The SATA-VASTUU project aimed to help companies develop sustainability reporting

The EU Sustainability Reporting Directive (CSRD, 2022/2464) entered into force on 1 January 2024. In Finland, the provisions of the Directive have been incorporated into the Accounting Act. Thus, the importance of sustainability reporting is raised to the level of financial statements.

The EU regulation on corporate responsibility and sustainability reporting is a reform of the EU financial system, linking corporate finance with the implementation of climate and environmental objectives. Companies must be prepared for the possibility that, for example, sustainability-related indicators such as carbon footprint or emission reduction pathway may be used as criteria for granting credit in the future.

Statutory sustainability reporting will initially apply to listed companies and the largest corporations, but in practice will extend to smaller companies in the future, as reporting will need to cover the whole value chain. Sustainability reporting may also be expected by other stakeholders, such as financiers and investors. Developing a new reporting system is a demanding multi-year project for a company. The SATA-VASTUU project aimed at helping companies in this task.

The project co-developed a sustainability reporting concept and a set of indicators together with leading companies and their value chains. The project focused on the food cluster, one of Satakunta’s top sectors, while at the same time looking at the corresponding developments in the benchmarking of peer sectors.

A guide to support companies in developing sustainability reporting metrics was developed. It is intended to support the adoption of sustainability reporting approaches across the value chain by companies. The contents of the guide can be applied by all companies, regardless of their sector or size. Read: Guide to naming sustainability metrics (available in Finnish only).

EFRAG published streamlined reporting guidelines for small and medium-sized enterprises 17.12.2024. Due to the late publication date, these could not be addressed in the SATA-VASTUU project. For more information on the VSME standard, click here.

The Project

The SATA-VASTUU project was implemented by the Pori Unit of the Turku School of Economics at the University of Turku (TSE Pori). The project received national funding from the Regional Council of Satakunta from the Supporting the sustainable growth and vitality of regions (AKKE). The project implemented the Satakunta strategy and the activities under Action Line 1 of the Regional Programme 2022-2025, in particular the development theme 1.1 Smart Satakunta. The implementation period was 1.1.-31.12.2024.

Contact: Research Manager Päivikki Kuoppakangas, TSE Pori, paivikki.kuoppakangas@utu.fi