Fulfilling sustainability requirements can give Hungarian companies a competitive advantage

While the sustainability reporting obligation is known to a significant number of large companies, the sustainability screening of their suppliers appears as a new task for many of them, and companies applying for credit will soon be subject to a similar procedure by the banks. In addition, the new legislation aimed at transposing the EU’s cyber security directives imposes obligations on many domestic companies already this year. Failure to comply with the requirements can have serious consequences, but according to the international business and tax consulting firm Grant Thornton, companies should still fulfill the obligations, as this can give them a competitive advantage. In the last days of last year, the Parliament adopted the ESG or Sustainability Act, a domestic regulation aimed at encouraging sustainable financing and corporate responsibility, and the Magyar Nemzeti Bank started the professional consultation of the sustainability minimum questionnaire with actors in the financial sector.