On Wednesday, January 15th, 2025, the MBA Food & Agribusiness of the Agricultural University of Athens hosted a highly relevant and insightful seminar on Sustainability Reporting.
The speaker, Mr. Panagiotis Valantasís, Managing Partner at Aegean Experts, provided a comprehensive overview of the significance of sustainability reporting in today’s business landscape, the evolving regulatory requirements, and the best practices adopted by leading companies around the world.
What Is Sustainability Reporting?
Sustainability reports are powerful transparency tools that allow companies to disclose their Environmental, Social, and Governance (ESG) performance. Stakeholders – including investors, suppliers, consumers, and regulators – increasingly demand reliable information on how companies manage their resources, address risks and opportunities, and shape their long-term sustainable development strategies.
Regulatory Framework and Double Materiality
ΣAccording to the Corporate Sustainability Reporting Directive (CSRD) of the European Union, many companies are now required to submit sustainability reports aligned with the European Sustainability Reporting Standards (ESRS). A core concept in these reports is double materiality, which considers both the financial impact of ESG factors on the company, and the company’s impact on the environment and society.
The Role of Internal Controls in Sustainability Reporting
Accurate and transparent sustainability reporting relies on robust internal systems and control mechanisms. Companies must implement internal controls to:
- Manage Data – Collect credible and verifiable ESG data.
- Ensure Compliance – Align reporting with international and European standards, such as GRI (Global Reporting Initiative) and ESRS.
- Assess Risks – Identify and manage ESG-related risks through systematic monitoring and auditing.
Sustainability Assurance
A key topic discussed during the seminar was the importance of independent assurance of sustainability reports. This assurance increases the reliability of disclosures and helps prevent greenwashing. Mr. Valantasís distinguished between:
- Limited Assurance – Provides a moderate level of confidence, commonly used for emerging ESG indicators.
- Reasonable Assurance – Offers a high level of confidence and is typically applied to critical disclosures, such as carbon emissions.
Sustainability Reporting in the Agri-Food Sector
The agri-food sector is heavily influenced by environmental and social factors such as climate change and natural resource management. Businesses that integrate sustainability strategies can:
- Reduce their environmental footprint.
- Enhance their competitiveness by meeting ESG standards.
- Build trust and transparency with investors and consumers.
Key Takeaways
The seminar concluded with a dynamic discussion, during which participants expressed strong interest in the practical implementation of sustainability reporting.
By successfully organizing this event, the MBA Food & Agribusiness at the Agricultural University of Athens reaffirms its commitment to advancing sustainability in business and preparing future leaders of the agri-food sector with the knowledge and tools to thrive in a rapidly changing world.