KGM Corporate Sustainability Summary Document

A summary document geared towards businesses within the framework of Turkish Sustainability Reporting Standards is presented.

18.09.2024

Dear Members;


The Public Oversight Accounting and Auditing Standards Authority (POA) published a document summarizing the regulations that are closely related to businesses within the framework of the Turkish Sustainability Reporting Standards (16.09.2024).


Document Summary Content:


Corporate Sustainability Reporting

TSRS 1 and TSRS 2 Standards:


  • TSRS 1: General provisions that enable businesses to report their environmental, social and governance performance more transparently.
  • TSRS 2: The standard sets out how to report obligations and performance related to climate change.


Sustainability Assurance Audit

Mandatory Assurance Audits:


  • All sustainability reports will be audited by independent third-party auditors.
  • The process will start with limited assurance at the beginning and will evolve into reasonable assurance over time.


Sustainability Assurance Auditors

Sustainability Assurance Auditors and Licensing:


  • KGK is launching exam and training processes for qualified auditors and experts.
  • First exam, September 21, 2024 (Sustainability Auditor Exam)


Corporate Sustainability Reporting Specialization (KSRU)


  • KGK initiates examination and training processes for qualified auditors and experts.


Accredited Training Organizations and Trainings


  • Training institutions authorized by KGK will provide comprehensive training on sustainability reporting.


Incentives and Supports

Ministry of Trade Responsible Program:


  • The Green Consensus Compliance Project Support, prepared in accordance with the provisions of the Presidential Decree No. 5973 and the Implementation Communiqué on the Ministry of Trade Support Management System No. 2019/7, was published in the Official Gazette dated 23/02/2024 and numbered 32469 and entered into force on 26/06/2024.
  • Support up to 50% and up to 10 million TL for companies that receive sustainability consultancy services.


KOSGEB Mentoring and Assessment Support Program:


  • Financial support to SMEs for reporting services in accordance with the Turkish Sustainability Reporting Standards.


To see the document click here.