How Do You Report on Non-Financial matters? A guideline provided by Burðardygt Vinnulív helps.

Getting questions from clients about Non-Financial matters? Faroese Businesses are all set to provide ESG reporting with a new methodology.

Conferences and Business Events coming to the Faroe Islands, can work together with their local partners on Non-Financial Reporting purposes.

Measures for sustainability are not considered in traditional accounting, but increasingly need to be reported. If voluntarily or falling under EU directives – new methods and trustworthy systems for measuring non-financial efforts are needed. To help Faroese Businesses in their green transition, a CO2 Calculator and a Guideline to Non-Financial Reporting have been developed by Burðardygt Vinnulív.

The Faroese Sustainable Business Initiative Burðardygt Vinnulív is a network of businesses across different sectors, aiming to advance sustainable business practices and contribute towards the UN 2030 Agenda in the areas of climate action, biodiversity, and ocean health.

The CO2 calculator – which has been developed in collaboration with the Faroese Environmental Agency – is a useful tool for all businesses who want to support their clients with feedback on their impact. As a conference organizer you can collaborate with your local partner to collect and document the emissions that your event is causing. If you want to know more about the calculation of CO2 emissions, check online for available tools in the market and practice to control your footprint – in private as in business context.

We also highly recommend taking a closer look at the guideline which has been developed for voluntary non-financial reporting by BV. It provides the ideas and methods you need to consider when looking at the ESG (environmental-social-governance) aspects of what you do.

ESG reporting, is an effective means for companies to answer increasing numbers of questions from stakeholders about their extra-financial performance. Creating such a report can be challenging, as it must satisfy the needs of different groups while following a reporting methodology which ensures the reporting of relevant performance indicators…. … ESG reporting should receive the same independent third-party assurance to give readers confidence and to ensure the same reliability and accuracy as financial reporting. This requirement will become more relevant as new international reporting standards are introduced across capital markets.”

Burðardygt Vinnulív and the co-authors of this document, Januar auditors, succeeded to create a reporting framework and to initiate a set of boundaries which companies operating in the Faroe Islands (and elsewhere) can use to report within. Enjoy exploring and use the methodology as Inspiration for your own transition in business. This is a great case study presented by Burðardygt Vinnulív, Faroe Islands.

You can download the report from the website of Burðardygt Vinnulív

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If you organise conferences/events in a context of medical, research, energy, tunneling, water/ocean, sports or art, it will be a good idea to bring them to the Faroe Islands. The meeting ambassadors and Visit Faroe Islands Meetings will be happy to support.

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Come and visit the Faroe Islands with your conference and make sure to contribute to environment or society through knowledge and purposeful events, using the SDGs as orientation. We are happy to help you design your conference legacy – e g by organising visits and meetings with innovators!

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