The Voluntary Sustainability Reporting Standard for Non-Listed SMEs (VSME), published by EFRAG on December 17, 2024, marks a key milestone for micro, small and medium-sized enterprises (SMEs) aiming to report their sustainability performance in a structured manner, without being subject to the regulatory obligations of the Corporate Sustainability Reporting Directive (CSRD).
Specifically designed for SMEs, this standard provides a clear, flexible and proportionate framework to improve access to sustainable finance, respond effectively to ESG information requests from banks, large companies, and other stakeholders, and enhance business competitiveness and resilience.
What does our service include?
We offer a professional and independent verification service for reports prepared under the VSME standard, focusing on:
- Verification of the Basic or Comprehensive Module, depending on the reporting level chosen by the company
- Assessment of compliance with the principles established by the standard: relevance, faithful representation, comparability, understandability and verifiability
- Issuance of an independent verification report, useful for enhancing transparency and building trust with business partners
About the VSME standard:
- Developed through an extensive public consultation between January and May 2024, involving SMEs, business associations, financial institutions, and regulators
- Inspired by the European Commission’s SME Relief Package, as a measure to facilitate access to green finance
- Modular structure:
- Basic Module: covers key disclosures required by business partners and financial entities (environmental, social and governance topics)
- Comprehensive Module: for SMEs in more demanding sectors or those wishing to provide a higher level of detail, including ESG strategy, climate targets, risks and human rights
- Allows companies to omit sensitive or unavailable information, provided proper justification is given
- Replaces uncoordinated questionnaires with a standardized approach, significantly reducing the administrative burden
Why verify your VSME report?
- Enhances the credibility and traceability of your disclosed information
- Builds trust with banks, clients, and investors
- Facilitates access to green financing and competitive sustainability
- Positions your SME as aligned with the most up-to-date European standard