The first comprehensive guide to ESG reporting: Frank Bold created unique guidelines

A new unique guide, developed by experts from Frank Bold for the Prague Stock Exchange, will help companies navigate the rules of European sustainability reporting. The so-called ESG Reporting Guidelines, which the exchange presented at the beginning of March, are the first comprehensive guidelines for sustainability reporting according to the new EU standards, which were issued only last November.
According to these standards, large companies traded on the stock exchange, banks and insurance companies will have to report compulsorily from 2024, and other large companies from 2025. However, the disclosure of ESG information will also affect medium and smaller companies through supply chains.
To make it easier for companies to prepare ESG reports according to the new standards, the Prague Stock Exchange (PSE) and the European Bank for Reconstruction and Development (EBRD) approached experts from Frank Bold and Deloitte to prepare a practical guide for companies.
"Non-financial reporting is one of the basic tools for companies to achieve the goals of sustainable development, and due to the lack of a uniform standard, we decided together with our partners to prepare guidelines that will help companies navigate the issue. Together with our partners, we will also prepare seminars for our listed companies that will help them implement the rules of non-financial reporting as simply and smoothly as possible," says Petr Koblic, CEO of the Prague Stock Exchange.

Getting your bearings in ESG is not easy and companies underestimate it

Frank Bold experts were directly involved in the creation of the EU standards themselves. Filip Gregor, chief ESG expert at Frank Bold Advisory, is a member of the Sustainability Reporting Board of EFRAG, the advisory body of the European Commission, which prepared and approved the new mandatory standards. ‍
“European standards for sustainability reporting are key to ensuring transparency and preventing greenwashing. However, it is a new, complex system that can be difficult to navigate at first. The ESG Reporting Guidelines therefore provide companies with clear and practical guidance on how to proceed and what to focus on when reporting," says Filip Gregor, chief ESG expert at Frank Bold Advisory.
The Guidelines provide a comprehensive overview of European legislation in the field of sustainability, describe the basic principles of EU standards and clearly define the information that companies will have to disclose, regardless of the area of business or their business model.
Draft guidelines were consulted with representatives of Czech ministries and the Czech National Bank, and part of the preparations also included an analysis of the readiness of the largest european companies for mandatory ESG reporting, prepared by Frank Bold. It shows, among other things, that the majority of companies underestimate the onset of ESG regulations and are not sufficiently prepared for both the obligations and the opportunities that, for example, so-called green financing opens up.
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