On December 10, 2024, the Greek Parliament passed the bill (Law 5164/2024), which, among other things, incorporates into Greek law the European Directive 2022/2464 on the submission of sustainability reports by companies, also known as the Corporate Sustainability Reporting Directive – CSRD.
The CSRD introduces the obligation to disclose reliable and comparable data through uniform reports in relation to the sustainability of a company, with the aim of enhancing the transparency of information accessible to the public and investors. Therefore, the bill amends specific articles of Law 4548/2018, regarding the data to be disclosed, the duties of the Board of Directors in relation to the sustainability report, the content of the management report, the sustainability report and the corporate governance statement.
The sustainability report, which is a distinct part of the management report, must include: a) a description of the business model and strategy of the company, as well as their resilience for the company’s transition to a sustainable economy, b) setting targets for the reduction of greenhouse gas emissions by the company in order to limit global warming, c) a description of the role of the company’s administrative, management and supervisory bodies, as well as the company’s policies in relation to environmental and social issues that lead to its sustainable development, d) the main risks for the company related to sustainability issues, as well as its main dependencies on these issues and the way in which the company manages these risks and finally e) indicators related to the above information.
The same bill amends articles of Law 4308/2014 on the size criteria of entities (micro, small, medium and large), to align them with European standards. This new categorization implies the corresponding subordination of entities to those that must apply Greek accounting standards and/or submit sustainability reports.
The law was published in the Government Gazette (102/12.12.2024), with immediate effect.
For further information you may contact Stella Kotziamani.
