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ESG initiatives are rapidly becoming the status quo in the business world. Most corporations have some kind of sustainability measures in place in at least one of the three pillars – environmental, social or governance. Most businesses in Bulgaria currently implement ESG projects voluntarily, indicating that stakeholders are not legally required to incorporate climate mitigation and social responsibility initiatives into their organisations. But ESG trends aren't going unnoticed by regulators and ESG is gradually transforming into a compliance matter. Beyond compliance, however, ESG lays the foundation for a competitive corporate strategy, positive climate action and the discovery of new business opportunities.
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This article was first published in Issue 9.8 of the CEE Legal Matters Magazine, 1 September 2022.
authors: Dimitar Kairakov and Stefana Tsekova
Attorney at Law