Major changes brought about by the new ESG Act coming into force on 1 January 2024
On 12 December 2023, the Hungarian Parliament adopted the ESG Act, which will bring significant changes for many large companies, SME’s listed on the stock exchange, and even their direct suppliers. In addition to setting out the obligations of companies, the new legislation also lays down the framework and conditions for the complex operation of the ESG system. In this newsletter, we summarise the most important provisions for stakeholders.
In the framework of ESG, the companies concerned will have a new obligation to disclose non-financial information as part of their annual report, along the lines of Environmental, Social and Governance criteria. The rules were introduced at EU level, the ESG Act, which has just been adopted by the Parliament and will enter into force on 1 January 2024, was adopted in the framework of the transposition of EU Directive 2022/2464 into the domestic legal system.
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