E.S.G. is not just G.D.P.R. and ISO 14000..

Over the last 5 years, ESG compliance has become imperative for all Greek industries. As it rushes to meet the Environmental, Social, and Corporate Governance (ESG) requirements that are becoming increasingly important in today's business environment, Greek industry is facing an array of challenges.

These requirements are designed to promote sustainable practices and social responsibility while ensuring that businesses operate with a high level of transparency and accountability. Based on a company's performance in these areas, investors, stakeholders, and other interested parties can evaluate a company's ESG practices. Tenths if not hundreds of ESG rating providers over the world (such as Sustainalytics ESG Risk Ratings, Dow Jones Sustainability Index, the Global Reporting Initiative (GRI) etc.) evaluate companies' exposure to ESG risks, such as climate change, human rights, and corporate governance, providing ratings that help companies not only manage risks and meet regulatory requirements but also enhance their brand reputation and create long-term value for stakeholders.

The need for the implementation of ESG policies is above all substantive for several reasons:

1. Meeting Stakeholder Expectations: Today's stakeholders, including investors, customers, employees, and communities, are increasingly interested in the sustainability and social responsibility practices of the companies they engage with. By implementing ESG policies, companies can demonstrate their commitment to these values and meet the expectations of their stakeholders.

2. Reducing Risks and Costs: ESG risks, such as climate change, social inequality, and governance failures, can have significant financial implications for companies. Implementing ESG policies can help mitigate these risks and reduce associated costs, such as fines, reputational damage, and legal expenses.

3. Enhancing Innovation and Efficiency: Companies that prioritize ESG policies are often more innovative and efficient in their operations. For example, implementing sustainable technologies can reduce energy consumption and waste, resulting in cost savings and improved efficiency.

4. Attracting and Retaining Talent: Today's workforce is increasingly interested in working for companies that share their values and prioritize social responsibility. Implementing ESG policies can help companies attract and retain top talent by demonstrating their commitment to sustainability and social responsibility.

5. Creating Long-Term Value: ESG policies can help companies create long-term value by promoting sustainable practices that benefit the environment, society, and the economy. By investing in sustainability and social responsibility, companies can build stronger relationships with their stakeholders and contribute to a more sustainable future.

What is more, by prioritizing ESG practices, companies can position themselves as leaders in their industries and contribute to a more sustainable and equitable future.

On the ESG tri-part, Greek industry faces the constant need for reduction of its environmental impact, which is more and more monitored through the existing European and Greek legislation.

The Circular Economy Action Plan and the Farm to Fork Strategy are two key policies that aim to reduce the environmental impact of food production and consumption. The Farm to Fork Strategy sets targets for reducing pesticide use, increasing organic farming, and improving animal welfare, among other measures. Additionally, the EU's Emissions Trading System and the Industrial Emissions Directive regulate the emissions of greenhouse gases and pollutants from food processing plants.

In Greece, regulations such as Environmental Impact Assessment Law (107017/2006) require companies to assess the environmental impact of their operations and obtain permits before starting production. The Packaging Waste Management Regulation (2939/2001), the Waste Electrical and Electronic Equipment Regulation as well as the Electronic Waste Register (4685/2020) also aim to reduce the amount of waste generated by the food industry.

As these legislations aim at promoting sustainable and responsible practices, the Greek industry will have to minimize its impact on the environment which includes reducing greenhouse gas emissions, managing water resources effectively, and minimizing waste. To do so, companies in the industry will need to invest in sustainable technologies and practices, such as renewable energy, waste reduction strategies, and sustainable packaging.

Another significant challenge is ensuring social responsibility within the industry. This includes ensuring fair treatment of employees, promoting diversity and inclusion, and engaging with local communities. Companies will have to prioritize the well-being of their workers and the communities they serve, which means offering fair wages, safe working conditions, and providing opportunities for education and training. Europe has been extremely active over the last decade issuing several regulations and strategies such as the General Data Protection Regulation (GDPR of 2018) that sets rules for the protection of personal data and gives individuals control over their personal data. It applies to all companies that process personal data of EU citizens, regardless of where the company is located.

The EU's Gender Equality Strategy that aims to reduce the gender pay gap and increase the representation of women in decision-making positions in the industry including at the same time measures such as introducing pay transparency and supporting work-life balance and the EU's Social Pillar, a framework of 20 principles aimed at promoting social rights and improving working conditions in the EU, covering areas such as employment, education and training, and social protection are some of the main legislation initiatives.

Lastly, corporate governance is crucial in ensuring the integrity of the industry. Trying to promote transparency, accountability, and shareholder rights, the EU's Corporate Governance Framework sets the guidelines aimed at promoting good corporate governance practices in the EU. It includes principles such as the separation of ownership and control, the role of the board of directors, and the protection of shareholder rights. By increasing transparency, accountability, and shareholder rights, and by promoting good governance practices, companies not only adhere to ethical standards, but are also made accountable for their actions. This includes proper financial reporting, responsible sourcing, and effective risk management practices.

To meet these challenges, the Greek industry will need to adopt a holistic approach to ESG requirements. This will involve collaboration with stakeholders, including investors, consumers, employees, and local communities. Moreover, companies will need to invest in training and education to build the skills necessary to understand and meet these requirements, as well as implement effective policies and procedures to ensure compliance.

By taking a proactive approach and investing in sustainable technologies and practices, promoting social responsibility, and ensuring strong corporate governance, the Greek industry will be able to proudly position itself in the global market while contributing to a better future for all.