EFRAG released the Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME)
At the European Commission’s request, EFRAG delivered its Voluntary Sustainability Reporting Standard for non-listed SMEs (VSME). This technical advice aims to provide a simplified, proportionate framework for SMEs not covered by the Corporate Sustainability Reporting Directive (CSRD), helping them access sustainable finance and monitor their sustainability performance.
Development Process
- Public Consultation: Conducted from January to May 2024, involving stakeholders such as SMEs, banks, accountants, and industry associations.
- Approval: Finalised by EFRAG’s SRB on 13 November 2024 and SR TEG on 22 October 2024.
VSME Features
- Modules: Comprises a Basic Module and a Comprehensive Module to address a substantial portion of existing ESG data requests.
- Purpose: Replaces uncoordinated questionnaires with a standardised framework, allowing SMEs to start their sustainability journey and meet business partner demands.
- Scope: Designed for SMEs across sectors, with minor sector-specific additions as needed.
For more information [here]
Development Process
- Public Consultation: Conducted from January to May 2024, involving stakeholders such as SMEs, banks, accountants, and industry associations.
- Approval: Finalised by EFRAG’s SRB on 13 November 2024 and SR TEG on 22 October 2024.
VSME Features
- Modules: Comprises a Basic Module and a Comprehensive Module to address a substantial portion of existing ESG data requests.
- Purpose: Replaces uncoordinated questionnaires with a standardised framework, allowing SMEs to start their sustainability journey and meet business partner demands.
- Scope: Designed for SMEs across sectors, with minor sector-specific additions as needed.
For more information [here]
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