The National ESG Council was established

It is explained in the announcement: in recent years, there has been a demand on a global level for companies to keep in mind the natural and environmental values and the effects of their products and services on society during their operations. These aspects were embedded in the development of the ESG (Environmental, Social, Governance) framework, i.e. the investigation of environmental effects, the management of social issues and responsible corporate governance, which the European Union has now raised to the level of legislation.

The government’s goal is to create a system for Hungarian businesses that is as independent as possible and most reflective of national characteristics when complying with EU obligations. By establishing the domestic practice in time, it is possible to prevent domestic companies from being at a competitive disadvantage in the internal market of the Union, they wrote.