CARROTS AND STICKS – PROMOTING ... - Global Reporting Initiative

Country/Region Standards, Codes and Guidelines
Greece
Hungary
management report: completeness; reliability; clarity
and transparency; the conveyance of management’s
perspective; and a focus on sustainable value
creation. Almost all companies of the N100 Germany
required to publish a group management report now
include non-financial key indicators in their annual
reports.
Mandatory standards
� Law 3487, 2006. This is the transposition of the
EU Modernisation Directive 2003/51/EC into Greek
national legislation. Therefore, all companies covered
by this law should implement it.
Mandatory standards
� Accounting Act, Act C of 2000, Section 95. The
EU Modernisation Directive (2003/51EC directive)
was implemented in Hungary by the Act XCIX of
2004 approved by the Hungarian Parliament on 25th
October 2004. The requirements of the directive
were incorporated into the Accounting Act, Act C
of 2000. There is no specific detailed guidance for
reporting and assurance on these disclosures. The
regulation resulted in very limited development of
non-financial reporting. Most of the companies meet
the requirements but the separate section dedicated
to the non-financial performance in the annual reports
is mostly descriptive and has limited quantitative
content.
http://www2.pm.gov.hu/web/home.nsf/0/75B12EF24
4F4AF66C1256E1100328CE2?OpenDocument
� Act XV of 2005 about GHG unit trading – 25th
April 2005. The assurance process is regulated in
91/2007. (XI. 21.) KvVM rendelet – 21st November
2007. Companies that are to be involved in GHG
unit trading should produce a voluntary report with
certification about GHG emissions. The number of
reports was 244 in 2007 and 235 in 2008. Reporting
and the result of the assurance report is not public.
http://www.kvvm.hu/cimg/documents/2005_15_
UHGt.pdf
Carrots and Sticks - Promoting Transparency and Sustainability
47