Explore More Than Just This Free Article

This article is a glimpse of the exclusive insights we provide daily to industry leaders. Dive deeper into our industry-specific reports and uncover the strategic information you need.

Suominen announces next steps for its sustainability reporting; EU recently introduced regulation to make sustainability reporting, auditing mandatory for large companies, with Corporate Sustainability Reporting Directive starting in 2025

HELSINKI , June 19, 2023 (press release) –

With the ever-growing importance of sustainability and it being at the center of the strategy of many companies, there is a need for increasing sustainability reporting to track progress and to communicate transparently about sustainability strategies.

Sustainability reporting in a nutshell is a process by which organizations disclose their non-financial performance, focusing on their environmental, social, and economic impacts. It is a tool for communicating about Suominen’s sustainability strategy and how we conduct business in a responsible way as well to track progress and drive development. Nowadays sustainability report is a self-evident requirement for a large company to transparently communicate about sustainability performance to  external stakeholders including our customers, investors and financers. 

At Suominen, we have been reporting on sustainability for over 10 years. The most important developments in the past years have been reporting according to the Global Initiative Guidelines (GRI) and the third-party assurance of sustainability data. The GRI provides guidelines on what to report and how to ensure that companies follow the same principles. This enables that reports can be compared, just like with financial reporting. Third-party assurance then ensures that all the data is correct and accurate similarly like with financial reporting. 

The next years will also bring many changes to sustainability reporting. Structured sustainability reporting according to the GRI that is audited has been mostly voluntary. However, the EU has recently introduced regulation that will make sustainability reporting and auditing mandatory for large companies like Suominen. Starting in 2025, the Corporate Sustainability Reporting Directive (CSRD) will require companies to report on sustainability even more extensively than the GRI. The failure to do so will lead to similar sanctions as the failure to report financial information.

Another regulation that can already be found from Suominen’s annual report is the EU Sustainable Finance Taxonomy, in which we are required to report how much of our turnover, investment and costs are sustainable according to the criteria set by the EU. 

While the amount of regulation coming may seem overwhelming, Suominen sees that these changes are an opportunity to develop our sustainability leadership further. Suominen aims to continue being the frontrunner in sustainability and keeping up with reporting regulations is a part of our transparent sustainability journey.    

Familiarize yourself more our current sustainability report in our Annual Report.

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

See our dashboard in action - schedule an demo with Chelsey
Chelsey Quick
Chelsey Quick
- VP Client Success -

We offer built-to-order coverage for our clients. Contact us for a free consultation.

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025

+1 (310) 553 0008

About Cookies On This Site

This website stores cookies on your computer. These cookies are used to improve your website experience and provide more personalized services to you, both on this website and through other media. To find out more about the cookies we use, see our Privacy Policy. We won't track your information when you visit our site. But in order to comply with your preferences, we'll have to use just one tiny cookie so that you're not asked to make this choice again.