Best ESG Advisory & Compliance Lawyers in Greece

About ESG Advisory & Compliance Law in Greece

Environmental, Social, and Governance (ESG) Advisory & Compliance is an evolving area of law in Greece, particularly as businesses face increasing expectations from investors, regulators, and the public to operate responsibly and sustainably. ESG law covers a range of requirements and best practices concerning environmental protection, social responsibility, and corporate governance. In Greece, the legal framework reflects European Union (EU) directives, as well as domestic laws, shaping how organizations report, manage risks, disclose information, and integrate ESG factors into their strategies and operations.

Why You May Need a Lawyer

People and organizations typically seek legal advice in ESG Advisory & Compliance for various reasons:

• Understanding new ESG regulatory requirements introduced at the national or EU level.
• Establishing compliant ESG disclosure practices and non-financial reporting.
• Integrating ESG criteria into investment and corporate strategies.
• Handling investigations or audits by authorities regarding ESG standards or reporting.
• Mitigating risks regarding environmental liabilities or labor practices.
• Updating policies and business operations to align with sustainability goals.
• Resolving disputes related to ESG claims, greenwashing, or stakeholder interests.
• Advising on supply chain due diligence and third-party compliance issues.

A lawyer with experience in ESG Advisory & Compliance can provide strategic guidance, ensure you meet all legal obligations, prevent costly errors, and help protect your organization's reputation.

Local Laws Overview

In Greece, ESG requirements are primarily shaped by EU regulations but are also reinforced by national laws. Some of the key aspects include:

• Non-financial reporting: Large public-interest entities, such as listed companies and banks, must prepare annual sustainability or non-financial reports under Greek law aligned with EU directives.
• Corporate governance: Greek company law includes rules on board composition, diversity, risk management, and shareholder rights to strengthen transparency and accountability.
• Environmental regulation: Organizations must comply with strict environmental rules on waste management, emissions, energy efficiency, and climate-related disclosures.
• Social responsibility: Legislation governs workplace conditions, equal opportunities, human rights, anti-discrimination, and community impact.
• Supply chain due diligence: New frameworks are developing that require businesses to assess ESG risks throughout their supply chains.
• Taxonomy and classification: The EU’s Taxonomy Regulation applies in Greece, affecting how companies classify and disclose the sustainability of their activities.

Regulatory supervision is implemented through various national authorities, often collaborating with EU bodies, making compliance multifaceted and sometimes complex.

Frequently Asked Questions

What does ESG mean in the Greek legal context?

ESG refers to legal and regulatory principles related to environmental protection, social welfare, and effective corporate governance. In Greece, these principles are increasingly embedded in law and impact business obligations, disclosures, and practices.

Who must comply with ESG requirements in Greece?

Certain public-interest entities such as listed companies, banks, insurers, and large businesses meeting specific thresholds are obliged to follow ESG regulations. Smaller companies may also need to comply depending on specific sectoral rules or when dealing with larger partners.

What are the main ESG reporting obligations for Greek companies?

Large companies must publish annual non-financial statements covering environmental impact, social matters, employee treatment, respect for human rights, and anti-corruption. These should be integrated into management reports and are subject to audit and scrutiny.

How does Greece’s ESG framework relate to EU laws?

Greece implements all relevant EU regulations and directives, such as the Non-Financial Reporting Directive (NFRD) and the upcoming Corporate Sustainability Reporting Directive (CSRD). Where appropriate, these are supplemented by stricter national rules.

Are there penalties for non-compliance with ESG laws?

Yes. Companies can face administrative sanctions, fines, and reputational damage, especially if they fail to provide accurate reporting or breach substantive ESG obligations.

How are environmental obligations regulated in Greece?

Greek law covers issues like waste management, pollution control, carbon emissions, and environmental licensing. Breaches can result in regulatory action, fines, or criminal liability for severe violations.

What is greenwashing and how can it be avoided?

Greenwashing is the practice of making false or misleading claims about the environmental impact of a product or business. Greek law, under consumer protection principles, prohibits such practices and allows for sanctions and consumer redress.

Do stakeholders have a say in ESG strategies?

Stakeholders such as shareholders, employees, and certain public interest groups have rights to information and, in some cases, involvement in developing and monitoring ESG strategies.

Can ESG compliance increase investment opportunities?

Yes. Adhering to ESG standards can improve a company's access to financing, particularly from funds and investors with sustainability criteria, and enhance reputation in the market.

Is legal guidance necessary for ESG matters?

While not always required by law, legal guidance is strongly recommended, given the complexity of regulations and the potential legal and reputational risks of non-compliance.

Additional Resources

If you need more information on ESG Advisory & Compliance in Greece, the following organizations and authorities can be helpful sources:

• Hellenic Capital Market Commission (HCMC) - Supervises listed companies and ESG reporting standards
• Ministry of Environment and Energy - Monitors and enforces environmental policies and regulations
• Hellenic Corporate Governance Council - Offers guidance on best governance practices
• Bank of Greece - Provides sustainability and climate risk initiatives for financial entities
• Federation of Industries of Greece (SEV) - Provides ESG support for businesses
• European Commission - Sets overarching ESG policies and directives implemented in Greece

Next Steps

If you require legal assistance with ESG Advisory & Compliance in Greece, consider the following steps:

• Evaluate your current ESG practices and identify potential areas of legal risk or uncertainty.
• Consult a lawyer or law firm experienced in Greek and EU ESG compliance to discuss your specific needs.
• Gather all relevant documentation, such as corporate reports, policies, compliance records, and previous audit findings.
• Work collaboratively with your legal advisor to develop or update your ESG strategy.
• Stay informed about changes in laws and best practices to ensure continuous compliance and improvement.

Taking early and proactive legal advice helps you safeguard your organization, make informed decisions, and capture the benefits that come from strong ESG performance in Greece’s dynamic regulatory environment.