SUSTAINABILITY & ESG
Whether you are aiming to attract the investors, become a desired place to work or enhance your supply management system by establishing strong relationship with a reputable vendor, your chances to do this are much higher if you show your care about environmental, social and governance (ESG) aspects of your impact.
Moreover, the time for convergence of financial and sustainability reporting is closer than it seems. On 26 June 2023 the International Sustainability Standards Board (ISSB) issued its first two standards, IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and IFRS S2 Climate-related Disclosures (IFRS S2), which become effective as of 1 January, 2024. These standards would require entities to report sustainability-related financial disclosures at the same time as related financial statements.
Grant Thornton Ukraine is here to assist you with your transformation to sustainable business model. Depending on your current state of business and targets determined by key decision makers we could offer you a range of ESG services.
Sustainability strategy development
- Materiality and impact assessment to determine the ESG matters important to stakeholders of your business
- Gap analysis of sustainability indicators already established and monitored by your business and it’s benchmarking to sector practice and applicable frameworks, either compulsory or voluntary (GRI, ISSB standards IFRS S1 and IFRS S2, TCFD, CSRD and others)
- Strategy design & implementation. Together we will define your strategic sustainability targets, steps to achieve these targets by development of relevant policies, setting KPIs and suggesting individuals accountable for each target
- ESG due diligence. Advising on investment decision making process taking into account ESG risks and opportunities perspective of the deal
- Building an encompassing ESG management system. Advising on corporate governance structure, development of effective anti-money laundering procedures, people management policies, adoption of the best ethical practices to make your business complied with UN Sustainability Development Goals
- Assessment of the carbon footprint according to GHG Protocol and setting up the measures for the environmental burden reduction (smart energy consumption, reduction of production waste, water usage saving etc.)
- Based on your defined strategic sustainability targets we collect and process the ESG data to prepare a comprehensive Sustainable Development Report (ESG report) which would bring you added value from stakeholders’ perspective. Together we will select the reporting framework the most appropriate for you (GRI, ISSB standards IFRS S1 and IFRS S2, TCFD, CSRD or others)
Assurance services for sustainability reporting
- Limited assurance could be provided in respect of sustainability reports by examination of these reports for compliance with specified framework. Services are performed in line with ISAE 3000 (Revised) “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information”