TMF Group, an administrative services firm with 125 offices in 86 jurisdictions, including two offices in Poland, has introduced a global and local ESG admin reporting service for companies. The service will be available to Polish companies with a presence in foreign markets or planning international expansion, as well as companies reporting in Poland.
A new service from TMF Group, which advises businesses globally on compliance in the areas of accounting and tax, HR and payroll, and corporate secretarial, among others, will allow boards of companies operating abroad or planning such expansion to comply with specific ESG reporting requirements applicable in a specific country, including Poland.
This applies to companies operating both within and outside the European market.
”On a daily basis, we advise international businesses on how to deal with the complexities of local regulations in several hundred countries around the world. Launching a support service for non-financial reporting is therefore a natural step for us to support our clients and all companies whose boards face the challenge of ESG reporting” – says Joanna Romańczuk, TMF Group’s Director for Central and Eastern Europe.
The firm has established a dedicated international team of experts to support companies that will have non-financial reporting obligations both in Poland and in other countries.
ESG reporting requirements can be challenging. Companies operating internationally not only need to comply with current regulations, but also to understand the different reporting standards and frameworks, and their boards need to consider how to collect and present their ESG-related data in the most effective way.
“Being able to meet the growing demand for ESG reporting from regulators, investors and clients is crucial. Thanks to the local compliance practices developed over the years, all those using our new service will be able to be confident of meeting all the formal requirements for non-financial reporting in their chosen market” – says Pierre Lechat, director of ESG solutions at TMF Group.
TMF Group representatives emphasise that the service is also aimed at those entities that will not have dedicated ESG specialists in their structures.
“While there are many companies that offer ESG-related consulting and advisory services, our administrative offering allows us to meet complex ESG reporting requirements without the need for a dedicated internal function. This service is among others in compliance and administration that we offer to our clients, and combines the expertise of local experts with comprehensive reporting tools” – adds Daniel Max, global solutions director at TMF Group.
Such support can be helpful both for Polish capital groups, whose subsidiaries, according to the guidelines of the Association of Stock Exchange Issuers are entitled to benefit from the exemption from ESG reporting on the basis of the consolidated report of their parent company, as well as for Polish companies operating outside the European Union.
Benefits of ESG reporting according to TMF Group experts:
- Enhanced reputation: a commitment to sustainability and responsible business practices is more likely to attract socially responsible investors and foster trust among stakeholders.
- Risk mitigation: identifying potential ESG risks allows companies to proactively address them, which in turn can prevent financial and reputational damage.
- Access to capital: socially conscious investors and financial institutions are more likely to invest in companies with robust reporting. They may also offer preferable terms to those with good ESG credentials.
- Competitive advantage: showcasing sustainability efforts can help businesses gain competitive advantage and attract and retain top talent.
- Regulatory compliance: meticulous reporting ensures that companies comply with disclosure regulations in local jurisdictions and avoid potential legal penalties.
Benefits of using a specialised ESG service provider according to TMF Group experts:
- Expertise and efficiency: ESG administration service providers are staffed with experts in data collection, analysis, and reporting. They have the knowledge and tools to efficiently gather, organise and validate ESG data according to current regulations, saving valuable time and resources.
- Cost savings: building an in-house ESG team can be costly. Outsourcing ESG administration services can be a cost-effective alternative, allowing companies to focus on their core business operations.
- Data accuracy: ESG data can be complex and subject to frequent updates. ESG administration service providers stay up to date with ESG standards and best practices, ensuring accurate reporting.
- Scalability: ESG reporting requirements may change as a company grows. ESG administration service providers can scale their support to meet evolving needs, accommodating both small and large enterprises.
- Risk management: by outsourcing ESG data management, companies reduce the risk of inaccuracies or non-compliance with ESG standards and regulations, protecting both their reputations and their financial stability.
- Focus on core activities: outsourcing ESG administration services allows companies to concentrate on their core competencies while leaving ESG data management to the experts.
