Transparency at all levels: the challenges of ESG reporting and the wage transparency directive

On September 18, the BCSDH ESG working group reached another important milestone: at a meeting held at the MagNet Community House, we heard first-hand experiences of preparing reports in accordance with the first Hungarian ESG law and gained insight into the details of the EU Pay transparency directive.

As Irén Márta, director of BCSDH, emphasized in her welcoming speech, our primary goal was for member companies to share their experiences and challenges through real-life examples, thereby supporting each other on the path to sustainability compliance.

In the first part of the meeting, representatives from MagNet Bank, ALTEO, Richter, and Grant Thornton shared their honest experiences with the process of preparing sustainability, CSRD and ESG reports.

Erika Barna, sustainability project manager at MagNet Bank, emphasized that reporting is not a goal in itself, but a tool for organizational renewal, cultural development, and deepening strategic focus.

Beatrix Szabó, sustainability and EBK director at ALTEO Nyrt., drew attention to the difficulties of the double materiality principle, new levels of data auditability, and the challenges of involving the supply chain.

Dorottya Magoss, Senior Sustainability Expert at Richter Gedeon Nyrt., and Dr. András Balásfalvi-Kiss, Partner at Grant Thornton Hungary, shared their experiences. They presented how the consultant helped the company with reporting and how they implemented cooperation with partner areas.

In the second half of the program, Zsófia Galambosné Dudás, project manager at BCSDH, presented the key points of EU Directive 2023/970 on pay transparency. The aim of the directive is to reduce the gender pay gap and eliminate wage discrimination, covering all employers regardless of size. Participants gained insight into the obligations companies must meet, from recruitment and employee information to reporting.

The event concluded with small group discussions, where participants were able to delve deeper into the topics discussed and share their best practices and dilemmas with each other. The working group confirmed that ESG compliance is not only a legal challenge but also an opportunity for long-term business value creation.

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