Strategy for the implementation of sustainability reporting by enterprises is a key step in the transition to more responsible and transparent business in Ukraine.