Corporate Sustainability Reporting €“ State Of Playandchallenges

The transition towards sustainability requires a new approach for doing business and creating value that needssubstantial investments, qualified and skilled implementing teams and innovative governance models. In order to accelerate it, the European Union adopted unprecedentedly ambitious legislative framework aiming to induce a large-scale transformation, which is fully documented and reported. These developments impose serious challenges -on the enterprises, as they shall invest mostly in compliance instead in competitiveness, on their staff being at the front line of the transition and on all the experts that shall do the reporting, verification and auditing the performance. The paper aims at analysing ESG legislation influence on the enterprises’ activity, and especially on SMEs,and on theirperformance and accounting. On this basis, relevant challengeswill beoutlined,opportunities for overcoming themwill bedrawnand proposalsfor actions and measure will be formulated.