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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.
People and organizations typically seek legal advice in ESG Advisory & Compliance for various reasons:
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.
In Greece, ESG requirements are primarily shaped by EU regulations but are also reinforced by national laws. Some of the key aspects include:
Regulatory supervision is implemented through various national authorities, often collaborating with EU bodies, making compliance multifaceted and sometimes complex.
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.
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.
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.
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.
Yes. Companies can face administrative sanctions, fines, and reputational damage, especially if they fail to provide accurate reporting or breach substantive ESG obligations.
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.
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.
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.
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.
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.
If you need more information on ESG Advisory & Compliance in Greece, the following organizations and authorities can be helpful sources:
If you require legal assistance with ESG Advisory & Compliance in Greece, consider the following steps:
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.
