A national study on non-financial reporting for 2019 and 2020, which covered nearly 100 companies, has revealed the progress of companies in including sustainable development goals in their reports.

According to the study, 46 per cent of companies said their business was connected with sustainable development goals, compared to 18 per cent that said so in their reports in 2017 and 2018.

It also showed that the number of companies required to submit non-financial reports had increased from 67 in 2017 to 76 in 2020, with the number of voluntarily published non-financial reports increasing by 23 per cent.

In 2019/2020, there was also a considerable increase in descriptions of companies’ business models as 67 per cent of the analysed reports transparently described their ESG (Environmental, Social and Governance) business model, up from 33 per cent in 2017/2018.

Also, 34 per cent of enterprises recognised and analysed their exposure to basic environmental, social and governance risks that might adversely affect their business, while 47 per cent described the type of dialogue they conducted with key stakeholders.

It is expected that companies will be increasingly focusing on environmental, social and governance goals and defining material topics for the purposes of non-financial reporting.