{"id":7465,"date":"2024-05-15T11:13:11","date_gmt":"2024-05-15T09:13:11","guid":{"rendered":"https:\/\/www.way2global.com\/news-from-way2global\/consultazione-pubblica-e-field-test-efrag-sullo-standard-vsme-la-nostra-esperienza\/"},"modified":"2024-08-05T10:28:14","modified_gmt":"2024-08-05T08:28:14","slug":"consultazione-pubblica-e-field-test-efrag-sullo-standard-vsme-la-nostra-esperienza","status":"publish","type":"post","link":"https:\/\/way2global.com\/en\/news-da-way2global\/efrag-public-consultation-field-test-vsme-standard-our-experience\/","title":{"rendered":"EFRAG public consultation and field test on the VSME standard: our experience"},"content":{"rendered":"<p>At the start of the year, we decided to engage with a highly topical project: the testing and application of the new\u00a0<strong>VSME<\/strong>\u00a0(Voluntary Small and Medium Enterprise) European sustainability reporting standard. This standard is designed specifically for SMEs as a scaled-down version of the\u00a0<strong>ESRS<\/strong>\u00a0(European Sustainability Reporting Standards), which are required by the European\u00a0<strong>CSRD\u00a0<\/strong>(Corporate Sustainability Reporting Directive). The ESRS are currently being developed by\u00a0<strong>EFRAG\u00a0<\/strong>(European Financial Reporting Advisory Group) under the mandate of the European Union.<\/p>\n<p>Our involvement in this initiative reflects our commitment to align with leading sustainability practices and to demonstrate our dedication to transparency and accountability in environmental and social issues. As we facilitate implementation of the VSME standards, we aim not only to comply with regulatory expectations but also to drive meaningful change within our operations and our community.<\/p>\n<p>The invitation to join the public consultation and field test launched by the EFRAG standard-setting body came to us from Prof. Zambon, Secretary General of\u00a0<strong>OIBR (Italian Business Reporting Body<\/strong>), following the recognition we received last year as finalists in the Oscars for Sustainability Reporting 2023, a prestigious initiative taking place every year at the Italian Stock Exchange.<\/p>\n<p>Accepting this new challenge was not easy due to the complexity and commitment required of us in this first half of the year to write the new edition of our Integrated Report. However, as a Benefit Corporation, we have enshrined in our articles of association the task of\u00a0<strong>promoting sustainability culture<\/strong>\u00a0as one of our common-benefit purposes. We were therefore pleased \u2013 and somewhat apprehensive \u2013 to take on the arduous task of drafting a VSME-compliant\u00a0<strong>sustainability statement mockup<\/strong>, and to comment on the adequacy of disclosure and data points, thereby actively contributing to rewriting the rules of official regulation that is driving industry change.<\/p>\n<h2>Pros and cons of the VSME standard<\/h2>\n<p>Founded as an innovative startup, Way2Global is used to venturing beyond its comfort zone, taking on new challenges with drive and determination. Every experience makes us more resilient and better prepared to overcome subsequent obstacles. Compliance with the new VSME sustainability standard is therefore a further development for us, which we have enthusiastically welcomed.<\/p>\n<p>Taking part in the field test on the VSME standard draft allowed us to identify three strengths and three critical issues concerning the new regulation, as already shared during the webinar \u201c<strong>VSME: the EFRAG voluntary standard for sustainability reporting by SMEs \u2013 Challenges, critical issues and first experiences<\/strong>\u201d organized last April by the\u00a0<strong>OIBR Foundation<\/strong>\u00a0in collaboration with\u00a0<strong>EFRAG<\/strong>, the Italian National Council of Chartered Accountants (<strong>ODCEC<\/strong>) and the Italian Accounting Body (<strong>OIC<\/strong>).<\/p>\n<p>Let us start with the critical issues in order to directly address the main challenges related to this standard and to make it easier to understand for those approaching it for the first time:<\/p>\n<ul>\n<li><strong>Lack of explanation of key concepts:<\/strong>\u00a0Certain concepts, such as double materiality, which we at Way2Global have been practising for some time, may be unfamiliar to other companies. We therefore suggested that EFRAG supplement the guidelines with more detailed explanations and practical examples to make them easier to understand.<\/li>\n<li><strong>Excessive burdens for SMEs:<\/strong>\u00a0The VSME requires assessment of the financial impact of material topics in the short, medium and long term, and rigidly defines these time frames, a requirement that can be overly burdensome for small companies already navigating the complexities of the current international environment.<\/li>\n<li><strong>Inconsistent or unrepresentative disclosure requirements:<\/strong>\u00a0The VSME standard sometimes stipulates disclosure requirements that appear to be inconsistent and\/or unrepresentative of the aspects requiring certification. This improvable aspect concerns, on the one hand, an excessive emphasis on certain requirements, such as quantification of water withdrawal and consumption, and, on the other hand, poor representation in selection of certain criteria, such as the number of trainees. The latter, for example, cannot be considered an exhaustive criterion to adequately reflect company policies for work-life balance or initiatives aimed at facilitating the entry of young people into the labour market.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>At the start of the year, we decided to engage with a highly topical project: the testing and application of the new\u00a0VSME\u00a0(Voluntary Small and Medium Enterprise)<span class=\"excerpt-hellip\"> [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":7398,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[134],"tags":[],"class_list":["post-7465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EFRAG public consultation and field test on the VSME standard: our experience - 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