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Why choose Vantage Point?

We step into a company's operations when and where they need us. Our services are tailored to meet the unique needs of your business, offering solutions that provide real business value. While we emphasize regulatory compliance, we place equal importance on integrating sustainability for the long term. Our dedicated experts, with extensive experience in the ESG field, assist you in achieving your sustainability goals as if they were part of your company's internal ESG team.

What is the difference between ESG and sustainability?

ESG (Environmental, Social, Governance) is a framework that integrates environmental, social, and governance factors into a company’s strategy. The three pillars demonstrate how sustainably a company operates in these dimensions. Sustainability, on the other hand, is a broader concept that focuses on the long-term viability of a company's operations, taking into account its environmental, social, and economic impacts.

What is the difference between an ESG report and a sustainability report?

The difference between an ESG report and a sustainability report primarily arises from legal requirements and content focus. The ESG report is regulated by the Hungarian Act CVIII of 2023. In terms of content, it serves as an audited document, outlining companies’ compliance with sustainability-related due diligence requirements for the previous financial year.

In contrast, the sustainability report is based on the EU’s Corporate Sustainability Reporting Directive (CSRD) guidelines and is regulated by the Accounting Act. This report offers a more comprehensive overview of a company’s sustainability efforts, including elements of the ESG framework, but also extends to long-term economic sustainability as well as other environmental and social impacts. The purpose of the CSRD report is to present the company's sustainability performance in a standardized and transparent way, enabling comparability and transparency across different industries and regions.

A detailed legal analysis of the differences between the ESG report and the sustainability report can be found here.

Who is affected by the ESG Act?

The legislation commonly referred to as the ESG Act applies to the following companies:

• Large, public interest enterprises
• Other large enterprises that meet the legal requirements
• Public interest small and medium-sized enterprises (SMEs)

The provisions related to sustainability due diligence obligations must be applied by these company groups at different stages.

It is important to note that ESG issues extend beyond the referenced Act. The requirements for sustainability reporting are regulated by the Accounting Act.

What does ESRS/CSRD mean?

ESRS (European Sustainability Reporting Standards) and CSRD (Corporate Sustainability Reporting Directive) are standards and guidelines introduced by the European Union to standardize corporate sustainability reporting and enhance transparency. These regulations require companies to provide detailed reports on their sustainability practices and outcomes. ESRS is part of the CSRD directive, which defines the mandatory sustainability reporting requirements for companies.

Who does ESRS/CSRD apply to?

The ESRS/CSRD requirements primarily apply to large and publicly listed firms. However, under the new guidelines, an increasing number of small and medium-sized enterprises (SMEs) also must comply with these regulations, especially if they are part of a larger company’s supply chain.

The scope of the sustainability report and the ESG report obligations is the same.

What makes a company committed?

Committed companies go beyond mere legal compliance and are deeply dedicated to sustainability. These companies integrate sustainability considerations into every business process, continuously seek new opportunities to improve their sustainability performance, and actively communicate their achievements to partners, customers, and the public.