For companies with up to 1,000 employees
VSME standard
What is the VSME standard?
The VSME standard (Voluntary Standard for Small and Medium Enterprises) is a voluntary framework for SMEs that enables structured but simplified sustainability reporting. It is compatible with the more comprehensive ESRS to ensure the integration of SMEs into the European sustainability strategy.
Why a separate standard for SMEs?
- Limited resources: SMEs often have less capacity for complex reporting requirements.
- Economic importance: SMEs play a key role in supply chains and in the implementation of EU sustainability goals.
What is EFRAG?
The European Financial Reporting Advisory Group (EFRAG) was founded in 2001 to advise the European Commission on financial reporting. Since 2022, it has also been responsible for the development of the European Sustainability Reporting Standards (ESRS), which form the basis of the CSRD. EFRAG's aim is to create uniform and comparable standards for the disclosure of ESG (environmental, social and governance) information across Europe.
Connection between EFRAG and VSME
- EFRAG has developed the VSME standard to make the requirements of the CSRD feasible for SMEs.
- The standard offers SMEs a structured way of meeting their responsibilities and strengthening their competitiveness.
- The close integration with the ESRS means that SME reports can be seamlessly integrated into global supply chains.
