Summary of previous ESG Bird & Bird Academy classes
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Counsel
Poland
I am a counsel and Head of ESG and Environmental Law department in the Energy & Utilities practice, specialising in environmental law and ESG.
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Happy New Year! January is a good time for taking stock and looking ahead.
In 2023, the ESG Bird & Bird Academy ran six meetings for a total of 24 hours of training. We covered many topics, such as what ESG (Environmental, Social, Governance) is; what regulations govern it and how to read them; what the non-financial reporting standards are, including existing reporting standards:
- GRI (Global Reporting Initiative)
- SASB (Sustainability Accounting Standards Board)
- TCFD (Task Force on Climate-related Financial Disclosures)
- Polish ESG Reporting Guidelines developed by the Warsaw Stock Exchange in cooperation with the European Bank for Reconstruction and Development.
We also discussed new non-financial reporting standards, including individual data points within the ESRS, and how companies can manage ESG risks and make sure they are ESG compliant.
In future meetings, we will be discussing other the use of artificial intelligence to collect and process data for non-financial reporting, entities in supply and value chains, the phenomenon of greenwashing, and more. The ESG Academy is a forum for sharing knowledge and talking openly about the challenges organisations face from ESG solutions and non-financial reporting.
The beginning of 2024 is also extremely important because the ESG regulations are now in force, which means that the first categories of companies have to prepare and publish a non-financial report in 2025, with data for 2024. What does this mean in practice?
It means it’s high time to take ESG very seriously, including by collecting the data you’ll need for next year's report. But you also need to know your 'baseline' - your starting point - so it makes sense to first run an ESG compliance audit in your organisation.
For smooth reporting you need up-front engagement. A lot of data has to be included in an ESG report, so don’t put things off. And remember, management is legally responsible for any failure to implement ESG solutions. That can entail legal consequences, including lawsuits against board members. Such suits are already being filed (and may increase).
Training on ESG not only helps you comply with the legal requirements, but can also be an important driver of change in your company. Together with Bird & Bird, we encourage you to start implementing your ESG strategy now.
