NGM State Secretary: the ESG Act strengthens the competitiveness of Hungarian businesses

By: Trademagazin Date: 2024. 04. 18. 13:10

The aim of the law defining the framework for responsible environmental, social and corporate governance (ESG) is to strengthen the competitiveness of Hungarian enterprises and promote the creation of a suitable business environment, said the State Secretary for Administration of the Ministry of National Economy (NGM) at the MBH Makronóm Makroverzum conference on Thursday in Budapest.

Anikó Túri emphasized: by adopting the law, Hungary defined the framework for domestic ESG reporting in accordance with EU rules. The obligation to report related to ESG plays an increasingly prominent role in supply chains through large companies, and therefore also affects the Hungarian SME sector – he pointed out.

At the international level, the demand for companies to keep natural and environmental values in mind during their operations is becoming stronger. Domestic companies are also increasingly faced with ESG-related expectations. That is why it is important to have regulations that are understandable to the public, as well as to support domestic companies in their preparation – explained the state secretary.