EY Cyprus organised the 2nd Annual Corporate Reporting Insights event held on 16 December 2022, at Lemon Park Nicosia, with the participation of senior executives from Cypriot and multinational corporations. The event focused on the major shift underway in recent years, as emphasis moves from financial to corporate reporting.
In a world of great disruption, the overall uncertainty, the war and its impact on the economy, the rising interest rates and inflation, key stakeholders, including capital providers, suppliers and customers, society at large, as well as supervisory authorities, are changing their priorities and expectations and are demanding more transparency in corporate information, covering both the financial and the sustainability reporting. In this context, our speakers focused on the current priorities of the authorities, broader developments in the economic, geopolitical, and regulatory landscape, and their implications for 2022 corporate reporting.
During the event, special emphasis was given to the sustainability reporting agenda, and in particular to the recently approved Corporate Sustainability Reporting Directive (or CSRD) by the European Parliament. The CSRD sets the legal background across the EU to transpose the directive into law, introducing a number of new requirements.
On behalf of EY, the issues were covered by Andreas Avraamides Partner, Head of Assurance Services of EY Cyprus, Christiana Panayidou Partner, Central, Eastern, South-Eastern Europe & Central Asia (CESA) IFRS Leader, Stavros Violaris Partner, Head of Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS), Pantelis Pavlou Director, member of CESA IFRS Desk, Constantina Charalambidou Senior Manager, FAAS and member of CESA IFRS Desk and Christina Argyrou Manager, FAAS and member of CESA IFRS Desk.
The event concluded with a panel discussion, moderated by Stavros Violaris, with the participation of, Aliki Drakou, Head of Sustainable Development at CYTA, Annita Pavlou Manager Investor Relations & ESG at Bank of Cyprus, Christiana Diola Head of Cyprus & Greece ICAEW, and Andreas Avraam Partner, Assurance Services, EY Cyprus. The discussion covered a wide range of subjects, including, the integration of climate change risks in corporate strategy and reporting functions, sustainable finance, ESG reporting, the insights of the accounting profession, and assurance.
Commenting on the event, Andreas Avraamides, Partner and Head of Assurance Services said: “Today, corporate reporting, which also includes the non-financial part, has come to the front stage of corporate information. At EY, we are embracing this change, and are committed in bringing the highest value to our clients, while at the same time ensuring the wellbeing of society and protection of the environment. We will continue to support our clients and the economy of Cyprus in its sustainability journey and bring our teams’ expertise to sustainability reporting and assurance.”
Stavros Violaris, Partner, Financial Accounting Advisory Services (FAAS) and Climate Change and Sustainability Services (CCaSS) commented: “Sustainability is the new frontier of Corporate Reporting. With the approval of the CSRD by the EU, governments, financial institutions, companies, entrepreneurs and consumers will be able make informed decisions for a sustainable future. This comes with a number of challenges for all those involved in the reporting process. To make sustainability reporting a success, it requires cooperation across departments and the establishment of multidisciplinary teams. Through events such as this, we give clients and stakeholders the opportunity to share EY teams’ and our global network’s expertise and address the challenges created by the new regulatory environment.”