In late 2023 PwC conducted its 27th global CEO survey with 4,702 respondents from 105 countries. The survey suggests that CEOs feel increasingly under pressure to adapt and change their current economic activity so that their company remains viable in the long term. They mention technological advances, consumer behaviours, regulatory dynamics and climate change as key factors. From a sustainability perspective, most CEOs view decarbonising their companies or reducing greenhouse gases (GHG) as a priority, which can be achieved mainly by taking steps to improve energy efficiency and developing eco-friendly goods and services.

In January 2024 the European Financial Reporting Advisory Group (EFRAG) launched its public consultation on two exposure drafts for sustainability reporting standards for small and medium enterprises (SMEs). One standard is for listed SMEs and the other, a voluntary reporting standard, is for other unlisted SMEs.

Terms such as sustainability, the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS) are increasingly mentioned in public debates and corporate meetings. The more conscientious companies are not only well-versed in sustainability matters but they have set up a corporate structure that will help them report more efficiently on their sustainability performance. Other companies are still looking for a sustainability expert to help them deal with their sustainability obligations. But can hiring a sustainability expert solve all the problems? And what is the board’s role and responsibility for sustainability performance? Read on to find out.